Many people are now realizing that Bakersfield of new is definitely not the same as Bakersfield of old. Many people still think of Bakersfield as the farm land for miles, or the armpit of California, however, in the recent past Bakersfield has started to turn into the logistics and transportation hub of California along with the still remaining Agriculture and Oil hub of California.
Do People Actually Rent In Bakersfield
When real estate investing in Bakersfield, most people will ask if there are actually people that want to rent in Bakersfield because of the lower prices making it much easier to purchase. Although it may seem counter intuitive to rent to some in an area like Bakersfield we are currently seeing some of the lowest vacancy rates in the history of real estate investing in Bakersfield. The vacancy rate in Bakersfield is less than 5% and now pushing less than 4.5% according to some, however, there are others that are saying the vacancy rate is pushing below 3%. Looking at the rents for real estate investments in Bakersfield, we see that the lower vacancy rates are starting to push rents up, and therefore causing a good investment return for real estate investors in Bakersfield.
You may also like: First Time Real Estate Investing
What Do People Pay For Rent In Bakersfield
If you are real estate investing in Bakersfield, it is very important to know what people are paying so you aren’t purchasing properties that are priced to high, or aren’t expecting unrealistic rents. Given the lower vacancy rates around Bakersfield, you are starting to see more people increase rents even though the State of California is starting to try and put limits on how much rents can be increased. Just in the past year rents have increased close to 5%, compared to the national average which is lower than 3%. This means that real estate investors are enjoying more income from their real estate investments.
You may also like: What Kind of Real Estate Investment Are You Considering?
If you have any questions, please feel free to reach out to me and I can always give my advice.
Until Next Time,