In purchasing a home, buyers tend to focus a bit too much on the price of a home and do not consider enough the monthly payment. As a buyer, you must be concerned not about price but instead
Local Rents Hits New High In Coachella Valley
What's The Palm Springs Area Rental Market Like?
- How is the rental market in Coachella Valley? -
High demand and low vacancies continue to drive rents higher for Southern California apartments, condos and houses this year. And Cochella Valley is not an exception.
According to Zillow Data (through Apr 30, 2018), the median Rent Zestimate hit $2,117 in Indio California, one of the fastest-rising rents in Southern California, up 13 percent from $1,880 a year ago.
Cathedral City's median Rent Zestimate was $1,803 a month, up 7 percent year over year. In Riverside County, the median Rent Zestimate was $2,013 a month, up $6.0 percent year over year.
Southern California rents outstripped incomes, rising 19 to 27 percent from 2010 through 2016. U.S. Census figures show median incomes, however, rose from 10 to 16 percent in that period. Rising rents have sparked rent control ballot drives in at least eight California cities as well as a statewide initiative to repeal rent control restrictions.
Higher rents can actually slow the home buying process. The more renters spend, the less they can save for a down payment.
Some of the biggest misconceptions regarding the home buying process are related to down payments. NAR debunks some of the myths surrounding what many people consider the greatest barrier to home ownership.
Among first-time buyers who purchased a property through a mortgage in December 2016 – November 2017, 61 percent, on average, made a zero to six percent downpayment, according to the November 2017 REALTORS® Confidence Index Survey.
Coachella Valley Rental Market (Data through Apr 30, 2018)
The Median Rent Zesitmate: 1803
% Change: 7
The Median Rent Zesitmate: 1544
% Change: 6
The Median Rent Zesitmate: 1456
% Change: 5
The median Rent Zestimate : 5048
% Change (Y-o-Y) : 0
The median Rent Zestimate : 2117
% Change (Y-o-Y) : 13
The median Rent Zestimate : 1917
% Change (Y-o-Y) : No Data
The median Rent Zestimate : 2655
% Change (Y-o-Y) : 5
The median Rent Zestimate : 2400
% Change (Y-o-Y) : 9
Who do you know that needs help buying or investing in Coachella Valley Real Estate? I'd love to have a conversation with them about what rising rents mean to them. Feel free to contact me at 760-636-2215.
Alison is a native of Washington State who relocated to California permanently in 1994. She had a successful career in education prior to committing to a career in Real Estate. Alison believes that c....
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