In February 2017, San Diego ranked as the 12th most expensive rental market in the nation, with the cost of a one bedroom unit up over 10% from the previous year. This is positive proof that the San Diego area continues to be a hot real estate market, especially for real estate investors. With the California Department of Finance predicting close to 90,000 more residents in San Diego over the next 15 years, rental property owners are in an excellent position to capitalize on their investment.
Spotlight on Mira Mesa
The Mira Mesa neighborhood of San Diego, with its easy access to the I-15 and 805 freeways, has a mostly suburban feel. Residential, shopping, and recreational areas, as well as the neighborhood’s closeness to UC San Diego, guarantees a diverse population. Tech professionals, students, and families are all drawn to this relaxed and friendly inland community – San Diego’s largest – with its wealth of conveniences and easy lifestyle. With many families living in Mira Mesa, the area has many more single-family homes rather than multi-family properties.
Housing and living costs in Mira Mesa are just slightly lower than in downtown San Diego. Average rents fluctuate, but the median price per month for February 9 to March 9, 2017, was $2,337, with one bedroom apartments running in the $1300 per month range. Employment opportunities in the immediate area exist largely in biotech and pharmaceuticals, making Mira Mesa an affordable and comfortable neighborhood for people to settle in.
Mira Mesa Demographics
Established in the late 1960s, the community has a population of just under 75,000 people, primarily made up of young families, singles, military personnel, and students. The median age is 40 years old, and approximately 70% of the residents are homeowners. Forty-six percent of residents are college educated, and the median household income is $85,000.
Unique Factors Affecting the Rental Market
Most people in Mira Mesa, 97% in fact, commute to work by car. It is a safe community, with a very low crime rate relative to the rest of San Diego County. It has a nice range of recreational activities, as well as eight community parks that include an ice arena, an aquatic complex, and teen and senior centers. The nightlife here is more subdued than downtown San Diego’s, but there are plenty of wine bars, lounges, and local hangouts for residents.
How a San Diego Property Management Company Can Help
Owning one or more rental properties can be a wonderful investment, but it also requires a lot of time and work. A qualified San Diego property management company can save you time and money – increasing your income while cutting costs.
- Single Family Homes. If you’re on the fence about whether a property management company can assist you, it helps to understand that using one can actually increase your property’s profitability.
- Townhomes and Condos. A relatively small monthly investment lets you outsource all building and tenant-related responsibilities to a company that knows and has what it takes to make sure you have happy tenants, profitable rents, on-time payments, and more.
- Apartments and HOA Communities. A higher number of tenants means more than a higher amount of income. There are also more maintenance issues, vacancies, and tenant complaints to deal with. A property management company has a reliable stable of local vendors for repair work, can quickly respond to tenant emergencies, and stays currents with all housing laws.
An established San Diego property management company helps turn your property into the lucrative investment you hoped it would be, and a good management company is worth their weight in gold. For nearly three decades, we’ve been a leader in the property management field for San Diego property owners. We have years of experiences in budgeting for expenses, finding qualified tenants, collecting rents, and maintaining your property. PropertyAdvantage can relieve you of the burdens that come from overseeing your rental property. You can then enjoy your free time doing what you love with family and friends!