Inland Empire's commercial real estate market was rising above national trends last year. An influx of new and relocating businesses fueled a construction and remodeling boom that may be slowing down.
What impact is that having on commercial real estate trends? What can the latest real estate news tell property investors interested in the Inland Empire?
As one of the leading property management companies in the Inland Empire, it's our job to steer property investors toward the best decisions to increase their ROI.
Read on to learn the latest real estate news that could impact your portfolio.
Put a Pause on Selling
If you've been tracking the national real estate market for the last year, this one may not come as a surprise to you. In 2023, Inland Empire home sales and prices are 22% lower than they were last year. This is in large part because interest rates are still high and buyers aren't sure when they'll drop.
When buyers have diminished buying power, they tend to hold off. If you're looking to relocate or liquidate an Inland Empire property, consider renting for the time being. This is a great way to increase your liquid assets at a time when sales are low and slow.
Multifamily Living Is Coming
The Inland Empire is known for its single-family homes. Many of these properties fall under the historic or luxury category, making them big-ticket items in the real estate market. However, this can be limiting for the new or blossoming investor.
The good news is that some predictions point in the direction of multifamily living. As the population continues to increase, vertical solutions are a must. This will include apartment buildings and condos, both of which present a profitable investment opportunity.
Jobs Create a Need for Rentals
For years, the Inland Empire was known as a bedroom community. In other words, people didn't move to Inland Empire for the jobs. They moved to Inland Empire to have an attractive, appealing, and affordable place to live while commuting to nearby cities for work.
As we mentioned earlier, the Inland Empire experienced an industrial and commercial boom in the last few years. It has become an attractive location for major companies, startups, and retail stores, creating tons of jobs right here at home. An influx of jobs will lead to an influx of new residents who are looking for a place to live, and property management services can help.
Stay Up to Date on Real Estate News with PMI
If you're looking to build a valuable real estate portfolio, it's important to stay on top of real estate news and trends. Real estate is always a strong asset to have, but it's all about buying, selling, and renting at the right time. Not only does PMI help investors make strong investment choices, but we also provide the tools to help rental properties thrive.
Our property management services are some of the best in the Inland Empire. Schedule a consultation to learn about all of our services, from property marketing to maintenance oversight.
