The Oceanside Rental Market
By: John E Daily
Oceanside, California is a beautiful, coastal town in Southern California with a lot of charm and character. As one of the northernmost suburbs in San Diego County, this town offers proximity to San Diego, Orange County, and Los Angeles. Most of all, it is a perfect place to rent an apartment, condominium, or home for a season or even year round.
Even before the housing market took a big hit a few years ago, Oceanside offered many seasonal rental properties to eager vacationers. The long stretch of beaches, the quaint shops and restaurants, and the mild summer temperatures made Oceanside an ideal community for rental opportunities. Prime rentals along the coast were often full during the entire year.
Although Oceanside is a premier rental community, everyone felt the ripple effect of a declining real estate market. This decline did impact the rental market as a whole, with fewer units rented for longer periods of time. However, even though the real estate market in San Diego had a four year decline, there are signs now of stabilizing prices and economic recovery.
With the current economy on a slow rebound, many of the homes that went into foreclosure in 2008 and 2009 were bought by first time home buyers or investors. For those that invested in these properties, many homes are now available as rental properties. Add these additional properties to the previous vacation rentals and you get a potentially good rental market.
According to DataQuick, 83.3 percent of homes that went into foreclosure in all of San Diego were sold, or converted into rental properties. Typically, North County is one of the areas in San Diego County to lead the pack for recovery. Even though most experts are unsure if the real estate market has officially bottomed out, many agree that there appears to be a slow rise in home sales again.
Although everyone is cautious to make specific predictions about the immediate future of the real estate market, those people that take advantage of the low prices will stand to win in the long run. Eventually the prices will rise again, and the rental market will rebound quickly.
Oceanside, California is an ideal place to get involved in the rental market. The demand for quality rental homes, condominiums, or apartments is usually very high for this beach community. Even though the economy may dictate some fluctuation in rental prices, overall your return on investment will reward you for many years to come.