According to Local Market Monitor and Homevestors of America, Visalia is ranked 6th among the best places to buy a rental property in the country. With the booming economy and industrial growth, the area has witnessed a large influx of diverse groups of tenants from San Jose and South California.
Tenants also have started moving to the city since it offers increased job opportunities, affordable housing, and a safe living environment. However, this is not all. Here are some of the other things that make Visalia the right place for real estate investment.
Industrial Growth in Visalia
Visalia continues to remain an industrial hub due to its central location that connects State Route 99 and the Western United States. Nearly $130 million have been invested in the Visalia Industrial Park, considering the business expansion and retention in the city.
Global players like Amazon are hiring employees for various posts. Apart from this, there is substantial industrial growth expected to take place here over the next 5 years. All of these factors contribute to making Visalia a strong option for real estate investment.
Improved Employment Opportunities
The unemployment rate in Visalia is relatively lower as compared to other cities due to its constant industrial and business growth. The current unemployment rate in the city is 6.00%, reducing from 9.00% last year. Fields like business, tourism, agriculture, healthcare, and real estate are thriving in the city.
As a result, the city offers plenty of employment and entrepreneurial opportunities to its people. Even considering the current work-from-home culture, there are several properties in Visalia that investors can rent with some extra amenities so that employees can maintain a good work-life balance.
Visalia is ranked 78th in the United States in terms of affordability, considering factors, such as median house price, cost per square foot, median household income, and real estate taxes. The current median listing home price in Visalia is $341.1k, which is likely to increase in the coming year.
Multi-family properties have the potential to be especially lucrative in the area. As more and more people move into the city, multi-family rentals the demand for multi-family properties is expected to increase over time.
Scope For Residential and Commercial Investment
The city attracts a variety of people. While youngsters and job seekers come for education and employment, elders choose to settle there for a longer time. Therefore, investors have tremendous scope for both residential and commercial investment. You can purchase a property and rent it for commercial purposes such as schools, offices, cafes, institutions, or for residential purposes too.
Low Vacancy Rate
Given the consistent increase in population, chances for rental vacancies are relatively low. Investors can identify popular neighborhoods, such as Chinowths Corner or Goshen, to minimize the chances of rental vacancies even further.
In a nutshell, there is a consistent demand for rental properties in Visalia at present and this demand is likely to keep increasing in the future. If you are looking for the right investment property, it is the most conducive time for investing in Visalia real estate. We strongly recommend you start searching today.
For assistance in the property purchasing process, connect with a reputed property management company, like The Equity Group. We are trusted professionals working in the Visalia real estate market and can help you conduct in-depth research in your preferred location, gather information about the current home value, and provide authentic data for your next investment move.
Contact us at The Equity Group.