Author Topic: Landlords + realtors: How's the Irvine rental market?  (Read 1350 times)

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Offline napkiin

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Landlords + realtors: How's the Irvine rental market?
« on: October 08, 2020, 12:49:33 PM »
Hi all, I'm wondering how's the Irvine rental market right now during this ongoing pandemic? Is it easy to rent out your place, or it's hard to find a good tenant? Thanks in advance  :)

Offline Dr. CA Real Estate

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Re: Landlords + realtors: How's the Irvine rental market?
« Reply #1 on: October 08, 2020, 02:25:59 PM »
Depends on what you want to rent out. Generally very strong. Put your place on Craigslist you’ll get calls and can start the whole process right away. Choosing a quality tenant is the hard part.
Kris Mendoza
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Offline best_potsticker_in_town

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Re: Landlords + realtors: How's the Irvine rental market?
« Reply #2 on: October 08, 2020, 04:46:05 PM »
My tenants pay on-time or early every month and are very communicative. If I reach out, they respond within a few hours. They don't hesitate to let me know about maintenance issues. For this reason, I didn't raise their rent and agreed to a one-year lease extension. I probably could've gotten an extra $50/mo out of them, but it wasn't worth it.

There's a lot of inventory in Irvine so be aggressive if a well-qualified prospect reaches out. It's worth giving small concessions to secure them.
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Offline akkord

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Re: Landlords + realtors: How's the Irvine rental market?
« Reply #3 on: October 08, 2020, 07:11:32 PM »
We've had a tenant for 4+ years now, never raised the rent and they haven't called/texted in about a year for any issues, we've never raised the rent either.  They auto ACH into our account every month, if you find the right tenant you're good to go, but we haven't had to put anything up recently, so not sure what the Covid rental market is like.

Offline USCTrojanCPA

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Re: Landlords + realtors: How's the Irvine rental market?
« Reply #4 on: October 08, 2020, 11:04:50 PM »
I've rented out 6 rentals since the stay-at order. Rentals under $3,500 rent in weeks, not months. I had a few rentals where I had 4-8 applicants and was able to get the landlord $50-$100 more in rent than the listed price. There are plenty of good tenants out there and unfortunately lots of crappy ones so you'll need to do your due diligence.
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Offline momopi

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Re: Landlords + realtors: How's the Irvine rental market?
« Reply #5 on: October 09, 2020, 08:26:32 AM »
Hi all, I'm wondering how's the Irvine rental market right now during this ongoing pandemic? Is it easy to rent out your place, or it's hard to find a good tenant? Thanks in advance  :)

This really depends on your property type and target audience.  For example, I owned 1 bed 3 story condo in Irvine that can be a pain to rent out and would not buy again as investment property.

I did have a tenant who lost her job and is vacating the 3 bed house that she is renting.  It will be listed for rent next month and end of year is usually a bad time to find tenants.  Let's see how this one goes.

Offline zubs

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Re: Landlords + realtors: How's the Irvine rental market?
« Reply #6 on: October 09, 2020, 08:56:21 AM »
I have a 1 story 3 bedroom house in Orange County that rents for under $3,000.  The day I decided to rent it, a neighbor across the street came over and asked about renting it.  The 2nd day on the rental market, I already had over 8 applicants.  It was so easy to rent out.

The other rental I own has a higher rent and only had 7 applicants after 1.5 months.

 

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