Friday, February 26, 2016

Foothill Ranch rents stable from 2014 to 2015..

Renting in Foothill Ranch, we can help!  When people think of Realtors they often do not think we also handle rental properties. The first thought is we Realtors just handle sales in real estate.  However a professional agent will handle rentals in several instances, i.e. buying investment properties for investors, handling the rental transaction with a tenant. Possibly even property management of the property, if licensed to do so.

Even if agents do not handle rental transactions, it is important for agents to understand what the rents are in the area.   This week,  I took a quick look at the Foothill Ranch Rental Market.   

Below is a snapshot by category of the average rents in the area.  It is important to note these are for properties owned by an individual and rented out not an apartment complex.

Foothill Ranch Single Family Rentals 2015
In 2015 there were 33 Single Family Homes rented in Foothill Ranch with the average rent being $3064 for 1993 square foot home.

Foothill Ranch Townhome Rentals 2015

The Townhome category 6 homes were rented with the average square footage of 1147 square feet or $2208 per month.

Foothill Ranch Condo Rentals 2015
The majority of homes rented in Foothill Ranch were Condominiums and they rented for an average of $1898 for a 2 Bedroom at with 1016 square feet.

If I take a look at the overall market and split it into two categories attached vs detached rental pricing stayed fairly static between 2014 and 2015.  The average price per square feet to rent a detached home in Foothill Ranch in 2014 was $1.59 per square foot, no change in 2015.  The attached market saw a slight increase from $1.82 per square foot to $1.88, resulting in a 4% increase.   

For fun, I did a quick little mortgage calculation to compare mortgage payments vs rent and if you purchased a home at $400,000 (loan amount) with what the average rents are for a condo noted above.  As you can see within 5 years of owning a home, it actually becomes cheaper to buy vs. rent. 
  

If you are looking for a rental in the Foothill Ranch, Portola Hills area, don't hesitate to contact us, we would can help you find and negotiate your lease with you.   

Homeowners if you are considering leasing your home in the area and would like to review the rental market, please do not hesitate to contact Realtor Kelly Turbeville to help you review the current market.

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