September 2015 - Eastvale CA Lease Market Report

September 2015 - Eastvale CA Lease Market Report

date from CRMLS as of 9/20/2015

I got a lead from ActiveRain today.  First comes the feeling of joy and excitement. Why wouldn't I??? A lead is a lead and I am here to help my clients fulfill their needs no matter what...

Hold a second....

The call is from someone looking to keep her kids within the same school. So it was essential that I find her a house within the boundaries of Eastvale. That is a simple request and I sure can understand why she wants to keep her kids in attendance at Eleanor Roosevelt High School.

Then I asked her what her price range and credit score were. That is when my bubble burst. She said $2000 and her credit score was not as good. She had been renting for a year and her lease is up in one week.  Her landlord is not willing to renegotiate her lease... (do you see any red flags?)

Well, to start off the rental lease in Eastvale starts at $2200 and the average days on the market is only 15 days. This is a clear indication that Eastvale's rental market is on fire. There is a huge demand from renters who want to live in Eastvale. For one reason or another they feel it is not the right time to buy. Many renters who pay less than $2500 per month are coming ahead of buyers, as they don't have to worry about huge down payments or property tax. Many investors have purchased rental properties in Eastvale with cash transactions. Their main goal is to wait till home prices appreciate. Many buyers are foreign owners who were looking for a safe haven for their money and investments. Thus, we see unbelievable rental market in our community. 

The fact that rental properties are only available for a week or two tends to indicate that landlords and property managers have their pick of better renters. Many will select renters with steady job history, low liability,  and good credit scores. 

I had to inform the client that her situation was not looking too promising. Right away, she said that she would be willing to pay a higher security deposit in lieu of her low credit score. My immediate thought was why would a landlord want to take a risk on her when they have so many other choices when it comes to renters. 

I had to let her down easy and that her situation was not going to be an easy one. I told her that I would do my best to try to find her a house, but that I would be contacting landlord first to see if they would be open to renting it to her. I did not want to waste her time by driving her to around town and have her fall in love with properties without any chance of completing a rental transaction. 

As a property manager, my job is to bring the best possible renter for my clients. Someone who can pay their rent on time with minimal interruptions from month to month. I would be doing a disservice to the caller if I gave her false hopes. If she had contacted me last year...perhaps I could have helped her. But the market is different this Summer and it is very competitive.

If you are looking to move into the Eastvale area, call Eastvale Team Realty. We are experts in the Eastvale market and will guide you  through the process of finding the home that meets your needs.