Navigating the real estate landscape for investment purposes demands a strategic approach, and Glendale, with its dynamic market, presents a compelling opportunity for investors. Whether you’re a seasoned investor or a first-time buyer, understanding the unique dynamics of Glendale’s real estate market can make all the difference in making sound investment decisions.
Trumark Real Estate Management put together this article so landlords could look into the essential insights and top tips to consider when venturing into the world of investment property in Glendale. Join us as we explore key considerations and professional advice to help you make the most informed choices when acquiring investment property in the vibrant city of Glendale.
Glendale Housing Market Overview
The housing market in Glendale is known for its high competitiveness, with homes typically receiving an average of four offers and selling within around 32 days. The market has shown resilience, as reflected in a 6.5% increase compared to the previous year. Additionally, the median sale price per square foot in Glendale has seen a 9.5% rise since the prior year.
As of November 2023, the housing market in Glendale continues to exhibit positive trends. Homes are selling at a steady pace, with an average time on the market showing a slight improvement from the previous year. The number of homes sold in November has increased, reflecting ongoing activity and interest in the local housing market.
Top Tips When Buying Investment Property in Glendale
When it comes to purchasing investment property, Glendale emerges as a compelling choice for landlords seeking stability and growth. Investing in real estate in Glendale is a significant venture that demands careful consideration and strategic planning.
To navigate this dynamic market successfully, here are some top tips to guide landlords in making informed decisions for their investment ventures in Glendale.
1. Consider the Security of the Area
Glendale stands out as one of the nation’s top 10 safest cities, boasting the lowest crime rate among all California cities. Furthermore, its substantial 6-million square feet of office space comes with competitive rental rates and affordable property values, differentiating it from many other Los Angeles-area communities.
Notably, Glendale imposes no gross receipts or business license taxes, making it an attractive value proposition.
This not only contributes to the well-being of residents but also enhances the overall value and desirability of properties. These factors can have a positive impact on rental income and long-term property appreciation.
It’s no surprise that renowned companies like Walt Disney Imagineering, DreamWorks, Nestle, Public Storage, IHOP/Applebee’s, Service Titan, and LegalZoom have chosen Glendale as their home.
2. Choose a Pleasant Climate
The weather plays a crucial role in the quality of life for residents and, consequently, the appeal of a rental property. Glendale benefits from a Mediterranean climate, characterized by mild, wet winters and warm, dry summers.
Landlords can leverage this favorable weather to attract tenants seeking a comfortable and temperate living environment. Additionally, the climate can reduce maintenance costs associated with extreme weather conditions, contributing to the overall sustainability of the investment.
3. Know the Importance of Location
With its business-friendly atmosphere and dynamic economy, Glendale emerges as an ideal choice for your commercial ventures or investments in both commercial and multi-family properties. Evolving from a once quiet community, the city now boasts a vibrant retail scene with 18-hour shopping and dining options, anchored by the Glendale Galleria and Americana.
Positioned centrally within Los Angeles County, Glendale enjoys quick access to Southern California’s prime destinations, including amusement parks, beaches, sports venues, and more.
Its proximity to Hollywood, CalTech/Jet Propulsion Laboratory, major hospitals, and other esteemed institutions positions it as a focal point for the entertainment, technology, and medical industries, along with the multitude of employees and businesses that cater to them.
4. Search for a Strong Economy
A thriving local economy is a fundamental factor influencing the success of an investment property. Glendale enjoys robust economic conditions, with a diverse range of industries contributing to its financial stability.
As a landlord, this economic strength translates to a reliable tenant pool with stable income levels. It also indicates a lower risk of vacancies, ensuring a consistent rental income stream. Additionally, a strong local economy tends to attract businesses and professionals, further bolstering the demand for rental properties.
Moreover, Glendale’s strong economy extends to its retail sector, creating a connection between the thriving local economy and commercial activities. The city’s retail market, highly regarded in Southern California, adds to Glendale’s economic stability.
It also solidifies the city’s reputation as a place for testing new ideas and a preferred shopping destination. This interplay between a robust economy and a dynamic retail sector reinforces the prospect of continuous growth and demand for rental properties.
Consequently, Glendale stands as an appealing and profitable investment opportunity for landlords, accommodating both residential and commercial ventures.
5. Prioritize Available Activities
A vibrant and diverse range of activities is a magnet for potential tenants. Glendale offers a rich cultural scene, recreational facilities, and a variety of entertainment options. Landlords can capitalize on this by highlighting the diverse activities available in the area, catering to different interests and demographics.
This not only attracts a broader tenant base but also contributes to tenant satisfaction and long-term lease agreements.
Bottom Line
Investing in Glendale’s real estate market presents a lucrative opportunity for landlords, thanks to its prioritized security, pleasant weather, strategic proximity to Los Angeles, robust economic conditions, and a diverse range of activities for residents.
These factors contribute to the overall appeal of investment properties, fostering tenant satisfaction and potentially increasing rental income and property appreciation over the long term.
Trumark Real Estate Management serves as a strategic partner for landlords seeking to invest in Glendale. Our expertise in property management aligns with the unique advantages that Glendale offers, ensuring that landlords can optimize their investment properties for long-term success.
Through our tailored services, we serve as a valuable partner for landlords aiming to optimize their investment properties in Glendale, addressing key aspects such as security, weather considerations, marketing strategies, tenant screening, and community engagement.
Trumark adds value to investment properties and facilitates a seamless and rewarding landlord experience in the vibrant city of Glendale.