We recently completed a Rent Survey for the Carmel Valley condo market. There are 29 named projects which are by definition condominium or “attached” with a governing Home Owner Association charging monthly fees for maintenance of the property. The condo market is considered “entry level” housing lifestyle for those seeking the Carmel Valley Lifestyle and the rental market is quite active.
Our research indicated that there were 169 leasing transactions reported to the regional multiple listing service or “MLS” during the past 12 months. We do not track the larger apartment complexes as those are typically handled in-house at at their corporate/on-site level. The corporate created complex’s are larger, built to condo specifications and have an on-site management team and maintenance team.
A summary of basic statistics for this segment of the market. The average time to get a tenant fora rental property in Carmel Valley has been steady at 31 days. The average property has been 1,198 square feet in size and contains 2 bedrooms and 2 baths. The average asking price for a rental of this size has been $2,213 per month or $ 1.88 per square foot. The final rental price has averaged $2,200 and that equals approximately $1.87 per foot income. Clearly not all car port style 2 bedroom condo’s are renting at the higher level. We also noted that numerous complex’s have car port style parking in the older complex’s within Carmel Valley. So the average 2 bedroom , car port style condo is renting at approximately $1.75 per foot, not the higher average.
Observations & Point of View: We foresee rents staying steady and should experience at least a cost of living increase over time. There are two large corporate created complex’s in consideration of construction and the absorption rate should be in keeping with the Carmel Valley growth patterns.
We as the Tucker Team and as Broker of Record for Coastal Premier Properties offer a full time approach to property management for investors and those individuals who seek the need for management function of their property. We have a completely trained in-house staff who can work with your needs with our over seeing every step of the leasing and management function of your property. We hope you will contact us for details and updates for your rental property. We are The Tucker Team and We Know The Market! Reach us anytime (858) 361 7050 or email: firstname.lastname@example.org