Rental Market Out of Control!!
The summer so far has shown a lot of activity with the purchases and selling of property, from SFR to Townhomes to income producing (multiple units). But it’s not just on the Purchase/Sale side, the rental side has been out of control. Rentals are renting at an all time high. A driving force for this recent trend has been the recent space James Cameron has rented out at Raleigh Studios for the next 5 years to film the next two Avatar movies as well as a Forbes Magazine article written about our public school system and how they rank based on Median Home Prices.
Movies like Avatar don’t just have 10, 20, 50 workers behind the scenes, they have hundreds and because Manhattan, Hermosa and the other Beach Cities cost an arm and a leg to get into, the rental market has seen the biggest increase. Sure a few of the executives have enough coin to buy here, but the majority don’t and renting is the only economically feasible way.Forbes recently released an article using the Median Home Prices to show what cities have the best public schools. The categories were broken down into sub categories based on on median home prices ranging from $200,000-399,000; $400,000-599,000; $600,000-799,000; and $800,000 and up. Manhattan Beach Unified School District (MBUSD) was ranked #1 based on Median Home Prices in the $800 k and up range.
