Santa Rosa is an excellent rental market for investors, even if they live elsewhere.
We have all the things that smart investors look for when they’re adding assets to their portfolio. We have a strong local economy, a number of industries that provide well-paid jobs to local residents, and a population of well-qualified tenants who are looking for quality rental homes.
If you’re an out-of-state investor who is considering the Santa Rosa rental market for your next acquisition, we want to help you make some smart investment decisions. As professional Santa Rosa property managers, we know this market well. We know the properties and the tenants. Here are some of the things to consider before you buy here.
Rental Laws are Strict in Santa Rosa and California
You don’t have to live in California to know that the state has some of the most restrictive laws when it comes to rental properties. It’s a tenant-friendly state, and many investors who don’t live here but do own rental property here are concerned about the recent laws that impact how the rent is raised and when tenants are evicted.
In Santa Rosa, you’ll need to understand Section 8 tenants, how the screening process works, and what you need to document when you’re returning a security deposit. We have just-cause eviction laws and caps on how much you can raise the rent on certain properties.
Don’t invest in Santa Rosa without understanding the laws, especially if you have no experience renting out a home in the state of California. State laws often go further than federal laws when it comes to things like fair housing. You also need to understand the local requirements before you can buy and rent out a home.
Technology Can Automate Systems for Non-Local Investors
Communication will be essential for out-of-state owners who have Santa Rosa rental properties. One of the best ways to communicate with your tenants, vendors, and anyone else is with great technology. If you can’t find a software system that works for you, make sure you hire a good property manager who can communicate well and automate some of your most basic tasks.
Good technology can help you show your property, market it online, and even screen tenants. With the right property management software, collecting rent online is easy, maintaining a careful record of your income and expenses is simple, and you can even track maintenance requests.
Technology is a lifesaver and can help you feel closer to your investment property, whether you’re working with a Santa Rosa property manager or on your own.
Buy the Right Santa Rosa Rental Home
You should have some investment goals established that will help you choose the right property in the right neighborhood. This is a unique market, and it’s important to be prepared for a constantly shifting sales landscape. Decide what kind of property you want and how much you’re willing to invest on repairs and renovations. A local property manager can help you understand the rental value of a home you may be considering.
Local expertise is essential for out-of-state investors. We can help you have a successful and profitable investment experience in Santa Rosa. Please contact our team at Prestige Real Estate & Property Management. We manage homes in Sonoma County, including Santa Rosa, Windsor, Sebastopol, Petaluma, and Rohnert Park.