Is bakersfield ca good for rental properties investment? (2024)

Is bakersfield ca good for rental properties investment?

With the year-over-year rise in Bakersfield home prices, it stands in the top 10% nationally for real estate appreciation. Bakersfield real estate has appreciated 123.08 percent over the last decade, equating to an annual appreciation rate of 8.35 percent on average.

Located just two hours north of Los Angeles on the Kern River and right next to the Sequoia National Forest lies the city of Bakersfield, California. This southern California city in Kern County is considered a good place to live due to its high quality of life, affordability, and available housing.

It is also 16.9 percent higher than November of 2020. California's overall median home price declined 2 percent since October to $782,480, with Bakersfield's median home price 57 percent below that, according to the report.

"That's called L.A. prices." Bakersfield's housing market has tightened drastically in recent years as a shortage of both apartments and homes for rent has met with heightened demand from people moving in from outside the area during the pandemic's loosening of in-person workplace restrictions.

The reason why housing is much more affordable in Bakersfield than in any other area is that the city does not have the same income earning potential as surrounding areas. In turn, the housing demand is not as strong hence the prices are lower.

With the year-over-year rise in Bakersfield home prices, it stands in the top 10% nationally for real estate appreciation. Bakersfield real estate has appreciated 123.08 percent over the last decade, equating to an annual appreciation rate of 8.35 percent on average.

BAKERSFIELD, Calif. (KBAK/KBFX) — The state of California recently passed AB 1482, a rent control bill intended to help ease the housing crisis across the state. Under the new law, landlord s will only be able to raise the rent for an existing tenant by five percent after inflation, annually for a ten year period.

The rental vacancy rate is the fraction of homes for rent that are not occupied. In 2019 the rental vacancy rate for Bakersfield California was 4.70% according to Census ACS data.

The annual report is based on the quality of life, desirability, job market, value and housing. BAKERSFIELD, Calif.

How much do you need to make to live in Bakersfield CA?

The recommended salary in Bakersfield is $3,650 per month or $43,800 annually. This total reflects a salary that would allow a renter to live comfortably and afford to cover the median rent for a one-bedroom apartment which sits at $1,095.

The median family income (MFI) in Bakersfield is $31,714. Ten percent of the city's households are extremely low-income (0-30 percent of MFI), 10 percent are low-income (31-50 percent of MFI), 13 percent are moderate-income (51-80 percent of MFI), and 7 percent are middle-income (81-95 percent of MFI) earners.

Bakersfield Home Appreciation Rates

Bakersfield real estate appreciated 150.36% over the last ten years, which is an average annual home appreciation rate of 9.61%, putting Bakersfield in the top 10% nationally for real estate appreciation.

The average cost to build a house in Bakersfield is between $350,000 and $400,000. The cost can be higher or lower depending on a number of factors: The type of house and where's it built (on-site vs.

On its way to becoming one of the best places to live in California, Bakersfield has a number of amazing communities and nice neighborhoods to choose from. One of the best places to live in Bakersfield right now is in the neighborhood of Olde Stockdale.

How Much Can a Landlord Raise the Rent in California? Under the new legislation, landlords will only be able to raise the rent by 5% (plus the local rate of inflation) for any existing tenant.

Can my landlord increase my rent now that the public health emergency has ended? No. Rent increases cannot occur until after December 31, 2021. Landlords must provide a minimum of a 30-day notice before a rent increase can occur, so higher rent cannot be charged until February 2022.

Can my landlord raise my rent in California 2022?

How much can a landlord raise rent in California in 2022? As explained by real estate agent Jeff Johnson of Simple Homebuyers, “In 2022, landlords are allowed to raise rents on existing tenants between 3% and 8% annually.

Bakersfield, California's cost of living is 5% higher than the national average.

Bakersfield has made yet another "run for your lives" list, this time ranking No. 2 on Forbes.com's list of the "most toxic cities" in the United States.

Living in Bakersfield offers residents a dense suburban feel and most residents own their homes. In Bakersfield there are a lot of parks. Many families and young professionals live in Bakersfield and residents tend to have moderate political views. The public schools in Bakersfield are above average.

The Landlord/Tenant laws in Bakersfield are much different compared to most in LA County. For example, we do not have rent control which most properties will have in those areas.

Bakersfield is the armpit of California (and possibly America).

Bakersfield Demographics

White: 67.65% Other race: 12.43% Black or African American: 7.62%

Once known for oil and agriculture, Bakersfield is morphing into a Central Valley hub for arts, culture, and sports, while still offering a glimpse of the region's past. One fascinating historical site worth a visit is Colonel Allensworth State Historic Park, 45 miles/72 kilometers north of town.

The poverty rate in Bakersfield is 19.2%. One out of every 5.2 residents of Bakersfield lives in poverty. How many people in Bakersfield, California live in poverty? 70,771 of 369,380 Bakersfield residents reported income levels below the poverty line in the last year.