![Chico Rental Property Market: Good for Owners, Hard for Renters [News]](https://blog.hignellpropertymanagement.com/hubfs/Imported_Blog_Media/real%20estate%20price%20rising%20-%20ThinkstockPhotos-483230885-1.jpg)
Chico’s rental market is hot, giving owners the many benefits of raising the rents while the vacancy rate continues to hover around 1%. However, although these market conditions are great for owners, it has made it difficult for renters in the Chico area, causing the income to rent ratio to be less friendly then other markets. Apartment List gave Chico an overall grade of "C" for housing affordability for families. The local news agency “Action News” just ran an article concerning the rating, included below.
A new housing report finds Chico has some of the highest rents in the country when compared to income levels.
The online housing analyst company, 'Apartment List' gave Chico an overall grade of "C" for housing affordability for families.
Theresa Haney has been in the property management industry in the city for over a decade and says in the last couple years rent has increased dramatically.
"I would say about 5 years ago you could probably find a one bedroom for around $650-700 and now you're looking at $950 depending on amenities and location. It's a fact. It's a fact of the market that we do have limited housing and it does drive the rent up," said Haney, Owner of Entwood Property Management.
Haney says she tends to agree with the overall "C" grade.
"Because it is a hard market to find a quality home in," said Haney.
The online report used 2015 and 2016 census data to compare household incomes and housing affordability.
Haney says quality and affordable housing goes fast in the area. "Most of the time we advertise and within 24-48 hours we get enough inquiries where we have to bring the marketing down," said Haney.
The "C" grade correlates with the recent findings of The North Valley Property Owners Association annual vacancy report released this week.
If you’re having a hard time finding quality housing at an affordable price please take a look at our properties at HignellRentals.com. We have apartments and houses of all different kinds and sizes. We have just opened a brand new 56 unit luxury apartment complex called Lassen Villa to help add more supply to the market as well.
If you’re a property owner looking to rent out your Chico or Redding rental property at a competitive rate, but you don’t know where to start or just don’t want the added responsibility of managing the property, contact Hignell Property Management for a free evaluation.
