As a property manager, one of my duties is to closely monitor the rental market in Temecula, Menifee, Murrieta, and Lake Elsinore to ensure that the rental properties I manage are priced competitively and attract quality tenants. Based on my analysis of the market data, I would like to discuss the current rental rates for 3 bedroom, 2 bath homes in each of these cities.
Temecula
In Temecula, the median rental rate for a 3 bedroom 2 bath home has been hovering between $2900 and $3000 per month over the last six months. This rental rate is subject to the number of rental properties actively available on the market at any one time, with a slight dip caused by more available properties. In the past six months, there have been 130 rental properties listed in Temecula, making the market competitive.
Menifee
Menifee, on the other hand, has come in a little lower with a median rental rate between $2550 and $2800 per month for a 3 bedroom 2 bath home. There have also been 130 listed rental properties in the past six months. This is understandable considering such a large amount of Menifee’s rental market is 55+.
Murrieta
Murrieta has a similar rental rate as Menifee, with a median rental rate between $2600 and $2800 per month for a 3 bedroom 2 bath home. However, the rental market in Murrieta is slightly smaller, with only 98 rental listings in the past six months. Nonetheless, Murrieta’s family-friendly neighborhoods and quality of life make it an attractive option for tenants.
Lake Elsinore
Finally, Lake Elsinore has a median rental rate between $2400 and $3000 per month, making it a more variable market due to the fewer listings of only 75 in the past six months. However, Lake Elsinore offers unique amenities and outdoor activities, making it an attractive option for tenants seeking a more adventurous lifestyle.
Overall, the rental market in these four cities has remained stable over the last six months. I do not expect the rental market to change as the number of available rental properties has continued to decline because of being sold over the last few years with prices being high and new tenant laws from Covid-19. Many property owners have been frustrated and decided it is time to get out of the rental market.
As a property manager, I recommend keeping the rental prices for your properties in line with the current market rates to remain competitive and attract quality tenants. We should also be flexible in adjusting rental prices accordingly, based on changes in the rental market and demand for rental properties. By staying informed and adjusting rental prices appropriately, we can maintain a profitable and successful rental business. I will let you know if I see anything start to move.
Let us know if you’d like us to cover any future topics. May your cash flow always be positive.
