Why Invest in Chula Vista Real Estate?
Sprinkled with amazing tourist attractions, year-round leisure activities for residents and visitors, beautiful beaches, and featuring a rich culture, Chula Vista is attracting thousands of visitors, single family active home buyers, and potential renters every year. In 2017, Chula Vista's population growth rate has been 1.22%, which is higher than the national average of 0.7% and the numbers are still growing.
Chula Vista is the second largest city in San Diego's metropolitan area. Its economy is strong and very diverse, with information & communications technology, advanced manufacturing & clean tech, health & wellness, tourism, and education being some of the key industries in the area. The city's economic growth leads to an influx of real estate investors, home buyers, renters, and visitors.
Thanks to its population growth and solid job market, together with good public transportation, access to top-notch healthcare, and education ops, Chula Vista is a smart call for real estate investors.
Investment Considerations for Chula Vista Real Estate
There are a number of factors to consider, including:
- Great tourism destination - With a wide array of attractions like Aquatica (SeaWorld's Waterpark), The Living Coast Discovery Center, and the Harbor, Chula Vista is attracting a lot of tourists every year. Plus, the enchanting natural sceneries and the plethora of year-round leisure activities draw more and more visitors to the city. Therefore, real estate investors can benefit from the booming tourism in the area. The average rental income for short-term vacation properties is $3,375, and the average cash on cash return is 2.69%. This translates into nice profits for investors who're renting out vacation properties.
- Job market growth - With industries like education, advanced manufacturing & clean tech, tourism, information & communications technology, and health & wellness having their companies' key offices in Chula Vista, the city enjoys low unemployment rates and job growth. Therefore, buyers and renters are attracted to the area, which means that real estate investors can see a positive and steady cash flow likelihood.
- Increasing rent prices - Hosting many companies and highly-appreciated universities like Southwestern College, United States University, and Pima Medical Institute, Chula Vista is an area with a lot of recent graduates and professionals. In addition, the numerous employment ops and population growth lead to an increasing rental demand and rental prices. Thus, real estate investors can find tenants who have stable jobs and steady incomes for paying rent on time.
- Popular living destination - With awesome sceneries, welcoming beaches, a diverse restaurant scene, and a lively vibe, Chula Vista has over 267,000 residents and the number is continuously growing. The city is chosen as a living destination by more and more people thanks to its solid economy, laid-back lifestyle, and access to great healthcare and educational options. Hence, real estate investors can enjoy low vacancy rates on their rental properties, which translates into a continuous and secure stream of income.
What are the Best Neighborhoods to Invest in Chula Vista
Neighborhoods like Eastlake Greens, Northwest, and Village Center are the top areas for real estate investments. Eastlake Greens has a median property price of $522,900, CoC return of 2.25%, and rental income of $2,370. Northwest has a median property price of $564,950, CoC return of 1.34%, and rental income of $1,763. Village Center's median property price is $499,900, CoC return is 2.72%, and rental income is $2,174.
Regardless of its reputation for a high-priced real estate market, Chula Vista offers a plethora of great opportunities for real estate investors in single-family homes and short-term vacation properties.
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