Don't forget new lennar homes (or ANY NEW HOME) forces you to either puchase the solar outright or lease it. Purchasing it usually adds another $20K to purchase price.
$2500 I find is on the highside for a 3/2. But it also varies on how many sq footage the house is. Rent that I've seen going for $2500 are closer or at/over 2000 sq ft. I have seen many 3/2 rent for way under $2500 and more like low $2000s when sq footage is only 1500-1600 sq ft. and many pretty new homes
The valley is AG based. North Fresno/Clovis tend to have higher income earners and those making higher income are either in healthcare, education, gov. and most recently working remote moving from the bay area--but the latter probably purchased homes and arent renting--actually most of those in that industry I mentioned. So you have to find the sweet spot in rent to not be too high because those who can afford it just end up buying a home. But if you price too low, you probably are in the negative especially buying a BRAND NEW HOME in current real estate market in 2021 which has seen Fresno at all time high. Recent reports shows 10+% increase year over year from 2020 and ranked 26 out of 50 big cities in growth.
Investor · All Over · Member since 2021 · 9 posts · 3 votes
4y
I'm no expert, but I recently closed on a property in Clovis. Newer homes are nice and there are always pros/cons to buying a brand new property. You're generally paying a premium on everything. Just my 2 cents.
$2500 is a bit on the high side for a 3/2 and it really depends on what part of Clovis. All that said, if it's a new home there's definitely a chance to rent it at that price point.
Don't forget new lennar homes (or ANY NEW HOME) forces you to either puchase the solar outright or lease it. Purchasing it usually adds another $20K to purchase price.
$2500 I find is on the highside for a 3/2. But it also varies on how many sq footage the house is. Rent that I've seen going for $2500 are closer or at/over 2000 sq ft. I have seen many 3/2 rent for way under $2500 and more like low $2000s when sq footage is only 1500-1600 sq ft. and many pretty new homes
The valley is AG based. North Fresno/Clovis tend to have higher income earners and those making higher income are either in healthcare, education, gov. and most recently working remote moving from the bay area--but the latter probably purchased homes and arent renting--actually most of those in that industry I mentioned. So you have to find the sweet spot in rent to not be too high because those who can afford it just end up buying a home. But if you price too low, you probably are in the negative especially buying a BRAND NEW HOME in current real estate market in 2021 which has seen Fresno at all time high. Recent reports shows 10+% increase year over year from 2020 and ranked 26 out of 50 big cities in growth.
www.rentometer.com is a good resource for determining average, median, and percentile rent by address. Just put in the address (or something close) and it should tell relatively what it's worth as a rental.