A recent nationwide study has revealed that rental units in Calaveras County are producing more income for landlords than the sales value of single-family homes.

The study, conducted by Gavop.com, shows that Calaveras County experienced a 71.3 percent rental yield increase between 2009 and 2015, meaning property values on rental units are more than those of single-family homes.

Rental yield is the annual rental income of a property divided by its overall value. For example, a studio apartment in Manhattan purchased for $514,114 that rents for $2,689 a month would give a landlord 6.28 percent yield, according to globalpropertyguide.com.

Calaveras County’s 71.3 rental yield increase between 2009 and 2015 was the 20th highest in the nation, according to Gavop.com.

Statistics gathered in the study from the U.S. Census Bureau show that median gross rent in the county increased by 12.8 percent, while home values decreased by 34.1 percent.

According to Gavop.com, a startup that recently began to analyze long-term housing prices and income trends across the country, median gross rent in the county increased from $920 per unit in 2009 to $1,038 in 2015.

Conversely, average home prices in the county decreased from $370,100 to $243,800 during the same period of time, according to the study.

Kevin Pryor, an analyst with Gavop.com, said there is no primary factor as to why rents are increasing and home values are decreasing.

“I’ve been looking at trends in California and have done some basic research, but I can’t really say exactly why this is happening,” he said. “Population change certainly factors into it, but it really depends on the county and what is happening economically.”

As of 2015, there were 33,997 housing units in the county, which in turn had a population of 44,767, according to Gavop.com’s study.

The county’s population was 46,548 in 2009.

A home’s location, the facilities within the home and employment opportunities in the area are all factors that contribute to rental yield, according to Gavop.com. As an example, rental spaces are more likely to produce good returns on investment if they are relatively nice and are in areas that have high employment opportunities or high travel volumes.

In nearby Amador County, median gross rent in 2009 was $1,075 and then dropped to $1,047 by 2015, a 2.6 percent decrease. Home values there decreased by 29.2 percent during that time, dropping from $354,500 in 2009 to $251,000 in 2015.

That county’s population also decreased from 38,039 in 2009 to 36,995 during that time period.

Despite decreases in both rental and home values, Amador County’s rental yield increased by 37.6 percent from 3.6 percent in 2009 to 5 percent in 2015.

Calaveras County’s median gross rent increase was larger than the state average, which saw a 12.5 percent increase during that time period, according to the study.

In 2009, the median gross rent in California was $1,116 and increased to an average $1,255 across the state.

Overall, the state’s rental yield increased by 39.8 percent between 2009 and 2015, according to the study.

This was the first study Gavop.com performed on rental yield trends, Pryor said.

The startup, based in New York, also conducts studies on home values and income and transaction data, among other trends.

To view the full report on the rental yield in Calaveras County, go to gavop.com/metric-article/1/191.

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