For Immediate Release:
Sam Benson of Benson Property Management (BPM) declares home rentals the new “thing” in the greater Walnut Creek area.
Sam Benson is a second-generation Walnut Creek business owner and real estate broker. He knows a thing or two about home ownership in the greater Contra Costa area- serving as the Director at Large for CCAR. Recently, however, he has noticed an uptick in home rentals in Walnut Creek and it is all fueled by seniors looking to downsize (or rightsize) their living situation.
“Seniors are looking to sell the family home as a way to free up cash and have less responsibility as far as home ownership is concerned. They don’t want to deal with repairs, lawns to mow, or stairs. Seniors are looking to buy condos or live in a community-type setting for a variety of reasons, which leads them to look at selling their home,” said Benson. “But it is what is happening as a result that is new. Investors are buying these homes because the demand for rental properties by Generation Xers within our area is high.”
According to Benson’s company, Benson Property Managemen
t, seniors are either renting their family homes out or are selling to investors vs. traditional new family buyers. The tech market seems to be driving this trend as more and more Generation Xers are waiting to buy to see what happens with their careers. “Many of the tech workers are mobile. They tend to travel or they want to see if they have potential for growth with a company. And since so many tech companies either really make it or flop, I guess the commitment to buy a home right now may come with reservations for those workers. Seniors have a fantastic opportunity to rent their homes right now as a result, or sell their homes quickly to investors.”
The average rent around Walnut Creek is $2,500 for a one bedroom apartment. The average home rental is $3,000 for a three bedroom – of course, this depends on amenities and location. With privacy and space being a top concern for Generation Xers, seniors selling the family home are at an advantage right now. Seniors are in the unique position to sell or to keep the home and bring in extra cash by simply using a property management company to rent the home.
“I think right now the home rental trend in the area is a win-win for all involved. Everyone has a chance to fulfill their real estate needs and either make money or – if you’re a renter- find a great bargain vs. renting a tiny apartment,” finished Benson.
Sam Benson is available to speak with the press about this and other real estate related issues.