The South Orange County multifamily residential income property markets of San Clemente, Capistrano Beach and Dana Point continue to show strong indicators of rising property values as well as rising residential rental rates. With the improving local and national economy all three cities are experiencing more visitors/vacationers which in turn has created the demand for more short term rentals. The conversion of many traditional apartments into short term “vacation rentals” is decreasing the supply of traditional residential apartments available for longer term one year leases, thus driving rental rates higher.
As of early February of 2014 there have already been four closed duplex property sales this year with six more duplex properties in escrow throughout San Clemente, Capistrano Beach and Dana Point California. There were only sixteen duplexes currently for sale throughout the three cities at the time of this blog post. With this current absorption rate San Clemente, Capistrano Beach and Dana Point will continue to see strong appreciation in its duplex, triplex and fourplex multifamily property real estate markets.