If you’re an investor or developer in commercial real estate, San Luis Obispo offers a prime location for you in rental properties such as in Morro Bay. The percentage of people renting in the city is above the state average, and rental properties account for more than 60 percent of all housing in the area.
Although the economic downturn in the area was mild compared to other places, the city as a whole has seen a definite quickening in its recovery.
Consumer spending is up, and it has been increasing faster than nearby cities and the state as a whole. Commercial construction has also shown gains, as well as the area’s tourism industry. The number of building permits issued has risen steadily.
The agricultural industry is an important part of the local economy, especially the wine producing regions. And wine exports are up a good deal from previous years. The San Luis Obispo wine region has a mild Mediterranean climate, with long, hot summers that produce an array of award-winning red wines. Its climate, along with the marine sediment, also produces some of the best Chardonnay grapes in California. With drought conditions over the past few years, strawberries have taken over the number one spot as the number one crop in San Luis Obispo County with grapes second.
Overall, San Luis Obispo is an ideal place to invest in apartment buildings, offering picturesque limestone hills, a mild climate along the central coast, a vibrant tourism industry centered around its wineries, and nearby educational institutions. It’s no wonder that one author has named San Luis Obispo the happiest place in America.
With a wide range of businesses, of things to see and do, as well as a friendly atmosphere, San Luis Obispo is a thriving region. In areas such as Morro Bay, CA you can find multi family homes for sale, an apartment complex for sale and other commercial properties for a fair price with the right investment property group at your side. Morro Bay Real Estate is a great place to invest in property since people are moving to the area in droves to have access to the beaches and incredible weather. AIS can also assist with property management in the Morro Bay and all other San Luis Obispo County cities. Call AIS to speak to a specialist today!
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