Over the decades, the sheen and prestige of some neighborhoods and addresses might come and go, but that’s not the case with Beverly Hills, CA. This legendary neighborhood has remained one of the most fashionable areas in California, not to mention the entire country.
Teeming with luxurious shops and celebrity homes, Beverly Hills is a dream destination and a desirable place to call home. If you have the means to live here, property prices in Beverly Hills have a median home value of $3.8 million.
“Okay, let’s say the price tag is a little out of reach for me,” you might be thinking. “So should I rent a house in Beverly Hills instead of buying property?” Now that’s a question that would require a closer look at the Beverly Hills housing market to answer.
Beverly Hills is always a hot market
The competition for houses for sale in Beverly Hills remained hot even during the pandemic, driven by the desire for larger homes and dedicated rooms for work and play, as people sheltered in place. Moreover, Beverly Hills properties are practically guaranteed to increase in value, what with its exclusivity and reputation. As a matter of fact, Beverly Hills real estate has appreciated 73% in the last 10 years, far outpacing the national average of 3.8%.
Similarly, the rental market is a vibrant one, with many types of properties available. Rent for a two-bedroom apartment generally goes for almost $3,000 a month. If you’re planning to rent a single-family home, be prepared to fork over at least $10,000 a month. Note that larger properties are mainly among the houses for rent in Beverly Hills, and studio units are generally not as widely available.
Buy or rent?
With all this taken into account, you should be able to decide whether you should buy or rent a house in Beverly Hills, CA, is the right choice for you. Purchasing one practically guarantees a sound return on your investment. Therefore, buying a house in Beverly Hills would be a better choice if you’re thinking long term and want to maximize your potential earnings from the property.
Now if you simply want to enjoy the best that Beverly Hills has to offer, aren’t looking to settle here long-term, and have less of a budget to play with, then renting property would be the better option for you. For example, if you plan to stay in the area for, say, five years and find a single-family home whose rent is $12,000, the total amount you pay for those five years still won’t come close to the median price of a single-family house for sale.
Overall, it really depends on your preference and budget whether you’re able to buy or rent, and also how long you’re planning to enjoy Beverly Hills.
If you’re looking to buy or rent a home in Beverly Hills, trust the award-winning DeSanti White Group to find the property that suits your needs. Call 480.242.8797 or contact us here today.