We've Suddenly Noticed Have More Inventory - But Slow to Re-Rent.
It's been a great year so far with the rental market from our point of view up to this point.
With that said, all of a sudden we've noticed that it's taking long to re-rent some units. We've had to recommend lower rent prices to some owners or offer a "rental incentive" such as 1/2 off of the 1st month's rent to get more responses.
We think it's a combination of a few things that are affecting the rental market.
- Job insecurity and rumors of recession
- Higher expectations of renters - more amenities for the amount of rent they are paying
- The condition of the proposed rental - dated interior - lack of curb appeal
- Neighborhood Conditions - Poor Pride of Ownership in the area
- The Time of Year - October and beyond is a slower time for sure
In some cases it can be a combination of all of the above.
Our recommendation to our clients is to keep your property in great condition - never ignore the curb appeal - charge reasonable rents for the current market. We all know the Residential "re-sale" market is shifting and this is affecting rentals as well.
If you are an investor/landlord looking for quality Property Management with Service 2nd to None then give us a look.
In the Mean Time...?
Make it a Great Day...!
