I get asked all the time about “what is the rental market like?” To which I reply, “It’s getting better, but still a little soft.” So what do I mean by that? Finally we are finding that rentals are stabilizing and in some areas, even increasing. Here is what we are seeing:
- Quality properties that are in great shape and more than 3 bedrooms are moving very quickly and for premium rent.
- 4 Bedrooms homes are getting twice as many calls as 3 Bedrooms
- 3 Bedroom still seem to lag on the market and need to be in excellent conditions.
- Our Marietta properties are getting more showings than other areas.
- Newer properties or those that have been updated/renovated are being rented in less time than older properties
- Tenants are expecting discounts & move in specials
As you can see from the statistics below, over Metro Atlanta, 4 bedroom houses are renting quicker than 3 Bedroom and there are 40% more 3 Bedrooms on market making the competition for those quality renters fairly high.
Average Days On Market
4/1/2008 to 9/1/2011
|Today’s Date: 9/1/2011|
within 20 mile radius
So what can you do to make sure that your property is one of the ones that gets rented faster? Here are some general tips:
#1 Make it easy for people to view your property on their schedule. Be available to answer the calls and provide showing information. (See #4)
#2 Look at your property from an outsider’s perspective. Does it look great? Smell great? Is the yard in good condition? Is there anything not finished in the property? While you may not think it is a big deal to have missing blinds, broken or missing knobs, and the property not painted all the way, you prospective tenant thinks it is a BIG deal. They can rent another property that is in pristine condition right around the corner for the same amount as yours, so get your property in excellent condition. You won’t get a second chance to make a good impression!
#3 Have a move in special. Money is tight for everyone these days. It can cost several thousands of dollars to move into a new home. Make it a little easier on their pocket book to move into your property.
#4 Market your home on the most visible rental sites. Don’t just use free sites for advertising. The higher quality tenants know that Craiglist and Postlets are full of schemers and look to quality sites for their rental homes. You can expect to spend about $45-50 dollar per month per website. This can get expensive, so you want to make sure that you are prepared to handle the leads that come from your ad.
At Solid Source Property Management, we take the guess work out of getting qualified tenants for your home. We have a process to take the guess work out of marketing and managing your property. Feel free to CONTACT US, if you have any questions or concerns. We are currently looking for new homes to manage in Cobb, North Fulton (Sandy Springs & North), Gwinnett, and Forsyth. We would love the opportunity to earn your business!