For those of you who have rental properties on the market, we have 2 months to get them filled before the absolute lull of the season. We see spikes in move-ins for October & November. The phones are picking up over August & September. Then we will see a tremendous drop off in December through February. So, we are encouraging our owners to get their properties in great shape & market them aggressively with move in specials. This is what it is going to take to get the properties filled before the lull.
While we are seeing rental rate increases in pockets of the city, most of the rental market remains somewhat flat. We are starting to see more and more apartments offering specials, which is not a great sign.
The properties that are renting right now within 30 days are the higher end properties; Properties in swim/tennis neighborhoods, in great school districts. Homes that are in need of a little love are sitting longer and longer on the market. No matter what, the yards need to be maintained, the home needs to be clean and fresh smelling. The longer a property sits the harder it is for it to be rented. The best option if you are not going to repair is to lower the price. You can do this by offering a discount for on-time payment.
We do our best to maximize every opportunity to engage with a prospective tenant. We see what objections that there may be about the property and if we can overcome it, we do. Obviously, we can’t change the location, schools district, or floor plans, but if we can freshen up with some paint, replace a room of carpet, or ask for a price reduction for a qualified tenant, we will do our best to make that happen.
Every day a property sits vacant, it is costly for everyone. Vacant properties are more prone to vandalism, if there is a mortgage payment on the property, it costs a per diem. We hate vacancies as much as our owners as we are not enjoying the management fees but still have the liability for the property. We are spending advertising dollars, constantly checking the property to make sure that we haven’t had an issue. So we have every incentive to get that property occupied.
If you have a rental home that needs professional management, please contact us. We would love to hear from you!