PropertyManagementMaven

Central VA 2008 Rental Market will be STRONG & Costly

While renting a large 4BR home in Redfields in early December, I showed it to a couple moving from the condos across from the subdivision.  She walked the dog by the house, saw that the FOR SALE sign had disappeared and my FOR LEASE sign appeared a couple of days later.  She made an appt and viewed the property, took application forms and then waited a few days.  She called me and wanted to know if she could "negotiate" the rent and as is my response to this question, I advised that I can always RAISE the rent. 

She said that she and her husband had always negotiated their rent and wanted to offer $200 less than what I had quoted to her.  I advised her that while negotiating for a cookie-cutter/plain vanilla condo in a project that is half-investor owned may make asking for a reduction a good idea, low-balling on a well-maintained, 4BR home with full basement and 2-car garage might not work.  She then responded that their offer was "market" to which I responded that the "market" for the home was actually $400 MORE than what I had quoted her and that we lowered the rent because of the winter/slow winter rental season.

The next day, while making a bank deposit, I received a call from a Florida couple who had sold their home and were moving to the area in 3 weeks.  They wanted to see the Redfields home and I met them 20 minutes later.  After the showing, they took applications and left me a check for the first months rent and deposit.  We then did the lease signing via Priority Mail and fax and they moved in Jan 1st.  

Eventhough the number of "detatched RENTAL homes" in the CAAR MLS has stayed between 55 and 65 over the last 8 months as unsold homes came onto the rental market, new tenants to the area will see the advantage to being able to rent large homes in a desirable area for the next several years.

The Lake Monticello, Forest Lakes, Redfields areas continue to be in demand as rental home desginations for JAG and NGIC families as well as Medical Center employees so local Realtors with investor clients who want to buy and hold for the long term should be looking at newer 4BR homes with garages and basements and if it has a fenced yard, all the better.

 

 

 

 

 Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.

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Comment balloon 1 commentWallace S. Gibson, CPM • January 23 2008 07:34PM
Central VA 2008 Rental Market will be STRONG & Costly
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