PropertyManagementMaven: STICKER SHOCK * For Central Virginia Home Rents!!!

Each spring - I wonder when someone is going to cry......sometime it is in late April when they realize that they should have rented in March, and sometime it is in early June when they realize there are no local rental homes even NEAR their rent range that they can fit their family/belongings in the school system they want.

This year, I had a prospect cry in late March....just after "match day" for UVa Med School (all med schools).  She had been looking at my available properties since late February and thought she had time to make her selection because the property was still on my website.  Unfortunately, because I have started using my HomeRentals listings export feature to transfer my property listing HTML to Craigslist with water marks on the photos, I no longer have the option of placing LEASE PENDING on listings on my website.  I do stop placing the listing on Craigslist; however,  I don't remove a listing from my website until I have a signed lease and have deposited their check for their move-in monies.

Several years ago, at the height of the sales market, many SFR landlords with older homes around UVA and the City of Charlottesville elected to sell their property to first time home owners.  This removed a good number of rental homes close to the Med School and UVA graduate schools from our local rental home pool. 

Additionally, we are building a new Cancer center and enlarging a local private hospital on a several acre campus near my office.  The NGIC * National Ground Intelligence Command * is expanding is current building in northern Albemarle county and will be bringing in 800+ families over the next few years.  The sub-contractors (security consultants who are usually retired military) started renting in the area last summer and these firms continue to hire even in a "down" economy.

Although many prospects have heard about the tough local rental inventory, they are totally unprepared to pay rents in excess of their current home mortgage payment for a home they do not own in order to get the size and location they desire.  They believe the national media doom and gloom and think they should be getting DEALS on rents when they are lucky to find a townhouse in their rental price range.

I need a sign.....THERE'S NO CRYING IN LEASING RENTAL HOMES!!!