While many areas of the country are still reporting soft rental markets, our Central Virginia rental home market is VERY BRISK....Incoming new-hires to the government NGIC/DoD installation, the expansion of the University of Virginia Medical Center, the staffing of the new Martha Jefferson Hospital at Pantops and the expansion of new businesses supplying these employers and the University of Virginia have put a strain on our current rental housing supply.
Many of these new residents currently own an unsold home elsewhere so they are not in a position to purchase a home locally. Additionally, they are concerned about the amenities of the neighborhoods, the schools as well as locations near shopping and recreation. Knowing that there is this large influx of home rental prospects, these applicants are selecting homes NOW for summer occupancy so the inventory on our local MLS, Craigslist and individual property management websites is dwindling FAST.
Many would-be applicants are now asking to be put in a back-up position for large 4 bedroom homes with garages in desirable areas. I am more than happy to accommodate them and notify them via e-mail if the applicants ahead of them do not perform. This is one of the reasons I provide benchmark time/date for the delivery of move-in monies and the return of a fully executed lease.
It may be time to go back to the phrase TIME IS OF THE ESSENCE!!!
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
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"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
Wallace,
Good post. We are definitely seeing backup apps. The market is stronger than you would expect for rentals around Atlanta.
Interesting! All the best, Michelle
Michelle * People who read about rental vacancy rates don't realize they are referring to APARTMENTS and not single family homes....I'm gonna need MORE rental home inventory!!!