Every year I have tenant prospects cry * usually around April or May * and usually because they waited too long to make an area home selection OR they listened to a real estate agent who told them there would be MORE rental housing inventory in the summer and there are actually LESS homes for rent because of increased and EARLIER demand.
April 1, 2009 * I had 40 homes and townhomes available on my website for rent in May, June, July and August.
April 1, 2010 * I will have 25 homes and townhomes available on my website for rent in May, June , July and August.
I increased rents for the majority of my current rental residents and 2 are buying homes and 5 are leaving the area....the remainder of my residents agreed to the 5% to 12% rental increase and will remain. Of the 25 homes and townhomes available for lease this summer * the are ALL LISTED at the SAME or HIGHER rent than the current residents are paying.
The incoming residents to the University of Virginia Medical School "matched" last week. So far, over the last 3 days, I have rented 5 homes sight-unseen and I have advised prospects that are not coming to make their selection until May that they will have fewer properties to make their selection from AND the rental rates will increase as the summer approaches and inventory disappears.!
So Mr. & Mrs. Tenant Prospect, the property you had your agent call me about * three times instead of researching available homes on my web site * is LEASED.
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
LandlordWhisperer
View our available Charlottesville, Albemarle and Lake Monticello rental homes online with photos and floor plans
"...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
Great post!
Yes, I agree with you and your post brings to mind that old saying " the early bird gets the worm".
It seems that as soon as I lease a property I get 5 other people calling who saw it and now want it. Oh, well.
Wallace,
The other big thing is availability changes instantly. We had one property that was listed for three months and then had three applicants in one day! Noe, that's not common, but I tell people the same thing all the time, we do not hold properties, first qualified tenant that give us a check and signs the lease gets the property!
All the best, Michelle
People are watching the media and think that the rental market is hurting because the sales market is hurting and IT IS NOT......people are moving and MORE people are moving into our area than there are rental homes that will accommodate them.
I wish that people would quit reading the news! It isn't accurate and then they are disappointed! Oh well
I totally agree....real estate is LOCAL and our LOCAL inventory of good rental homes is scarce!!
Rents are going up and rental inventory is becoming scarce. Investors should start jumping into the market to purchase rental properties......
Yes Bob * Investors need to be buying Forest Lakes homes - the LARGER the better - preferably without double HOA dues....