PropertyManagementMaven: REASONS I KNOW We Are in a TIGHT RENTAL HOME MARKET!

REASONS I KNOW We Are in a TIGHT RENTAL HOME MARKET!

I'm going through my current residents' lease renewal notifications this week.

According to their lease, my residents are to notify me if they want to renewal their lease and THEN I have discussions with the property owners about rental increases.

THIS YEAR, more current residents are notifying me that they want to renew their lease....ESPECIALLY higher-end properties.

Families who have increased/decreased in size or changed their local work/employment are not moving - they are adjusting to these change in circumstances in their CURRENT rental home.


I am seeing MORE new cars in current residents' driveways...this is a very TELLING sign that they are staying put in a rental home BECAUSE a new car payment will lower their ability to finance a home purchase BUT NOT secure a rental home.

This message  is not being lost on rental prospects....

1) more rental prospects want a longer term lease - 2 or 3 years; and they are not mentioning buying as an option in a year or two;

2) more rental prospects are willing to ask off work to view available rental homes DURING THE WEEK.  This gives them a leg-up on weekend viewers who have less of a selection and end up renting in a local apartment complex for 6 months and move twice;

3) more rental prospects are coming PREPARED....they are e-mailing completed application forms and coming to viewings with their checkbook!

It's a GOOD TIME to be a LANDLORD!

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

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

 

Comment balloon 6 commentsWallace S. Gibson, CPM • February 18 2013 03:03AM

Comments

Wallace-With rental rates going up, more and more people will stay where they are..

Posted by Scott Fogleman, New Home Team (New Home Team 804-573-9592) over 6 years ago

Hi Wallace.  Instant gratification is why most people are ill prepared for retirement.

Posted by Conrad Allen, Webster, Ma, Realtor (Re/Max Professional Associates) over 6 years ago

Hi Wallace... thank you for commenting on Dr. Wallace.... I am totally blown away by him and can't wait to read gifted hands but I wanted to read America The Beautiful first... I pray he runs for President... You have a wonterful day...

Your post offers very good advice...

Happy Day

Posted by Beth and Richard Witt, Long Island Cash Home Buyer 516-330-6940 (Long Island Cash Home Buyer) over 6 years ago

I have 3 residents who want to renew their current lease even though they have sold their former homes and presumably have CASH for a down payment...they want to be flexible

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 6 years ago

Wallace, 

Agreed, we are seeing a large percentage of renewals AND very limited inventory.

All the best, Michelle

Posted by Michelle Francis, Realtor, Buckhead Atlanta Homes for Sale & Lease (Tim Francis Realty LLC) over 6 years ago

I'm sending my renewals via snail mail AND pdf via e-mail so that I will get my notifications BACK in time to get available homes online in mid-March

Posted by Wallace S. Gibson, CPM, LandlordWhisperer (Gibson Management Group, Ltd.) over 6 years ago

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