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.
"...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