PropertyManagementMaven: Area Rental Season in HIGH GEAR * Bring on the TENANTS!!!

While Central Virginia Realtors are bemoaning no buyers for their lisings, the local rental market for SFRs * single family homes * is BRISK.

Schools are out for the summer and altough gas prices are now at $4/gal locally, people are moving into the area in DROVES!!

Additionally, many residents who are fortunate enough to actually sell their local homes are electing to rent for a year on the off chance the local sales market continues to remain fairly stagnant and they can trade up or down and create more home equity in their new purchase.

The segwaying of new hires for NGIC will start this summer as current staff are rotated out and new staff is brought in for replacement slots and new positions and brought down from the DC area.

Some areas such as Crozet/Old Trail remain slow to attract new rental residents, while areas like Forest Lakes/Hollymead as well as Redfields continue to draw new rental residents and medium price homes in Lake Monticello are selling and larger area rental homes are renting.

Remote properties down Rt.20 South and out 250 West are the least desirable because of distance to town/gas costs, and lack of internet access.  Many of these areas are not serviced by our local cable company and Embarq has not made high-speed available to land line phone users.  The price of installing a HughesNet dish is costly for a rental home and properties where owners have not already installed this equipment are at a disadvantage.

Larger rural homes with high-speed/DSL access are at a PREMIUM and rent quickly as many residents desire to work from home when possible and not spend time or money on commuting to work/town.

All in all, rental property owners who market properly, price their rent within the market and do not put too many restrictions on tenant applicants will enjoy the benefits of this BRISK RENTAL MARKET.