Someone pointed out to me today that there’s only 4 months left in 2017…let that sink in.
Flying by as usual.
Anyway, I wanted to share some insight into our current rental market and what’s going on.
We’ve seen rental prices creeping up for a few years now, and it seems they’re capped off and holding pretty steady for the time being. We started experiencing more vacancies than usual, so we knew we had to cool it on upping the prices $25-50. But as of now, the rental market is solid and steady.
With prices so high, we started noticing there’s more occupants per property to help split the rent between more people. This isn’t the majority of situations, but certainly we’ve observed it now more than we have in the past. It’s not necessarily a bad thing because it helps guarantee the rent will be paid. The only downside is the house experiences more wear and tear. This is a big factor in what pushed us to offer an additional inspection service that allows our property owners to have the option to have us enter the property an additional two times (more can be found on this program here).
It basically allows us to make sure they’re taking care of the house. It’s great for a all situations, from a single person living in the property, or multiple people/large families.
We posted an article recently that was explaining there’s more renters than homeowners now than any time since the mid 60’s. It’s statistical proof that owning a rental property is one of the smartest investment moves you can be making. So if you’re already a property owner, than keep it up! If you want to get into the game, we have a nice section here on our site that explains how to get started.
Anyway, those were today’s thoughts. Any questions, just hit us up on the web chat!
-Christian
