Rents Continue to Fall
by James SafonovAs we enter the cooler months the trend of lowering rents has already begun.
Especially in this market I am seeing rents for all communities drop significantly over the last 30-45 days.Quality tenants are out there though they are harder to attract as rental inventories are up. Investors are placing foreclosed homes on the market which is continuing to challenge our traditional landlords.
Good tenants are staying put instead of risking a move in a volatile economy–they seem concerned about their jobs and or their job incomes being reduced.
Less people looking to rent in a large inventory market raises the importance of proper pricing and chasing every lead. The property will rent but the margin for error is slimming.
Editor’s Note: James is not alone in reporting falling rents. Property managers in Arizona, Illinois, and Florida have shared the same experience with decreased rents, and increased pressure to price properties right — the first time.
For fast help with rental property pricing, see Landlord Quick Tip #15: Hitting the Mark.
James Safonov is with HomePointein Sacramento, California. You can reach James at j[email protected]. HomePointe provides full service property management, leasing, accounting, and maintenance. Homepointe also holds a California Contractors License through our maintenance division, RAM Property Services and can provide complete repair and renovation services for your property. Visit www.RamPropertyServices.com. In addition, the landscape division can do yard cleanups, monthly service, and sprinkler repairs. Visit at www.creeksidelawncare.com . For licensed yard installations, visit www.creeksidelandscapeservices.com. View vacancies at www.HomePointe.com, www.NetRent.com, www.Vast.com, www.Oodle.com, www.googlebase.com, www.craigslist.com, www.HotPads.com, www.Move.com, www.rentbits.com and more!
See a related feature, What To Do When a Tenant Leaves Early.
American Apartment Owners Association offers discounts on products and services for landlords related to your commercial housing investment including REAL ESTATE FORMS, tenant debt collection, tenant background checks, insurance and financing. Find out more at www.joinaaoa.org.
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