‘T he report is saying that the rental market is still super hot.” That’s an adequate summary of the annual proper manager survey for Rent.com, as told by Kari Taylor, director of rental insights for the rental listing website.
In other words, it’s a lot better to be a property manager than a renter nowadays.
For instance, 73 percent of property managers report that it takes less than one week to convert a prospective renter into a new resident. Actually, 47 percent say it takes just a few days.
Plus, some property managers say that their renters are younger, wealthier and more likely to be single than before. Taylor says this indicates the economy is improving slowly: “People have greater financial freedom to strike out on their own, maybe get out of Mom and Dad’s basement and get their own place.”
For those who are renting, the report suggests something many renters already know — get ready to fight for your right to the apartment. Maintain a healthy credit score and have your deposit check ready, especially in competitive markets.
“Markets where employment is the strongest, like major metros, San Jose [Calif.], San Francisco, Washington, D.C., and New York City” have the most competition, Taylor says.
For property managers or homeowners who are preparing to rent their property, Taylor recommends doing plenty of research to “do your due diligence around market rents and what you can get… so you don’t sell yourself short.”
She adds, “Be prepared… to do everything quickly — run their credit, do a history check — get them on board early to hook the renter you really want.”
Since rental demand is still high, “more construction [is] coming into the market over the next year or two,” Taylor says, which could affect rates as supply increases.
— Bettina Chang
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