The real estate industry is something that affects every single person, and for that reason there’s often a plethora of information available from several points of view. While most of this information is provided with the best intentions, it’s often more gossip than fact. Recently there have been quite a few articles claiming that the rental market is exploding right now. Of course, we’re inclined to agree with this statement from a business standpoint, but feel compelled to add a caveat in the interest of full disclosure. While it’s accurate to say that landlords can charge more for rent now than they previously have, these high rents are actually pushing many would-be renters into the buy/sell process.
This phenomenon is what we at Simply Residential call the real estate counter balance. When more people are buying homes, there are fewer renters in the market, and vice versa. This means that it’s advantageous for owners to be strategic and competitive when pricing their rental property in times where the market favors buy/sell. This will get your property more attention from potential renters, and ultimately get it rented faster. The faster a tenant is placed in your property, the sooner you start to see the financial benefits of your rental property.
As a property owner or investor, it’s difficult to know whom to trust in situations like this one. There’s quite a bit of conflicting information out there, and it’s hard to know what to believe. Luckily, owners and investors that work with a quality property management company like Simply Residential Property Management, have a partner to help them sort these things out. After all, that’s our job. Did you know that we perform a rental analysis for every lease agreement renewal? That way we can make sure that our clients are getting the most return on their investment.
The benefit of working with a local property management company is that they also have an intimate knowledge of specific markets. We live and work in the Twin Cities and surrounding communities and are able to understand certain nuances that often help us get properties rented faster.
Do you have questions about the value of your rental property, or are you contemplating what your next steps will be? We’re here for you! Call us today and let’s talk: 952-831-5300.