With the astounding volume of foreclosures in 2011, the population of tenants continues to increase. According to an article in propertymanager.com1, NAR claims that vacancy rates will drop from 5.0% in the 4th quarter of 2011 to 4.3% in the 4th quarter of 2012 in the multi family housing sector. The same article also states that in areas like LA, Dallas, Phoenix and Chicago, vacancy rates for 2011 decreased overall when compared to 2010.
Another article in propertymanager.com2 states “Apartment move outs to buy homes are escalating. Currently, measured at a six-quarter high of 13.5% by Zelman and Associates. That means that 13 out of every 100 renters moving out of apartments are doing so to buy a new home.”
With a strong number of applicants and additions to our economy such as the new Intel facility in chandler, this is great news for potential landlords and current landlords. They should see strong returns on their investments for a long time.
The catch now will be how to set your property apart from the competition. While most leasing agents/landlords will utilize Craig’slist, post lets, rentalhouses.com and many other websites, there are other things that can help it rent out faster.
- When preparing marketing material/media, take the best pictures, utilizing the best light schemes, higher quality cameras etc. If it does not look good online, tenants will probably not go by.
- Price- Remember that 1 month of lost rent for a $1000 lease is $1000 that can not be recouped. By pricing your home competitively you can fill your home more quickly and make just as much money.
- Video- With Youtube, you can create a short and simple video that shows the layout of the home and provide information about it. This will save you unnecessary showings to tenants who may not like the layout and can boost your visibility online.
Courtenay, Marc. “Rental Housing and Apartment Rental Market Trends for 2012 | PropertyManager.com.” Property Management News, Articles and Resources. 4 Jan. 2012. Web. 03 Feb. 2012. <http://www.propertymanager.com/2012/01/2012-rental-housing-and-apartment-rental-market-trends/>.
Bosshardt, Aaron. “Top Reasons to Be Optimistic about Real Estate Market in 2012 | PropertyManager.com.” Property Management News, Articles and Resources. 16 Jan. 2012. Web. 03 Feb. 2012. <http://www.propertymanager.com/2012/01/optimistic-about-2012-real-estate-market/>.