What Is Leasing & How Are We Helping Landlords Thrive In The Season Of Sun?
The Summer rental market is as hot as the 90-degree temperatures! Prospective tenants we’ve talked to in the first few weeks of July 2024 are exhausted by the single-family home competition. Classic 3-4 bedroom homes with 2 or more bathrooms, priced under $3000 per month, are the hottest tickets in town. It’s not uncommon for property managers to receive 5 or more sets of applications for these homes within moments of the open application period. Some applicants are finding solace by searching for off-market rentals and are willing to forgo an in-person tour if it means they can apply without the fierce competition.
Living Room Property Management has thoroughly enjoyed supporting people on our waitlist and helping them find off-market homes in our portfolio. Flo Posadas, Living Room’s team member dedicated to supporting tenants searching for off-market rentals, has been instrumental in this process. This approach allows us to provide a valuable service to our property owner clients and rent their homes faster. It’s a win-win situation, making both our renters and property owners happy.
Although this is true for our single-family homes, many condos and ADUs are facing a different story due to the oversupply of multifamily units, especially in the city’s core. Condos are doing everything they can to stand out, which can be tough when luxury apartment buildings are offering weeks upon weeks of free rent. I saw a listing for a beautiful apartment building on NW Northrup Street advertising a 3-month free rent special—wow! This can make it challenging for mom-and-pop landlords with individually-owned condos to compete without taking a hit. This is where choosing the right property manager makes a difference.
As a property manager, it’s our job to help you stay competitive. In this market, condo and ADU landlords need to adapt. Weekly marketing reviews are critical to ensure we’re adjusting to market conditions. It’s not enough to be listed only on Apartments.com. We must maximize visibility with wide net syndication, ensuring your property is listed on all major rental platforms. Additionally, offering prospective tenants tours on nights and weekends is more important than ever to accommodate their schedules. If we are not open for tours, the competitor will be.
If the market is hot, why is my single-family rental sitting vacant?
If your vacant rental home is sitting for longer than a couple weeks during the heart of Summer, it likely falls under one of the following criteria:
- You’ve not yet opened your rental to tenants with pets. Did you know that over 80% of Living Room renters have animals in the home? Don’t miss out on this large group of tenants. Two months of lost rent, waiting for a petless tenant is more than the potential cost to replace a little carpet in a bedroom.
- You’re considered a luxury rental with a monthly rent that exceeds $4500. Don’t fear, there is a market out there for higher-end homes, but it’s taking closer to 45 days to find a renter.
- The home has been a long-time rental in need of some TLC. Invest in the full paint, swap out that dented refrigerator, and fix those broken tile floors. Great tenants are looking for a nice place, and you can’t hide those imperfections when the home is vacant.
- The neighborhood is experiencing challenges related to substance abuse and homelessness. –Utilize the City’s resources. We know it can be tough out there, but our City needs great landlords and neighbors to make a difference.
Want to learn more about how Living Room can help you get your property leased? Contact us today!
