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.