Does anyone else here live in one of these markets:
http://www.forbes.com/2009/02/12/cities-ten-top-lifestyle-real-estate_0212_cities.html
Have you been successful getting tenants by lowering your rents, or other measures?
Wow. I thought the Triad was a stable market. I almost bought a property near Greensboro last fall. Are SFH prices down enough that renters are becoming owners?
Remember this this is a business and you are in competion with other landlords and the cities too. Tenants should want to live in your properties, and they will if you give them good reason too. Good rates low defered maintenence and good communication are the keys to having a high occupancy rate. The published rates are the average in that area and does not mean that it has to be that way. Offers of free rent for a month or a free microwave or other things have been done.Use your imagination and why should anyone want to live in your property as opposed to the one down the street.
redhawk
I have a friend who lives in Vegas. He says that vacancies are not that bad.
16% vacancy for “rentals”? I don’t know if I believe that, and if it’s true, just offer concessions…first month free, free internet, lower the rent 5% every two weeks until the thing rents. Apartments have higher vacancy rates than houses, and fixing everything in an apartment is going to be done by maintenance guys who get paid by the hour.
Further, for houses, 4.7% is 2.4 weeks vacant per year. Now, an independent rental owner might be very motivated to get the place rented, but for property management companies representing multiple out of town rental owners, turning a unit in 2.4 weeks sounds downright quick to me.
“It’s a mess,” says Vegas developer Laurence Hallier. “Right now, things are just frozen. Everybody’s scared.”
That just pegs my BS meter.
Good points. I was confused by their use of the term “rentals” in that article–I assumed they meant apartment units but I wasn’t sure, but I also thought he might have meant the short term rental market for tourists in LV.