Rents in this area are up
However, if you have been a regular visitor to this blog site, you already know this. When ever we get a vacant rental, it’s very rare that our Property Management Company will re-rent it at the same rate when it was given back to us at move out.
In addition, when renters elect to “re-up” a lease at the end of their term, we generally raise the rent some because the market will allow us to.
Along with the increase in the amount of rents landlords can charge, we’re also seeing some of the other costs associated with running a unit being transferred to the tenant. Most notably some of the city and county utility charges, such as Water, Sewer and Garbage fees.
This is especially true for owners of Single Family Homes/Condos and Duplex units in this area. It’s rare that we have much, if any, objection when we have included theses charges in a new tenant’s lease. On occasion instead of raising the rent on some units at lease renewal, we’ve adjusted the new lease to include some or all of those utilities.
Here’s a HousingWire.com article with a survey of rental rate increases in the largest markets Zillow covers in the US. While I’m writing this I’m listening to a morning radio talk show out of the Bay Area and guess what the topic is…? Yes high rents and how people are driving long distances to get to work.
In conclusion it’s better to be on the Landlord side right now and if you have been thinking of getting your first rental, trust me you’ll have no problem finding a good tenant these days.
In the Mean Time…?
Make it a Great Day…!
Ed Favinger, Broker, CRS, GRI, SFR, CDPE 916-203-1260 firstname.lastname@example.org