Rental Market Update – Is it picking up or not ? Phone Traffic is the Clue !
As a whole our phone traffic has been a little better this week. Prospective tenants have been searching new places to move to and we’ve noticed they ask a lot more questions regarding amenities and rental terms such as who is responsible for water, sewer and garbage fees.
We’ve had calls on a condo that’s been vacant for about 45 days that was finally shown today for only the 2nd time. We’ve had several new inquiries on a duplex in Roseville that’s also been vacant about 45 days or so and we’ll be showing this weekend to a couple of potential tenants. We’ve had a decent amount of showings for a Town House Apartment in an 8 unit complex in Cameron Park… one gal has looked at it 3 times now. We’ve rented up 2 of them in the last 2 weeks after we lowered the rent schedule.
We took a Holding Deposit on a Town House apartment in a small 13 unit complex in Roseville the day after the other tenant moved out. We’re now in the process of getting it “rent ready”. On this complex, we had to lower the rents to a new “price point” that finally worked. Since then, we have rented up 3 units in this complex that were vacant for over 45 days.
A small amount of calls have come in on some 2 bedroom 1 bath flats in Citrus Heights that have been vacant for 2 months…but no applications to rent. The reason for this in their case is because of a lack of “amenities”, in my opinion. So when you couple that with a “tenants market”, you’ll find that good prospective tenants are looking for more value and utility for their money..
The only way to compete is to offer a “rent special” at move in, or perhaps lowering rents if you have an extended vacancy period.
Make it a great day….
Ed Favinger, Broker, CRS, GRI
favinger@rwnetwork.com 916-203-1260
I’m curious the status of the inquiries. Are the majority people moving into the area or relocating from within? Seems to me the rental market would have a great influx of homeowners being displaced by foreclosure etc. Or if they are people moving here, YIPPEE! Sounds like you’ve got a great pulse on movement in the community. I look forward to your response.
Jennifer…. you are right on both counts… we’ve had folks move into the area and a lot of them that have lost homes that are moving into the rental market…