In 2014 the Rental Housing market grew an annual pace of 3.3%, with occupancy rates at 95% (according to MPF Research)
If you’re looking to grow your rental portfolio in 2015, where should you start? Among the most obvious places would be the best performing rental markets of 2014! Last year was a surprisingly strong market for growth among rental housing throughout out the entire US, growing an an annual pace of 3.3 percent with occupancy at 95%.
Below are the top 10 markets in the United States, as measured by annual rent growth percentage (annual rent growth equals “effective rent” in this case).
Millennials will shape the future of your rental business and here’s why:
The millennial generation, or Generation Y, is the generation born in the 80’s and 90’s and they make up about one-third of the population. As a millennial myself, I can tell you we grew up during the birth of technology and we’re generally known as the ‘on-demand’ generation. Meaning we want what we want, and we want it now.
Millennials are coming of age when it was once thought purchasing a home defined the “American Dream” but that’s seemingly not the case for my generation. A recent report by the National Association of Realtors (NAR) suggests that the number of first-time homebuyers has reached its lowest level since 1987!
So what does this mean for your property management business and why is it important? It means we’re not buying our first home until much later in life and as a result, we’re taking the rental market by storm.
The fastest way to lose your time (and sanity) is by driving all over town to show your vacant rental to all potential tenants.
Properly pre-screening applicants prior to a showing will keep you focused on finding the right tenant for your rental property.
In 15 questions or less you can learn enough about your applicants to make an informed decision about whether or not it’s going to be a fit BEFORE a showing is scheduled.
These days you can’t take your safety for granted. Do yourself a favor and learn a few things about your applicants before you meet them in-person.
Finding qualified tenants isn’t always as easy as it seems. Let’s be honest, there’s nothing sexy about industry standard best practices for tenant screening. But if you’ve ever heard a horror story about what it’s like when renting to bad tenants, you’ll understand the importance of this post. If you’re fortunate enough to stumble upon this blog without a terrible tenant experience, lucky you! This post will shed some light on what you need to know about each tenant and expert advice on standard practices when screening tenants.
After reading this post you’ll know the four key areas to uncover about your tenants and why they’re the most important to your success when managing rental properties for profit.
What’s the deal with bad tenants?
Learn how to take the guesswork out of creating rental ads that get attention.
Your rental advertisement is the only way to communicate with prospective tenants, before you even know they exist. What’s the one thing you can do to save yourself time responding to questions about your listing? Give the renter all the information they’re looking for upfront. Including the most useful information in your rental ads could mean the difference in getting a great renter sooner rather than later. The challenge with this is finding out what exactly is useful information to include. The Definitive Guide to Great Rental Ads will help you understand what makes a renter tick.
You’ll learn what information to include in your ads that will provide renters with the most important information to them, making your life a lot easier when you’re dealing with a vacancy.
Calling all renters! If you’ll be searching for a new home in the next few months, I’m about to introduce you to your new secret weapon. Why will you need a secret weapon?
The rental market is really busy, which means the rules are changing. If you want to score a great home and avoid a lot of headache, there are a few facts you must know:
• There are more renters (read: competitors) than the last time you searched
• The best homes are rented to new tenants within a week after being listed
• Average applicants usually settle with a boring, average, or overpriced home
I’m a city renter myself, and I’m well aware of the frustrations and problems we face in the hunt for a new place. When you’re competing to rent a home that’s in great demand, you need more than the law of averages on your side.
• How do you stand apart from the other 20 people that also applied?
• How do you convey that you are the best possible tenant?
• How can you AVOID rental application hell & paying numerous application fees?
There is one easy answer for all of these questions: you need to stack the deck in your favor by being organized and standing out!
To stand out, you need a “Rental Resume”! Let me show why, and how it can drastically help you. Continue reading
In the age of the internet, your online ads can easily be maximized to attract great renters quickly!
Copyright Ashley Wilson 2014. Copy only with property citation.
This is a photo I took of a place earlier this year. It didn’t look this way when I arrived yet the photo still came out looking great. Taking awesome photos of your property is an easy, no-brainer way to snag renters fast. So why do even professionals get caught submitting horrible photos to their local MLS? One can only assume it’s because no one has simplified the process in an easy way.
So without further ado, here is a checklist designed to force great rental photos every single time.
View the checklist
Following a few simple steps when you take your listing photos will help you showcase the great features of your property and attract renters easily. If you missed what I posted last week, start with the link below.
See more great tips on rental ads that work here
So you want to know how to attract great renters quickly with your online ads? You’ve come to the right place.
Copyright Ashley Wilson 2014. Copy only with property citation.
The millennial generation is the generation that rents, especially in the most competitive markets. There are many articles out there explaining why, the gist of it is that we’re not ready to settle down until much later in life. So, whether you like it or not, you need to know how to target us and I’ll show you how.
Tis’ the season for tenant retention!
Show your tenants how much you appreciate them this holiday season by doing a little something extra. Maintaining a positive relationship with your tenants is a great way to create loyalty and increase tenant retention. Keeping good tenants long-term is the best value you can have for your rentals. So, what can you do to spread a little joy this year?
Follow these tips for simple ways to show your appreciation!
Implications of a disastrous monetary policy. (Part 2 of 2)
In my last post, I explored how rent prices could be affected by the latest Federal Reserve announcements. Judging by the amount of positive feedback I received via Facebook and email, I really hit a nerve!
While rent prices probably won’t increase drastically in the near term (1-2 years), they could be significantly affected within 5 years. Many different factors could spur this including: Increased credit standards for mortgages, decreased demand for buying a home, and inflation.
The truth is, there is no predictable or easy answer to how rent prices will fluctuate in the coming years. An economist is better suited to give answers on this complex subject.
Since I don’t have an Economics degree or Wharton MBA, I interviewed someone who does! Mr. Richard Finger is also a regular Forbes contributor and his work, in its entirety can be found here: