As we speak with other property managers and real estate professionals, it’s clear that there is less ‘movement’ in the rental market right now. This lack of movement is coming from all angles. Less renters are moving. Less owners are putting new inventory on the market (for sale and for rent). No price appreciation in rental rates because of Government Proclamations.
As we come into Spring 2021, we are expecting several cross winds to all come into alignment which will cause more certainty for Landlords and Renters to take action. More schools will be open, more vaccines will be in distribution, eviction moratoriums will have subsided, economy will be reopened, increased ‘notice’ requirements will be removed, and other factors. This alignment of forces should provide a nice boost of inventory and price appreciation.
So, should you wait to put your home on the market for rent? Short answer….No. While it’s true the overall market has less movement, there are still renters looking for new places to call home. Our rentals are still flying off the market, and we only ever have a few non paying or late tenants at a time. Overall, our collection rate still sits over 98%.