Good news and bad news for the rental market.
The bad news? Rents are dropping. Nationally, they’re down 0.8% from last year, and they fell again in September. The apartment vacancy rate is at a record high, and single-family home rents usually follow that trend. The rental market is also in its slow season, so we expect prices to keep dropping through the end of the year.
Now for the good news:
At Gregory Property Management, our tenants are staying put! We’ve had a significant increase in lease renewals with our existing tenants.
When our tenants renew their lease, we save money we would have spent on getting a home ready for the next person and we don’t lose income from a vacant property. In a flat or down market, a property can actually be more profitable as long as we can keep a good, long-term tenant.