Connecting You To Better Living®
Finding the right tenant for your property is the most important step in your effort to create passive income through rental property. There are basic guidelines and rules that you should establish, or make life easier and hire a professional property manager to do the leasing for you.
As a property management company it is our responsibility to help maintain and add value to owners’ rental properties. The best way to do that is to empower tenants to view and treat the property as their own home. This means consistently treating them with respect. It also means making sure new tenants fully understand what is expected of them. We believe that happy tenants make happy owners and our primary goal is to provide hassle free tenancy.
There’s no doubt about it, Americans love their pets. And more and more people are renting in recent years. That inevitably means more and more people with pets are looking to rent, so what are you to do if you’re a landlord? What is the best approach when it comes to renting your property and having a sound approach toward tenants’ pets?
Markets can be funny things with lots of gravitational pull. With real estate prices so high and little sign of them coming down, rental prices have also risen dramatically. Financial responsibilities and obligations of rental property owners, like everything these days, continue to increase and ultimately it comes out as higher rents. Ideally, this also leads to higher quality rentals…but that’s not always the case.
There are natural ebbs and flows to all markets and rental properties are certainly no different. As housing prices skyrocketed and then stayed high despite elevated interest rates, owners who were brave enough to buy needed to increase their rent prices to help cover their new mortgage.
More and more people are looking to rent these days. A combination of increased housing prices and interest rates, along with inflation and other variables, has made it harder for people to buy homes of their own. Because of that, the tenant pool has never been deeper and if you’re looking to rent a quality place to live, it’s likely you’re facing a lot of competition.
More and more people are looking into renting their properties these days and that leads to a natural first question: Who’s the best person to lease your rental property for you? These days, with Youtube in our pockets, it’s more common for landlords to think they could likely do it themselves. Then there are some people who go to the complete opposite extreme and seek out a realtor.
It’s simply beating a dead horse to talk anymore about how out of whack the real estate sales markets are and have been since the changes in supply, demand, and interest rates that followed the pandemic. When will sales prices come down? Who knows? How much will the interest rates come down this year? Not much. What else can we speculate about that won’t be all that helpful in the present? Plenty…but let’s not.
It goes without saying that there is always a pool of prospective renters and current renters out there but that group has never been larger, or more highly qualified, than they are today. At first glance this sounds like a great thing but in reality it is just another downstream effect of the wonky real estate market and it’s hurting more stakeholders than it’s helping.
Nexus Property Management
National Franchise Headquarters
49 North Union St
Pawtucket RI 02860
