In the height of foreclosures and what seemed like almost everyone losing their homes, investors/landlords jumped on the wave ? increasing the number of rental homes with low rent prices. As the demand for rentals increased ? so did the rent prices ? many landlords asked for higher rents and many more, raised their rents even higher.
Much of the US is still experiencing a rental upswing.? But the home ownership/housing market is starting to shift and also experiencing an upswing.
As the housing market improves, and rents rise, tenants will at some point start considering other alternatives ? including home ownership.
If you are a landlord, have you prepared for the shift?? ?Are you banking on the bad economy, frustrated home buyers, tougher lending rules, etc., to keep your rental ships floating?
As a property manager, I think it?s important to stay on top of the current market conditions, but it?s also important to:
Stay in touch with your tenants about their current situation ? can they afford your rent, are they considering buying a home, etc.
Don't define rental success just by the bottom line. If you want to be successful as a landlord, don?t be rent greedy. Find good tenants and keep rents affordable ? that brings long term success.
Don?t bank on the ?they lost their home ? they won?t buy another home? attitude.? One ?for sure? thing ? if people think they can find something cheaper ? they will.? If rents are high, it?s a matter of time before they look at owning again.
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