While typically this is a slow time of year to rent homes, thus far we are not seeing this annual slow down. I think this is do to 2 reasons. First, the current real estate market has created a housing shortage, thus turning more individuals into renting. Second, which I think is the bigger reason is the “American Dream” of owning a home is not a value or goal that it once was. In 2014, 64% of Americans believed they were less likely to build wealth by buying a home and 43% said buying a home is no longer a good long-term investment.* Now post-pandemic, many are not sure they want to stay put as they reevaluate their careers. 24% of millennials (20 – and 30 -somethings) said the pandemic has decreased the likelihood they’ll buy a house.^ With a housing shortage and changing philosophies in home ownership over the past 10, it has created a rental shortage of quality homes leading to the best rental market in my 14 years of being in this business. Notice the quality rental comment. There are plenty of crummy homes on the market, but today’s renter is looking for the items we do during our renovation, such items as updated kitchens and bathrooms, decorative flooring, nicer finishes and excellent customer service with their property manager.
As we move closer to Christmas and the new year, if we do see a rental slow down or that is a concern of yours, do not let that put you on the sidelines. Part of the Turnkey process is our initial rental guarantee. If we do not have a reservation fee within 60 days of your purchase, we will start paying your mortgage. If you are a cash buyer, we will develop an amount based on your purchase price what that payment to you should be.
*-money.cnn.com, June 4, 2014
^-forbes.com, August 18,2021