I just met with some prospects today that are looking for a rental home when their lease is up at the end of September and they liked the house that I showed them. However in all likelihood, that home will not still be there for them in anymore than 30 days from the time it is listed with the way the rental market is moving in our area at this time.
If you current have a home in the area that you are going to list for rent or are in the market to find a new home to rent, you really will not need to be active any sooner than 45 days from when you want to do either. In all likelihood, 30 days is plenty.
As less people have been buying, more people are renting. As an example I recently helped some tenants move into a home for rent in Piney Orchard. The house was listed at (or slightly above market value). It was active on the market for 5 days and had 17 showings with 4 applications registered on it. It rented for $400 more per month than it would have rented for 3 years ago or less.
If you are a prospective tenant expect to see limited inventory and multiple tenants interested in every home. As a landlord, do not be afraid to raise your rent. The supply is being outpaced by demand and qualified tenants are willing to pay a premium for nice homes. If you are landlord and you have been renting a home for more than 2 years now, contact me for a market update. It may surprise you what the rental rates are in today's market and how quickly you can command that rent as well.
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