As a small, service-based property manager serving the greater Sacramento region, we find it necessary to keep up with the latest rental trends. Each quarter, we compile a detailed housing survey where we compare the asking prices of 2, 3, 4 and 5 bedroom homes, duplexes and condominiums.
With data compiled from the local newspaper, as well as online resources (Craigslist, for example), we are able to capture a picture of the current rental market. Our latest survey shows a noticeable increase in vacant rental inventories in most areas, especially Elk Grove, Natomas, Roseville and Folsom. Furthermore, rental prices appear to be flat or even dipping slightly in almost every category since last quarter.
Given concerns over the economy and the job market, it is no surprise that we are seeing the most activity on smaller units, 2-3 bedrooms maximum, while interest in 4 and 5 bedroom units has lessened. We believe this represents a trend towards conservation, and that this trend will continue until we see more stability in the economy.
What does this mean to Landlords with a vacancy? Simply put, we are in a renters market where condition and location take a back seat to pricing. An aggressive pricing strategy must be employed to attract the most qualified renters to your vacancy. Even Landlords with occupied properties would do well to take a hard look at comparable rental prices in their area. In some case, we have been able to successfully renegotiate a slightly lower rent to prevent a costly turnover in a saturated area. It is just another way that being proactive can get you out ahead of the problem, in fact solving it before it develops.
Our survey is available at our website along with a complete list of our rates and services provided. If you or someone you know is ready to start being managed personally, professionally and proactively, give us a call or email. ICPM pays one of the highest referral fees in the region, does NO Sales, and is happy to refer your client back to you for any future sales activity.
Investors Choice Property Management (ICPM) manages 108 single-family units with the care and diligence our Landlord clients deserve, in a manner that has them referring their friends, co-workers and family members. With over 16 years professional property management experience, our business is 95% word-of-mouth referral, we do NO Sales, and pay among the highest referral fees in the industry for management accounts. Visit our website at www.investorschoicepm.com today for more details, and find out what we mean when we say:
“Experience Property Management the Way it Should Be.”