MIdland's rental market has changed... just a tad.
Unlike a year ago, we actually have an "Inventory." This means: choosing from more than 2 or 3 properties. We also have "Lowered Rents." What THAT means is houses are not $3,000 a month... usually. There may be an exception or two around, but not like last year. Also unlike last year, the competiton to lease a property isn't as... competative. But, that's not to say Owners are givng away their rentals, nor are they taking anyone who walks in the door necessarly.
As a general rule of thumb, we still need to keep our guard up! Always run a credit report on prospective tenants as well as verify work and rental histories. But realize, we're in a new market. If your house isn't renting, 9 times out of 10... you need to lower the rent! As a professional who's in the trenches every day, I can honestly tell you that renting a house and selling one are 2 totally different things. Rentals do not require fancy marketing, flyers, glamorous pictures, or any other marketing gimmick. Rentals need to be Clean, Ready to Move-in, and if at all possible have Some UPdating. Granite and stainless steel isn't necessarily. But if you've done nothing since the house was built in 1970, it's time to think about it. Seriously... this is 2015. That house is at least 45 years old! Why would someone pay as much for a new small apartment... to rent a tired old home? Space and privacy do have value, but with tenant's using more and more electronic devices, newer TV's, etc., some of these older homes just cannot accomidate!
So, you enjoyed the good times. Now we have a downturn. Rent that property. Don't wait for "top dollar." Get it occupied and working. And call us to design a plan of attack for making your house more desirabale!
For more news or ideas, give John Boswell or Belinda Duke a call at the office: 432.689.0021.