In the last couple of months, we have seen a drastic slowdown in the amount of traffic on our rentals in the past two years. With schools back in full swing and the Feds tightening up the money supply, the decrease in traffic was something the company had been anticipating for a while now. This is turning into a more normal market with people mainly moving during the spring/summer months.
What does it mean for your investment?
Several things: if your house has a tenant with a lease that’s good till spring of 2023, then the shift in the market shouldn’t affect you. For the properties currently listed or in the next 5-7 months, you can expect vacancies to be filled at a much slower rate and bidding wars (multiple tenants bidding higher rent payments to win) to be pretty much non-existent.
Our Plans Moving Forward:
With the slowdown in traffic, the company will be switching its focus, getting more actively involved with all current listings. In the past, houses would rent out themselves, with so much demand and not enough supply. When we get a new listing live today, we will reach out to each lead, receive feedback, monitor activity, and schedule in-person showings. While this method takes considerably more time, engaging with potential tenants increases the chances of converting them to future tenants. As always, our goal is to reduce vacancies to 0.
Thank you for your continued support.