You need to know what you can expect when you’re trying to rent out your home. Specifically, a lot of owners and investors have been asking us how quickly they can expect to rent out a property in the current rental market. We’re discussing that today.
San Ramon Property Management: Rental Market Conditions
The market has been slower since August, 2016. There were a number of years where we saw strong increases, and most homes were renting in one or two weeks. Then, we noticed a slowdown. Many tenants didn’t want to miss out on the great real estate market and the low interest rates, so they became buyers. This reduced the demand for rental properties. So, rates in the area have been flat, and in some areas, they have even declined.
Going forward, once the real estate sales market slows down, we can expect rental rates to strengthen and increase.
Renting Your Property Quickly in the San Ramon Market
Price your home competitively to rent it quickly. Work closely with a good property manager who can help you come up with a competitive listing price. It should also be turn-key. This means that all systems are in good condition; the HVAC, electrical systems, and plumbing equipment. Everything should be functioning property. You also want to have the home cleaned professionally. Both the interior and exterior need to be clean and maintained. Have the carpets cleaned, and make sure the yard is landscaped.
Consider Allowing Pets for Lower Vacancy Rates
You can rent your home faster when you allow pets. Many property owners don’t want to allow pets, but 68 percent of all U.S. households have pets. When you eliminate that portion of the market, it’s going to take you longer to rent your property. With pets, you can charge additional pet rent, and a higher deposit. You can also use great services like Petscreening.com. They will help you distinguish between pets and service animals. If the animal is a service or a support animal, you cannot charge any additional rent or deposits. It’s important to differentiate between the two.
Even if you do all these things, the current market is still slower than it was prior to August of 2016. It might take three weeks of good marketing to find a qualified tenant.
Please contact us at Windsor Pacific Property Management if you have any questions about renting out your home, or if you need help with San Ramon property management. We serve San Ramon, Danville, Dublin, Pleasanton, and surrounding areas.