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I don't know if it is just my area, but it seems like there are more rental applicants than there used to be. Is anyone else seeing this too? Maybe it's because people don't want to buy homes in this economy, I don't know.
I had a unit for rent in November 09 and I got a few emails about the place and only two people came by to see the it and applied. Luckily one of them was a great appicant!
Well I just listed my other unit in the same building on Craigslist this week and the first day I got 9 emails and 11 phone calls about the place. In the 3 years I've been a landlord, I've NEVER gotten that much interest in a place.
I don't think that it is underpriced because I looked around at comparable places before pricing it, and the rent price this time is up $50 from the tenant who is leaving. I did notice that there's a shortage of places that allow dogs, and I am allowing a dog, so maybe that is why. Anyone have any other theories?
Same thing is happening around here...except apartment complexes seem to be emptying while home rentals are up..... great deals on single family homes. So why live in an apartment when you can get a whole house!
You could have nailed it, shortage of LL's permitting pets.
I hope for you sake you plan to charge a refundable pet fee of a least $250. Refundable gives the tenant incentive.
Quote:
Originally Posted by Bluecielos
I don't know if it is just my area, but it seems like there are more rental applicants than there used to be. Is anyone else seeing this too? Maybe it's because people don't want to buy homes in this economy, I don't know.
I had a unit for rent in November 09 and I got a few emails about the place and only two people came by to see the it and applied. Luckily one of them was a great appicant!
Well I just listed my other unit in the same building on Craigslist this week and the first day I got 9 emails and 11 phone calls about the place. In the 3 years I've been a landlord, I've NEVER gotten that much interest in a place.
I don't think that it is underpriced because I looked around at comparable places before pricing it, and the rent price this time is up $50 from the tenant who is leaving. I did notice that there's a shortage of places that allow dogs, and I am allowing a dog, so maybe that is why. Anyone have any other theories?
You could have nailed it, shortage of LL's permitting pets.
I hope for you sake you plan to charge a refundable pet fee of a least $250. Refundable gives the tenant incentive.
I'm the owner of a lovely, 75-pound Siberian Husky. Please...Charge me $500 up-front. I'll pay it. It doesn't have to be refundable. I don't expect it to be. I'll pay it. But please, please don't turn me away because of my dog.
I'm lucky that for the last 5 years, I've lived in a nice apartment (complex) that allows dogs of all sizes and, I think, all breeds. In November of this year, I will have to move because my office is relocating, and I need to move with the office to keep my commute down. It's unbelievably frustrating to come up against the no-pet policies. I just want a nice place to live. I'll take care of it, just like I've taken care of the apartment I've lived in for the last 5 years. But I have to have my dog; he's my family. So please...I beg you. Charge me $500. Charge me $600. But don't tell me my dog's not welcome.
But back to the OP's topic at hand, as a renter facing a move in 10 months, I am worried that there will be an increase of rental applications. This worries me because I expect it to mean an increase in rental PRICES. Maybe it is because of the economy, or people downsizing from larger homes (larger than they need or can afford) and into smaller apartments, just until things get better. Dunno. But to me, it seems the writing is on the wall.
The property manager we pay our rent to mentioned this too. He says it's because so many lost their homes.
He also said rents are rising for the same reason. And those who have lost their homes will be getting hit even harder - his office is requiring high deposits for those folks too.
But back to the OP's topic at hand, as a renter facing a move in 10 months, I am worried that there will be an increase of rental applications. This worries me because I expect it to mean an increase in rental PRICES. Maybe it is because of the economy, or people downsizing from larger homes (larger than they need or can afford) and into smaller apartments, just until things get better. Dunno. But to me, it seems the writing is on the wall.
That makes sense, people downsizing from their expensive homes to smaller apartment units. And I know in my town that it is hard to find rentals that allow pets!
On a side note: I called my insurance company this week to check on a breed of dog to see if it was allowed and I found out that I'm only allowed to have 3 dogs in the whole building, not per unit like I thought. Since there are already 2 dogs in the building that means that for this unit I can only allow 1 dog. This is a bummer because there were some decent applicants that had 2 smallish dogs. Anyone else run into this?
More people are renters now... some have said they will never own again and others are renting because employment has forced relocation...
It can be very tough to qualify for a rental, depending on your market.
I've noticed a spike in "Cold Calls" people calling to see if I have anything available... most all have a home in Foreclosure and need to move.
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