Rents on the rise

sales fall rents riseDespite the gloom and doom touted by the media, right now is a great time to be a landlord or real estate investor. You’re going to have a tough time if you’re trying to sell, but the current buyers market is opening up some real deals. But this fact is by no means a secret. What seems to be less recognized is how much our local rental market is improving in response to these current market changes.

For the first time in years, we are seeing a significant increase in demand for rental units in the St, Lousi City area. So much in fact, that it appears that prices are really starting to move up too. Most notably for nicer quality units and single-family houses as many people who would formerly have bought a house are turning to renting due to financial apprehension.

In short, there are tons of great deals out there for purchasing multi-family or single-family rental properties right now, and when you get vacancies its they are easy to fill. I don’t know about you, but that makes me feel rather good about the market right now.

And don’t think that the improved rental market only affects new property owners. I have hammered this point many times on this blog and directly to all my clients, but you need to make sure you are raising your rents and running quality units. If you do that you will really feel the benefits of what’s currently going on. If you need a little reminder about these topics, check out these old posts:

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One Response to Rents on the rise

  1. Frrleank Helde August 7, 2008 at 5:22 pm #

    Great Article, I swore in 2000 that I’d never have another tenant but after a few rehabs sitting around for a few months and not selling we changed our minds. Greatest decision we ever made. We are now buying distressed properties, doing a light rehab and leasig. I’m happy to say that most of our tenants are former home owners who appreciate a nice home to lease until things get back to normal. Who knows we may begin lease optioning.
    Frank Helderle

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