What's Going On in the Rental Market for 2019
What owners/investors need to know about the Maryland rental market.
The National Association of Residential Property Managers recently asked 4 industry leaders below for their thoughts on rental property trends.
Andy Propst is the CEO of HomeRiver, one of the largest privately-owned property management platform companies with operations in 15 states.
Michael Monteiro is the CEO of Buildium, one of the largest property management software companies in the world.
Jordan Muela is the CEO of LeadSimple, a CRM and sales process solution for the property management space.
Alex Osenenko is the CEO of Fourandhalf, a marketing company helping to solve growth for property management clients.
2019 Rental Property Trends:
There’s a generational shift in owner expectations. A lot of owners come from a generation of people who do things on their own. Younger investors don’t want to do the work on their own and are outsourcing property management.
Younger owners expect more from their property manager in terms of speed, service, and technology. They want to do business on their phones. They want online access to info, simplicity and responsiveness.
Inventory is low. Single-family homes that used to be rental properties are being sold. Inventory is going down, but demand for single family rentals is going up. Demand will continue to outstrip supply.
Vacancy rates are lower than normal nationwide, and there’s a huge demand for rentals. You should expect your rental to fill quickly if in good condition and priced right for the market.
Rental property owners are intentionally in the market, not renting because they can’t sell. They are sophisticated, disciplined, and demanding transparency and results.
A lot of investors are buying outside of their markets to increase ROI, and they need professional, local property management.
Lack of inventory means your property manager will be motivated to work harder to keep your business.
Beware extra low management fees and leasing fees. Property management is complicated, and you will get what you pay for. If choosing a low-price property manager, vet them carefully.
Authentic, local knowledge is extremely valuable and a local, professional property manager like Silverline Management can provide excellent service and advice by knowing the local market better than anyone else.