Things that make this a landlords market right now:
According to Trulia rents jumped 5.3% nationwide last month.
Vacancy rates are falling with landlords keeping rents competitive.
Demand is strong but there is not much new supply on the market.
Three things driving the rents up:
Nearly 50% of the homes on the market in Tucson are short sales. Those folks are out looking for homes to rent.
Many people do not qualify to buy a home.
Those that qualify are still uncertain about home purchase.
(Graph at left represents current Tucson rental homes on market.)
Things landlord should consider when thinking about raising rent:
Know your state and local laws about rent increase caps and notice.
Do you really want to lose a good tenant?
Overpricing, turnover and vacancy
And then, if you do raise rents, tenants stay but are unhappy – this can all lead to non- payment, evictions, property damage, etc.
This blog is written with my opinions and my opinions are presented with accuracy but not guarantees. Please talk to a professional before making any real estate, financial or agency decisions. Gabrielle Kamahele Rhind - 2014. If you want to reprint parts of this - just email me for my permission: KGCProperties@gmail.com .