Total Property Resources now offers Property Management as part of its full service real estate services. For the last few weeks I’ve been getting emails from the property management team asking if any of my seller clients would be interested in renting out their homes. There are renters out there in need of properties but none available it seems. Obviously there are vacancies but a very small selection of decent rental properties.
Some clients have a rental property in Foxborough. Their tenant gave notice that she’d be moving out at the end of May and they asked me to keep them in mind if I ran across anyone needing a rental. I asked the property management team and that same day, a renter signed a 1-year lease for the house sight unseen. She could afford $1000/month and had been waiting for a nice home to come available. My clients are now getting $50 more per month in rent. That’s right, they just increased their rental rate.
KTVZ recently ran a story on this very thing. Regan Scott with Deschutes Property Management said “our vacancy factor is the lowest it’s every been in the history of our company.” Regan went on to say “Virtually every tenant that’s given us a 30 day notice right now, there’s somebody waiting for that property, so it’s already full.”
I believe this is largely due to the fact that so many people have lost their homes to foreclosure or have done short sales and they now have to rent. There are numerous homes for sale under $125,000 that could fetch $900-$1000/month in rent. With a down payment, that easily pencils. If you’re in a position to purchase investment real estate, I think now is a great time. These are my top picks for rental properties under $125,000: Rental properties