It will be no surprise to most that the rental market continues to experience very low vacancy, and very high occupancy rates in the current market cycle. Our many sources indicate a broad continuation of this trend. Those seeking rentals, especially in higher end properties, should expect to see available units rented quickly. Those who plan ahead and maintain close contact with providers will have more and better options, and can act quickly when time is of the essence.
Axiometrics forecasts U.S. apartment occupancy to reach 94.9% by the end of 2013, and effective rent growth to measure 3.6%. The occupancy forecast is 0.6% above the 2012 rate but the rent growth forecast is 0.2% below the 2012 rate. Why? Because more supply is coming into the rental market through both new building and continued growth of REO to Rental homes.
Our research has identified a clear correlation between file notice and results. An increase of only a few days in the amount of time between the initiation to the supplier and the tour date can increase rental placements by 30%. Conversely, an urgent (as opposed to “rush”) file presents a far higher chance that an assignee will have a less than excellent experience. So don't let those rental files accumulate until Friday afternoon, then send them along and expect the best results. You know who you are ....
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