Rents going down?
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Rents going down? (by WMH [NC]) Nov 29, 2023 9:27 AM
       Rents going down? (by plenty [MO]) Nov 29, 2023 9:32 AM
       Rents going down? (by Oregon Woodsmoke [ID]) Nov 29, 2023 9:49 AM
       Rents going down? (by S i d [MO]) Nov 29, 2023 10:55 AM
       Rents going down? (by GKARL [PA]) Nov 29, 2023 11:06 AM
       Rents going down? (by Alan [CA]) Nov 29, 2023 11:41 AM
       Rents going down? (by Ray-N-Pa [PA]) Nov 29, 2023 12:17 PM
       Rents going down? (by Sisco [MO]) Nov 29, 2023 12:35 PM
       Rents going down? (by Ken [NY]) Nov 29, 2023 12:41 PM
       Rents going down? (by wmh [NC]) Nov 29, 2023 12:42 PM
       Rents going down? (by Barb [MO]) Nov 29, 2023 12:54 PM
       Rents going down? (by 6x6 [TN]) Nov 29, 2023 6:41 PM
       Rents going down? (by Steve [MA]) Nov 29, 2023 6:51 PM
       Rents going down? (by NE [PA]) Nov 29, 2023 8:45 PM
       Rents going down? (by zero [IN]) Nov 30, 2023 9:09 AM
       Rents going down? (by WMH [NC]) Nov 30, 2023 9:29 AM
       Rents going down? (by Sisco [MO]) Nov 30, 2023 12:13 PM
       Rents going down? (by Chris [CT]) Nov 30, 2023 4:53 PM
       Rents going down? (by NE [PA]) Nov 30, 2023 6:18 PM
       Rents going down? (by NE [PA]) Nov 30, 2023 6:19 PM
       Rents going down? (by BRAD 20,000 [IN]) Dec 1, 2023 1:42 AM
       Rents going down? (by Scott [IN]) Dec 1, 2023 12:29 PM
       Rents going down? (by Pete [OR]) Dec 1, 2023 3:48 PM
       Rents going down? (by CS [NY]) Dec 2, 2023 11:54 AM
       Rents going down? (by WMH [NC]) Dec 2, 2023 2:06 PM

Rents going down? (by WMH [NC]) Posted on: Nov 29, 2023 9:27 AM

All articles I see about the housing market in general talk about increases in rents through 2024.

The AirBnB market crashed here big time this year after 3+ stellar years. Now that people have returned to traveling, they are going overseas, not to a North Carolina beach. So we have our regulars, and a small new stream of folks who found this place during 2019-2023, but the flood has dried up. EVERY DAY I see a former STR hitting the market as an LTR, fully furnished - even the ads are little changed, still written to appeal to a vacationer rather than a local.

The owners are trying to recoup their STR money with strikingly high long-term rents but they are not getting them - because as I've always said, the FEW that can afford those rents either won't stay or will buy their own place. So all those new LTRs are going to either be sold or have to drastically lower their rents. I predict they will lower their rents first, then sell anyway after their gorgeous homes get trashed by the locals placed by the PMs.

Unfortunately, that doesn't mean any bargains for us, as these are the HUGE homes, on the island, some on the ocean: not our cup of tea.

Rents going down? (by plenty [MO]) Posted on: Nov 29, 2023 9:32 AM

experiencing some shifts here also.

Rents going down? (by Oregon Woodsmoke [ID]) Posted on: Nov 29, 2023 9:49 AM

No indication that rents are going down here. Rents will go down a lot if all the Californians go back home, and there has been a little of that with work-from-home employees being called back to the office. But not enough to affect rental prices and the price to purchase real estate is still going up

Although, the vacation rentals are now on the market for winter only at a very attractive price. For tenants who know they can be out by mid-April, they can get a bargain. Is that what you are seeing WMH?

Rents going down? (by S i d [MO]) Posted on: Nov 29, 2023 10:55 AM

Rents are mostly holding steady in my town. I don't do STRs anymore, so can't comment on those.

I'm not getting 200 suuuuuper interested clicks on a vacancy any more. Maybe 100 - 150? Takes a little longer to fill, but still holding at 97% occupied for the year.

I'm having to take more time and be pickier with applicants. Seen a lot of folks with evictions from 2020-2022. Covid pandemic? Maybe. I don't care, though. Eviction is eviction. They could always have moved out, but decided to force their landlord to drag them into court. No thanks.


Rents going down? (by GKARL [PA]) Posted on: Nov 29, 2023 11:06 AM

Rents in my area seem to be holding steady. It's always taken me about 30 days to fill o vacancy and that's unchanged. I think that few Strs lend themselves to LTR due to them being so upscale. There's going to be bloodbath in the area of the market. In my local area STR and MTR are dead in the water.

Rents going down? (by Alan [CA]) Posted on: Nov 29, 2023 11:41 AM

Rents here holding steady.

Rents going down? (by Ray-N-Pa [PA]) Posted on: Nov 29, 2023 12:17 PM

NWPa tends to lag the market.

Rents are strong here.

Lots of people looking for places, But the loins share of these folks will nor qualify for the class Bs I tend to have. I picked up two new ones within the past 30 days. It wasn't having someone qualified that kept these places empty, rather waiting on the flooring contractor on the first place. Move in on the second is Friday.

Rents going down? (by Sisco [MO]) Posted on: Nov 29, 2023 12:35 PM

Overall rents are still rising here. I am seeing that some dramatically underpriced rentals pop upÖ.timid, out of touch accidental landlords.

Rents going down? (by Ken [NY]) Posted on: Nov 29, 2023 12:41 PM

Sisco- maybe some are scams,i see them in my areaoccasionally half price rent,any breed of dog etc --74.77.xx.xx

Rents going down? (by wmh [NC]) Posted on: Nov 29, 2023 12:42 PM

OW/ID, we have always had a very strong Winter Rental market. Well, a lot of advertised Winter Rentals anyway - I have no idea if they actually rent for the price advertised (often quite low.)

Rents going down? (by Barb [MO]) Posted on: Nov 29, 2023 12:54 PM

Iím in the same market as Sisco. We have quite a few underpriced rentals here. Wages are definitely up, and Iíve gotten a number of my 1-bedroom places up a bit.

Rents going down? (by 6x6 [TN]) Posted on: Nov 29, 2023 6:41 PM

seems steady here. Kind of hard to tell though. Some places make it look like rents are going up while others make it appear that they are going down.

Rents going down? (by Steve [MA]) Posted on: Nov 29, 2023 6:51 PM

Rents are still heading upwards in my little part of Eastern MA.

Rents going down? (by NE [PA]) Posted on: Nov 29, 2023 8:45 PM

Sisco, when I price ďat marketĒ, I almost never get it. Iím better off raising to market on existing tenants. What I get when I advertise at market is deadbeats with deadbeat credit who think they can afford anything because they want it. When I drop my price, I get better credit scoring applicants. Probably because theyíre a little more mindful with their money and that is reflected in the lower priced place combined with their better credit reports.

Iíve tried and tried and tried listing units at market to where Iím kind of done with it. I actually have ďPRICE 15-20% LOWER THAN COMPSĒ across the top of the chart I use to keep track of rents.

Basically what I have learned is, how can you trust the comparables? You donít really know what other landlords are doing.

Iím not that big of an area, so itís pretty easy to track a competition.

Either the competition is making side deals with tenants that they arenít advertising or theyíre just throwing under par people in their units.

Either either way, every time I try to price at market, I regret it. Because I sit and sit and sit and sit.

This is one of those things on this forum that I have to ignore in my market. The need for my rentals to get comparable or raise the rent to attract a better customer. Never happens.

Rents going down? (by zero [IN]) Posted on: Nov 30, 2023 9:09 AM

NE, I have the same problem with finding out what others are actually charging. I only have a few landlords that I talk with. We have no LL group. I reached out but got no favorable response.

The LLs that I do have open discussions with are typically what I refer to as lower end types. One takes anybody with a pulse. He just hopes to collect a little on a lot of properties. The other is more of a manager than owner. His places are almost all D class. He takes people back that he has evicted if they paid off the debt.

Hard for me to compare with my (upper) C places when they are just happy to have a warm body.

My realtors have given me info. All the places they have dealt with comp out much higher than mine. Well, one place I have needs raised a lot, but that's another story.

I did make inquiries about a couple different places that are FSBO. One is easily a few hundred bucks more than I was getting on places that are closer.

I did bump the last two apartments up by another $50/mo just because and got no pushback. Well I did get one guy who said he was in a 3/1 ranch with a big garage and was paying less. I wanted to ask why he was looking for a smaller place but I just blocked his number instead.

I have been seeing places way up there on rents with Zillow. Couldn't figure out why then I realized they are marketing to travelling nurses.

Rents going down? (by WMH [NC]) Posted on: Nov 30, 2023 9:29 AM

The big thing those of us who pre-screen and track prospects know is the average income of renters in our area. And I know I can only go so high before I will have much too small a pool of applicants per vacancy. Oh, I'll have applicants, but none will qualify.

The STRs being turned into LTRs are all far too expensive for the average renter around here, and if I try to follow their lead, I will be stuck competing with them for a very small group.

Are they setting market rent though? Who decides?

Rents going down? (by Sisco [MO]) Posted on: Nov 30, 2023 12:13 PM

NE, for the cost of the 15-20% discount that you are absorbing you could likely upgrade your company image and upgrade your clientele. Work on your advertising.

In my market, property management companies reign supreme. I suppose that prospects feel less likely to be scammed or less likely to waste their time on a private LL. Make your company appear like the top notch property management company for your area and push your rent above market price.

Rents going down? (by Chris [CT]) Posted on: Nov 30, 2023 4:53 PM

I was getting $2,800 over the summer no problem, now I'm down to $2,600. Getting pushback on renewals as well if they are over 2600-2700.

IDK could be a trend or seasonal. Rents have increased so much since 2020 I figure at some point they might pull back a bit.

Rents going down? (by NE [PA]) Posted on: Nov 30, 2023 6:18 PM

No Sisco, Iím not even interested in trying anymore. I have played that game and tried to work that angle so many times that if not worth the frustration. My units are top-notch and advertised to the max on every channel possible. If I canít get it rented at market, then I just need to drop it from the get-go. Fill them faster. Move onto something else.

Rents going down? (by NE [PA]) Posted on: Nov 30, 2023 6:19 PM

Actually, it is already presented as a property management company. Those donít really exist around here. Maybe it looks too professional.

Rents going down? (by BRAD 20,000 [IN]) Posted on: Dec 1, 2023 1:42 AM

Rents in my area are holding strong. There were crazy increases over the past few years - that has stopped increasing but the rents have not dropped.

I am blown away with the rents some LLs are getting but I suspect they don't screen deeply and I don't know how long those renters stay current.

My problem is lousy applicants. They have the income to afford the rent but have terrible backgrounds, evictions, etc. We approved 2 out of the last 30 apps but neither signed.


Rents going down? (by Scott [IN]) Posted on: Dec 1, 2023 12:29 PM

Rents are holding steady here, higher than I ever thought possible. Home prices have dropped in the past 12 months. I'm waiting to see if lower rents follow.

Rents going down? (by Pete [OR]) Posted on: Dec 1, 2023 3:48 PM

I have higher rents and better tenants. Finally.

Rents going down? (by CS [NY]) Posted on: Dec 2, 2023 11:54 AM

Very interesting as we have noticed a drop off in the AirBnB rental as well. Upstate NY, so this was true in winter pre-Covid, but we were packed even in winter the last few years.

Our LTR are in high demand and although the crazy asking rents have toned down. Pretty sure we could rent the STR for similar profit now as a LTR (it is nice, but not plush, really about the same as the LTRs, but just furnished) but because we like to use the land on weekends as well and it doesnít really have potable water (more like a seasonal cabin on a lot of land), weíll keep it as a STR.

Wasnít sure if it was people going overseas instead, crankiness regarding Airbnb fees, belt tightening or all of the above. We kind of mostly use the Airbnb to counteract the profits on the LTRs anyway (I have high tax bracket full time W2 job). Airbnb covers a lot of land maintenance equipment costs (tractors, trailers, pole saws, 4x4s etc)

Rents going down? (by WMH [NC]) Posted on: Dec 2, 2023 2:06 PM

Interesting about your STR "losing" enough money to cover costs LOL!

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