CREATURES OF HABIT
August 28, 2018
Humans tend to like having a routine and keeping the same everything. Have you ever been to a two-day seminar and notice how many people pick the same seat on day two? Why is that? Does the brain tell us that is safe? Or, maybe, the brain doesn’t want change so it can predict what is happening? It’s interesting, really. I’ve always enjoyed change. I know sometimes it can be painful or scary, such as learning a new job or going to a new place, but change also brings new learning, new ideas, new activity. Last summer, we changed our property management software and boy was it painful for several months!!! But now, everything is flowing better, our tenants and owners have access to their accounts and reports, and the convenience for customers and staff has increased greatly. This summer, we implemented online leasing. And, that was not well-received by some, but we did it and got through it! Now the system is so easy and our new tenants have much more convenience that we wonder why we didn’t do it sooner. As summer nears an end (by the way, where did the summer go?!), let’s think about what we always do and see if we can change up a plan. You know the saying: If you always do what you always did then you always get what you always got. Maybe this Fall, you rearrange the furniture, or you add some holiday decorations, or you start prepping for healthy food during the work week. Or, how about changing your morning habits to leave a little early and take a different route to your destination so you can enjoy the scenery and maybe even see something new. As we transition from summer to fall, and soon thereafter the New Year, making effort for new and better habits will be rewarding.
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Although you may be renting a place for a short time or a year or two, having a rental can feel so temporary. There are many ways to create a more permanent feel without spending a bunch of money or making unapproved alterations. Start with decorating. One of the easiest ways to make your rental feel more homey is to decorate and accessorize. By adding plants, candles, throw pillows and other home decorating items, you can quickly create a warm and inviting space. If you're not permitted to put nails in the walls, you can use products that are temporary, such as double-sided tape or non-sticking hangers for wall art. In addition to the inside, you can also consider adding some decoration to the exterior. Whether it's only a simple welcome mat or a welcome mat along with a door wreath, flowers or holiday decorations, adding to the exterior can make your entry more inviting and cheerful.
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Combining the effects of the pandemic with the housing shortage, the rental market is as tough as the sales market right now. We are experiencing the highest retention in history with tenants choosing to renew their leases rather than move to a different rental. The housing shortage has also caused the rental rates to rise, some seeing more than 5% annual increase. What does that mean for the future rental market? Some forecasting shows that the rental market will continue seeing rental rate increases for the next few years while some believe the market is due to level off in the next year. Until local, state and federal governments can help the private sectors in creating more affordable housing and less government restrictions, Bloomington will continue to struggle with the high cost of living. Although it's a Seller's market right now, it may be a good time for Tenants to consult with a Realtor to see if it is a good time to consider purchasing. Studies show that lifetime wealth is substantially better for those who own real estate versus those who have rented. To learn more, contact our office for a free consultation.
