MAINTENANCE ISN’T ABSENT IN RENTALS
October 7, 2018
One of the most challenging part of the property management industry is working with tenants when there is maintenance, especially major maintenance. We are always proactive doing general maintenance during the turnover vacancy period but sometimes maintenance repairs are unexpected and cannot be scheduled around what might be more convenient for tenants. We’ve had tenants actually ask for rent credits because of being inconvenienced. While we do our best in responding to repairs, sometimes there is a day or two delay in completing the repair due to availability of parts. For example, when the furnace has an issue, we may have to order a replacement part. In such a case, we would provide portable heaters so that the tenants have heat but realize it may be a bit inconvenient for the tenant. When we sign leases, we discuss maintenance procedures and educate our tenants on proactive and reactivate maintenance and repairs. The best thing a tenant can do is report any maintenance issue at the very earliest sign so that repairs are minor and easier/quicker to remedy.
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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.
