Rent prices are beginning to slow, and it is a perfect time for clients to take advantage of it.
While rent is still rising, it is doing so at a much slower rate. This is creating a sense of ease among American home renters, and many may soon be in the market to rent if they were not before. According to RealPage chief economist Greg Willett, “what we’re seeing is a return to more normal conditions.” This is great news for both real estate professionals and their clients.
In the first three months of the new year, the average rent rose 2.3% – a slight decline from the 2.6% increase pace that we saw in the fourth quarter of 2017. This slowed rate means that prices will be much more affordable than originally anticipated, and more clients will be looking to rent than expected.
Apartment occupancy also fell to 94.5% – which is an incredibly normal level – from the 95.1% it was at last year, and the 95% average it has stayed at from 2012-2017. This means that more apartments are available to rent now more than ever (or, at least since 2012), making the option pool much larger for interested clients.
So, what does this mean for real estate professionals? Start marketing rentals! If there are any leads you should be focused on right now, it should be those looking to rent – and, even more specifically, those looking to rent apartments. This is a better time than ever for clients to take advantage of the options available, all at a low cost.
We can predict that due to the rental market right now, clients will be seeking out the help of real estate professionals on their own, but a little extra effort to find leads also wouldn’t hurt. Sometimes potential clients are not aware of how well the market is doing – and how short of a period that may last for. Real estate is an unpredictable field, but we know for sure that now is the perfect time to help clients rent a home!