Leasing Cycle goes round and round
Lori Todd • October 23, 2019
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It's been a while since I took time to blog. We've been a little busy with peak turnover time and also our website back end changed so it was a new learning curve for us! Isn't that how technology works?! As soon as you master one thing, it changes. That's about how the leasing cycle feels!! As soon as you get moved in and feeling settled, the landlord is calling to ask if you are ready to sign a renewal. We get it! It's frustrating for us, too, but it seems like that is simply how our local market works. We do try to manage leasing and renewals in phases; starting with core campus area first then working our way outward through the county.
If you are a tenant and have not yet been contacted, you will be soon! If you are not a tenant (yet), we promise that we do our best to patiently work through the leasing cycle so that we are respectful of decisions that tenants are forced to make.
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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.
