TENANT RESPONSIBILITY
August 2, 2019
It’s Turnover Time in Bloomington, Indiana. A crazy time for rentals when leases end and begin and tenants are moving around town. College Students are returning to Bloomington and local schools are getting ready to start. We’ve always had really great tenants who do a good job with moving out and leaving rentals in good condition. Until this year. This year has been a mess. We have had so many tenants leave their belongings, junk and trash behind.
We are trying to decide why this trend is happening……
Is it because people are becoming disrespectful?
Is it because we didn’t communicate well to the tenants that their junk is not our treasure?
Is it because people are not attached to their own personal belongings?
Unfortunately, the unexpected junk left behind causes a delay in the turnover process when we have to hire help to haul away the abandoned stuff before we can have cleaning crew and maintenance techs arrive to do the regular turnover work. And, unfortunately, the incoming tenant is the one who will be disappointed if their rental is not perfectly ready for their arrival.
We care about our tenants. We hope our tenants care about their rental and about other people. Time will tell.
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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.
