TURNOVER TIME IN A COLLEGE TOWN
July 19, 2019
July & August are the busiest moving months for rental property in Bloomington. This is because of the activity and impact from Indiana University students. Non-students often get frustrated with the lease cycles and the amount of leasing/turnover at this time of year. Turnover affects so many other things, such as cost and availability of moving trucks and movers, the time needed to transfer utilities, cost and availability of cleaning crews, and so on.
It’s even recommended for traffic to stay away from major apartment areas and campus because of the people moving and extra vehicles parked in loading zones. For people not connected to the moving activity, that’s the best advice…. just stay away! Knowing it and accepting it can be the easiest way of keeping road rage and stress at bay. And, knowing students are returning so town will become crowded again, but it also means our economy continues to circle.
During this time, property managers are juggling their normal daily tasks with the extra workload of turnover time. Scheduling move-out inspections, then getting painters, cleaners, and maintenance lined up before it’s time for the next move-in inspection can be extremely hectic and stressful. Everyone is tired, those tenants who are moving and the staff trying to facilitate the entire process. Being patient is key to keeping sanity during this time!
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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.
