By Neil Fjellestad and Chris De Marco
Here are some highlights –
- Most renters pay their rent on time every month. Especially during uncertain times this becomes a financial priority.
- Rent is clearly their largest household expense and growing as a percentage of household income. In this region a significant number pay more than half of their income as rent.
- Renters want the privacy, security and convenience of paying their rent online. Those using this alternative pay sooner and avoid additional late charges.
- Rental owners that improve their properties even if forced to borrow funds are rewarded with more qualified applicants to lease.
- Existing residents will more likely renew and/or pay a higher rent to live longer at a property that is well managed and maintained.
- Most rental owners are concerned about leaving a property vacant and will adjust rent realizing that number of days rented is more important than holding out for the highest rent rate.
- Real estate investors that are buying are satisfied. Those that are selling or re-financing in the current market environment remain frustrated with the lack of expected results and/or inadequate estimate of time to accomplish.
- Many of the jobs lost over the last 3-5 years are gone. Though other jobs are being created with different requirements and rewards the transition is longer than hoped.
- Existing small businesses will create jobs when and if they can control risks (the cost of doing business) while believing that the benefits of growth outweigh the alternatives. Â Much of this risk will be driven by new businesses.
