As we enter the summer months I thought I would give a quick assessment of the local rental market as of end of May 2010. Well, things have really picked up. In the last week we rented everything but 2 properties and as of today we only have 4 properties available to rent.
There are strong applicants out there. I have more qualified applicants than I have properties to rent to them. My stats are I am able to rent most properties within 15 days. I have one or two that are up to a month and that is because the client refuses to drop the rent.
Where are rents these days? They have stabilized from last summer. Last summer rents dropped 10-20% depending upon property and location. This summer they are level and renting quickly.
For those owners that are realistic and understand that time is money and if you lose 1 full months rent you aren’t going to make it up we are able to get their places rented quickly and to well qualified people.
Who are the typical renters these days? Families, professionals, retirees. Yes, Santa Cruz is a college town but I don’t have students in my portfolio of properties.
I am also noticing that owners are putting money into their investments and fixing them up. I think the rational is that the property is something physical that can be passed to the kids someday. The “market” goes up and down daily and isn’t predictable.
I am looking forward to this summer – it is always busy – and before you know it I am writing my year-end newsletter.
Please check out my website at www.PortolaRentals.com if you are interested in properties in Santa Cruz or have rentals in Santa Cruz, CA.
Kathleen Richards
