The rental market continues to thrive in Kansas City and we have some impressive statistics to share with you to prove the point.
We are the only property management company in Kansas City that will show your house for rent before the previous tenants move out. This significantly shortens the amount of time your house will sit vacant between renters. Most property management companies in the area wait until the current renters move out before showing your property. They also wait until the last 30 days of the current lease to begin marketing the property, while we begin 60 days before the lease ends. The result is that the properties we manage have vacancy periods measured in days instead of weeks. This means more money in our owner’s pockets.
The average number of days of vacancy for the properties we manage was TEN in March 2013. The average days of vacancy was FOUR in March 2014.
Vacancy costs you, the owner, money. Expenses like utilities, lawn mowing, snow removal, lost rent, etc. all contribute to negative cash flow during vacancy. By shortening the number of days your property is vacant, we reduce the amount of time your rental property is not generating revenue and actually costing you money.
The average amount of rent increase when a renter is moving out and we put it back up for rent was 6.5% in March 2014.
The national average was 4.1% for class A single family rental properties. We are expecting the increase to be higher in April, May and June because that is the time when many people need to move. It is also traditionally a time when rental property inventories are low.
Investors are still trying to acquire more properties, but many properties are selling before they have been on the market for 24 hours. Nationally, reluctant landlords are starting to sell which reduces the for-rent supply, which of course increases the pricing pressure to bring rents up.
Nationally research shows that:
– The credit quality of rental applicants is improving compared to historical averages
– Renter turnover has gone down for the past few months, creating even less available inventory for people relocating from out of town
We would love to manage your rental property! Please give us a call at (913) 469-6633 to discuss how we can help you take advantage of the strong rental market that favors you, the owner!