For the last few years, the owners/landlords and investors of properties have been taking lots of hits. With higher cost on insurance, maintenance and repairs, taxes, and even utilities it has been hard to maintain the ROI on your investment. Well, times have changed finally. With the uncertainty of the pandemic waning and the demands growing in most market, this is the time to catch up for all the years. Property owners need to monitor that renewal rates are raised to the appropriate amount. If you see the standard $50-$100 rental increase request from your property manager, find out if an analysis of area rents have been done correctly!  Our market in the Tampa Bay area has seen increases of around 24% year or year! Units that were renting for $800-$900 are now going for $1050-$1200.

Therefore, check your market rents and make sure you are recouping your ROI. The conditions of great demand, low inventory, and generational shifts from millennials and baby boomers have created a convergence of bidding for rental properties! And let us not forget about the pandemic! With remote working and zoom meetings, the rental market in second tier cities have skyrocket!

Some people think that rents are too high. Yes, the market will eventually even out. I rather come down from a high rental rate by a little  than be stuck in a lower rental rate with uncertainty of if I can raise the rent. Carpe Diem!