US rental vacancies now up to 10.2%.
If you manage a rental home or an apartment community, you may be interested to know that rental vacancies are up to 10.2% from 10% a year ago according to a recent Forbes.com article
Experts attribute the rise in vacancies to a glut in housing due to overbuilding and poor economies forcing people to migrate.
Many homeowners, who are finding it difficult to sell their home, are faced with trying to rent it. This will certainly make it harder for existing property managers to keep their rentals occupied. Hopefully these new landlords are up to speed on the basics of renting a home.
It’s similar in the UK. Rental properties are in demand because the buying market is down. This additional demand is driving rent higher.
At least in Florida, the number of available rentals has skyrocketed, and, at the same time, the rental rates have plummeted. Landlords are having difficulty finding paying tenants because of the overbuilding a few years ago.
It seems like those who have learned to be competitive with marketing are struggling, but those who are smart can still keep occupancy high.