Curious about the news in the rental real estate market this week? Welcome to The Buzz. We scour the news so you don’t have to!
Selling the family home? Lease it instead!
There’s a new article out in the Seattle Times about selling the family home–how strange and gut-wrenching it can be to let go of the place you grew up in, the place your parents lovingly turned into a home so many years ago. According to the National Association of Realtors, 15% of last year’s sales involved homes that had been in the same hands for more than 20 years–and that process can be tough on a family. With the rental market where it is, maybe more families should be thinking about keeping these homes in the family, and leasing them out as rental properties. Read about families who have sold, despite their reservations, here.
Preparing for summery June showings? Not so fast…
It’s no secret that summer comes late to Seattle. But according to the 30-day forecast from Komo News, this June is set to be seriously gloomy, and even cooler than years past. These cooler-than-average temps will usher in the morning cloudcover; if you’re turning over a unit that really pops in the sunshine, aim for showings in the afternoon when things are more likely to clear up. Check out the full forecast here.
Finding the right tenant: harder than cash flow?
LeaseRunner has just released their bi-annual Rental Industry Report. Their findings include: a majority (58%) of respondents reported that finding the right tenant is the most challenging aspect of property management, with cash flow listed as the least challenging task. Listing and showing a rental property was reported as the most time-consuming aspect of renting a unit out; unsurprisingly, failure to pay rent was the most commonly reported cause for eviction. Finally, 73% of respondents reported that online tools strengthened their relationship with their tenants. Read the full report from Marketwatch here.
A Morgan Stanley Housing Chief is jumping into the Buy-to-Rent ring.
Oliver Chang is currently head of U.S. housing strategy at Morgan Stanley. During his time with Morgan Stanley, he has written more about foreclosed homes as an investment opportunity than any other Wall Street analyst–and now he’s leaving the firm to start his own buy-to-rent housing fund. “Having followed this market for the past several years, I believe it represents one of the most compelling investment opportunities available across all asset classes today,” Chang wrote Monday in a letter to his colleagues–and he’s not the only one focused on this market. Check out the full article from the Chicago Tribune here.