Rental Trends (Part 2): Vacancies and Rental Rate Increases

The political and social impacts of the COVID 19 impact is winding down.  If you as an owner have been like me, you've been cautious about increasing rents just as a means to stabilize any impact of vacancies that might result.  Quite a bit of my portfolio as manager has been price sensitive in the last 2 years.

Since mid Dec, as leases have been renewing, we've been increasing rental rates.


A LA CART SERVICES:

Are some of your rentals vacant?  Are you finding it hard to make time to show those vacants and the other tasks needed to get those occupied?  Are you getting a song and dance from prospective tenants needing to move "now" and you're apprehensive about how to approach that?

Call me direct at (440) 590-5925.  We charge the 1st full month rent to advertise, show the property, vet the tenant, sign the initial docs, and collect the initial fees.

We service Cuyahoga (east side, west side, suburbs), Lorain, Medina, Summit, and Portage Counties.


Karen Bostwick, broker

D & K Property Management Services

(440) 590-5925

KarenMBostwick@yahoo.com

Comments

Post a Comment

Popular posts from this blog

City of Cleveland Lead Safe Certification Changes / Updates

Previously, the City of Cleveland only required essentially a lead clearance test to show a property was clear of lead hazzards.  Because the number of cases of children with elevated blood levels had not reduced in the 2 1/2 years this program was implemented, the City is now requiring a full fledged Lead Risk Assessment.  This requires additional reporting, additional testing (2 sets of samples are now required), AND the landlord must also get tenant(s) signed disclosure that the tenants know about the Lead Risk Assessment report itself AND the work required to be done.  The disclosure and related work would then be updated as part of the city's rental registration portal.  An occupant license / rental registration would not be issued until the work is completed by a Lead Abatement Contractor and / or RRP Contractor.  The Lead Abatement Contractor is licensed with the State Health Dept.  The RRP Contractor is licensed with the US EPA. This went into effec...
Read more

Giving Tuesday Dec 3, 2024

On (Dec 3 ), I encourage you to find an organization close to your heart to donate your time, treasures, and talents (it's not just about the money).   Ideas include… but more importantly , choose the charity closest to your heart :   Cleveland Kids Book Bank:   https://www.kidsbookbank.org/ The City Mission      https://www.thecitymission.org/ Cleveland Zoo Society      https://www.clevelandzoosociety.org/   Valley Riding      http://valleyriding.org/ Project Linus      http://projectlinus.org/ Spread the Bread      https://www.spreadthebread.org/ Ronald McDonald Charities (their house, their mobile dental unit)     https://rmhc-neo.org/home.html Applewood Centers      http://www.applewoodcenters.org/ LENSC      http://www.lensc.org/ Project Learn Meals on Wheels      https://www.mea...
Read more

City of Cleveland planned crackdown on non compliant rental registrations

This past Feb, city council for the City of Cleveland passed the Resident 1st Legislation.  There are now additional tasks local agents in charge must certify in order for your property to be legally registered. Aspects of it include: Property taxes are current. Common area utilities (water, sewer as the example) must be current. If the property has 4 or more units, a licensed HVAC contractor must sign off on its operation. A local agent in charge must be designated...this person becomes legally, financially, and physically responsible for your property. The owner (if not an individual) must have a good standing certification with the Ohio Secretary of State). The property must be lead safe certified.  This is with the new more stringent process that will take longer to complete and cost significantly more. The bigger implications I'm anticipating is at the new year Cleveland Housing Court will want proof of this compliance at time of eviction filing for the court to consider ...
Read more