Our friends at SmartMove conducted research on the state of the current rental market. They surveyed nearly 700 landlords and put together an infographic that summarizes their major findings.
The infographic highlights what is driving a favorable market for landlords.
SmartMove’s findings can be helpful for landlords who want to get an overview of the current rental property market. The study highlights rent price trends, the most important tenant screening factors, landlord biggest concerns, and landlord adoption of technology.
One of the major takeaways for landlords is that the rental market dynamics could continue to favor rental property owners. Generally, the rental market indicates that tenant turnover is low and rent prices are on the rise.
- 57% of landlords surveyed indicated that they raised the rent over the past year.
- And in particular, over 75% of landlords on the west coast said they increased rent.
With homeownership at near historic lows, the increase in renters in the market and rental property inventories low, landlords seem to be in a good position.
The current market dynamics suggest that landlords can afford to be selective when finding new tenants. This means taking the time to vet new tenants thoroughly by asking good questions for potential tenants, looking for warning signs on screening reports , knowing how to read a credit report to understand tenant financial responsibility.