MoveZen Property Management
The average time on the rental market is
In 2022 is was
Quality rental homes are easier to secure in 2023. Competition from renters has dwindled.
Competition between landlords is at an all time high as they fight to secure quality residents.
Rental rates have dropped between 5-10% as of May 2023
Increased inventory from 'accidental landlords' and build-to-rent communities is causing a supply/demand balance helping rental rates stabilize after the 14.07% increase during the COVID pandemic.
Scams from renters are on the rise as inflation hits their wallets hard.
Food Prices Grew
High interest rates from auto loans, credit cards, and personal loans coupled with inflation has everyone holding their money tight and looking for great rental rates.
With low mortgage payments, these landlords have the edge to be competitive in their rates causing others to follow
We anticipate rental rates will continue to decline throughout 2023 and see a flat stabilization there after. Homes not rented by mid-July will suffer with long vacancy periods.