Rentals in 87144>Question Details

judyhudsonjbe, Home Owner in 87144

What is the average time on market for rental homes in Northern Meadows subdivision?

Asked by judyhudsonjbe, 87144 Sun Jun 17, 2012

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Judy, Leigh-Jo is right about the rentals not being well tracked. Not all management companies list all their rentals in the MLS and there are lots of private owners that don't have MLS access.
The marketing time on a rental will depend on a lot of factors like asking rent, lease terms and marketing. Demand for rentals is up. This is due to the large number of people/families losing their homes through foreclosure or having to sell short. They need to live somewhere, won't be able to buyer anytime soon, and most would rather rent a house than an apartment. If well advertized and your asking rent is not out of line with the market you should be able to rent fairly quickly. If you are not using a management company please be careful to screen tenants properly. I've worked with many investors over the years and worst mistake you can make is to rent to someone without checking them out because the house has sat for a while and you just want to get someone in. There are several good online screening services that'll run you between $25-50 per screening. I'd be happy give you the info for a couple, just contact me and I'll email you links. You should pass the cost onto the tenant in the form of an application fee.
0 votes Thank Flag Link Mon Jun 18, 2012
If you are asking for marketing homes, try this awesome tool Judy!
http://www.postlets.com
It will syndicate to all the places your property needs to be seen and get it the exposure it needs to rent quickly (if priced right, of course).
David
0 votes Thank Flag Link Sun Jun 17, 2012
Judy, are you marketing the rental yourself or are you using a property management company? The exposure you receive, from a marketing standpoint is one of several critical factors in getting the property rented. There are other issues to consider also, i.e. condition, size and price. You may find, that if you are advertising it yourself, due to the increased number of scams being run thru sites like Craigslist, some renters may be wary. I don't do property management, but I highly recommend using a reputable one if that's possible for you.
0 votes Thank Flag Link Sun Jun 17, 2012
My data was for sold homes Judy, sorry, but as Leigh-Jo accurately points out, we do not have enough data to give an accurate answer... there just is not a database that tracks that here.
David
0 votes Thank Flag Link Sun Jun 17, 2012
Hi Judy,

Rental homes are not tracked as much as sales, so there isn't too much rental information available. However, in the past 6 months, there were four closed rentals in Northern Meadows. On avergae, they were on the market for 90 days. The shortest period was 60 days and the longest was 127 days.

Leigh-Jo
Syan Real Estate
Call/Text: (505) 730-8181
Web Reference: http://www.Syan.com
0 votes Thank Flag Link Sun Jun 17, 2012
Non short sale closed: 59 days on market

Short Sale closed: 173 days on market!

36% of the homes currently listed in Northern Meadows are short sale by the way.

Let me know what other info I can provide for you Judy!

David

360 Ventures Real Estate
505.750.3360
0 votes Thank Flag Link Sun Jun 17, 2012
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