Remember when we could count on June as being our peak rental season in San Diego? The weather is nearly perfect, the days are longer, students are out of school, and it’s a great time to find and hold awesome yard sales, where you’re sure to pick up some treasures and clean out what you no longer need. What a wonderful time to make a change! Summer, in general, is a great time to move, for all of the same reasons.
Though, according to recent national reports, San Diego’s rent prices for one- and two-bedroom apartments were up 20% this June, rent for the same units actually took a dip by 6% last month compared to the same time last year. It’s too soon to tell if that means rental prices are coming down, but you can count on Palomar Property Services to keep our thumb on the pulse and, in the meantime, do what we do best, and that is to be a leader in the San Diego rental placement and management service. It might take some time before our rental market swings back to what we knew as the “season to move” but we’re the ones you can count on, especially in this unpredictable market.
So, what can you do to be a pro-active renter or homeowner?
Today’s renters are looking for a turn-key property. They are serious tenants who, in a home that is well maintained and ready to be occupied, are more likely to treat it as their own, with pride and respect.
Homeowners, a little extra effort goes a long way! Updated homes are the most desirable and best maintained by tenants. If the kitchen or bathrooms are dated, the carpet is worn or the paint is faded, you can’t expect to get the top dollar a good tenant is willing to pay.
Tenants, when it is time to complete an application, be prepared with all the documents required. Leaving out pertinent information can be detrimental in such a high-demand market. And don’t forget to secure the proper insurance as a renter, or as required by the property management company.
If you are a first-time landlord, be sure you’ve spoken to your mortgage company and your tax consultant for the professional advice only they can provide you.
These are just a few tips we have to offer. We’re just a phone call away and would love to discuss your rental property or your rental needs!