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May 6th, 2009
Gavin J.
King
If you have rentals in Boise Idaho, we have put
together some useful tips for you. Due to high
numbers of rentals on the market, property
owners and managers are having a slightly
higher degree of difficulty in finding
qualified renters. This tendency is due, at
least in part, to the record levels of
foreclosures in recent history. The high level
of foreclosures leads to many renters
having a poor credit history. A secondary
effect of it is that many recently foreclosed
upon renters do not have a rental history due
to home ownership. This being the case, they
cannot get qualified to rent a home directly
and must use co-signers or find rentals from
private parties.
With these "B" paper renters inundating the
rentals in Boise Idaho, industry professionals
are wondering what to do. The vacancy rate is
actually much higher than it seems due to
vacated REO's that banks now own, but do not
rent to anyone. With REO's not going away any
time soon, this trend will continue for years
to come.
To execerbate things, real estate developers
have quickly recognized the high numbers of
foreclosures and coorespondingly constructed
apartment buildings to accomodate. This
availability of cheap housing competes with
rentals currently on the rental market and
makes any potential investment in single family
homes less attractive. With the acquisition of
an apartment being easier than qualifying to
rent a single family home, it is no wonder that
many renters choose the
apartment.
To help you out, I have compiled a short list
of things you can do to make your rentals in
Boise Idaho more attractive and have higher
rent rates.
-
Know where to market is and price
accordingly
-
Offer discounted rent rates/months to fill
vacancies
- Use only 1 method of
background checking, ie. credit or
rental history
- Make allowances for
previously exclusionary vairable, ie.
pets, children,
etc.
- Hire a Boise property
manager
- Keep up on yearly
maintenance
schedules
- Use loan modifications to
your advantage to lower rent
rates
- Throw in a complimentary
utlity like water, sewer or cable
TV
- Reduce the amount of
downpayment
required
- Allow renters to spread
downpayment over a few
weeks
This short list of possible
things you can do to increase the
likelihood of your rental in Boise Idaho
being rented out is just a few ideas.
There are many more out there and make
sure to check with HUD before using any
of them, to confirm compliance with
regulatory law.
Gavin King is the designated broker of
Realty In Idaho, developer & builder in the
Boise area.
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