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As Wilmington, NC continues to grow, so does our portfolio of managed properties. In response to this exciting expansion, we've also brought on additional property managers to ensure every property gets the attention it deserves. Today, we want to share our perspective on the current rental market and what it means for rental property owners in the area.
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Stabilizing Rent Prices
The rental market is recovering from the high-demand period we saw during the COVID pandemic. While rent prices aren’t necessarily dropping, they are stabilizing, which is part of a broader, nationwide trend. If you check websites like Zillow or Realtor.com, you’ll notice a lot of rental properties are currently available in our area. With many properties sitting vacant longer than in the past few years, owners need to budget for vacancy loss.
So, what does this mean for property owners? At SPM Residential Services, we're committed to securing the highest possible rent for your property, but it’s important to price it appropriately based on the market. Just like in real estate sales, the right price makes all the difference. Offering incentives like move-in specials or leasing incentives can help your property stand out in a competitive market.
Tips for Staying Competitive
With more competition in the rental market, it’s crucial to make your property stand out. We encourage owners to begin marketing their property as early as possible—often even before it becomes vacant. Scheduling showings by appointment only while a tenant is still in the unit can reduce the vacancy period between tenants.
Additionally, ensuring your property is in its best condition, with all necessary repairs completed, will make it more appealing to prospective renters. These preventive maintenance tips can keep your property in good shape, while ensuring a comfortable and safe environment for your tenants.
Leveraging Every Marketing Avenue
At SPM Residential Services, we use a multi-channel approach to marketing your property. We list on popular sites like Zillow and Realtor.com, but our website and social media presence are also key tools in drawing in potential renters. We continuously monitor the market to ensure your property is competitively priced and gets the exposure it needs.
We encourage all property owners to stay in close contact with their property managers and keep an eye on market trends. We’re here to help you navigate this dynamic market, offering services like market analysis before you decide to rent or buy an investment property. Contact us today for a market analysis!