On today’s blog, we’re going to talk a little bit about the rental market in our area and what it has been going through recently.
Over the past year, going back to the beginning of 2014, the rental market in southwest Michigan has been very good. Most properties were renting within a couple of weeks or less. Then, with the winter months taking over these last two months in December and January, things have slowed down.
This is not unusual. The rental market in this region is seasonal. This year, it has slowed down more than usual, and that could be just a reaction to the strong market we were experiencing previously. However, with spring coming, things are picking up again. Most properties are now renting in three weeks or less, which is pretty good for landlords and property managers. The rental market is currently good, and we expect that it will continue to be strong.
Another thing worth noting is that rents are increasing steadily. This is remarkable because for the last 10 years, rents did not increase at all in our area. Finally, they are going up a little bit and owners are getting a little more money coming in for their properties. That means if you’re thinking about renting out a home, now is the time to do it.
