100% for 5 Months and Going Strong

[Ben Leybovich]

Seriously - I've been at this for close to 10 years now, and I've never seen a strong rental market like this. Few people are moving, and only for job relocation reasons. Units are renting within 3 days of being vacated. And when vacated, units are left trully in excellent condition, which tells me something about the class of tenants, which is driven by the up-swing in the economy - if I am not careful, I might start believing that the economy really is improving, in spite of an 11% U6 index...

And I am eating away at my LTL at break-neck speed. Units I bough in 2006 with rents of $550 are now renting for $700 - $750. It took from 2006 to 2012 to get them to $625. In the last year and a half all of this blew up!

Makes you wonder how long it lasts and what'll happen to "investors" buying today at prices reflecting current NOI...

WOW - Crazy times y'all. Be careful out there!