Is the Rental Market Slowing Down?

Question

I have a place that I am trying to rent out before June 1.  I have had it on the market for a little over a week (I know it's a short time), but usually I get a lot of calls and emails of interested people right away.  This time I have hardly received any.  Last time I rented this place it rented in 24 hours.  I post an ad on Craigslist almost every day and have 'For Rent' signs outside the house.

My question is, are people seeing the rental market start to decrease/slow down?  Are rents going down?  The rent I'm charging is not going up at all and it is cheaper than a lot of other ads on Craigslist for similar properties.  The property is in Northeast Minneapolis very close to the U. of Minnesota.  I also wonder if it's just a slow time of year because a lot of students are not looking to move until the summer?

The weird thing is that I bought another duplex in the same area in December and had it rented before I closed on the place.  What gives?

Rich Weese · Answer

Knock on wood. I'm 100%full. I have around 50 sfrs and a small waiting list. So. Texas is a fantastic area, rated # 1 for appreciation for 3 straight years. Rich

Kelly Johnson · Answer

It's been a hit or miss for me in North Minneapolis and Cottage Grove area.

I use Craigslist, but also Housinglink (Also free)

It's weird with Craigslist. I post an add, nothing. repeat. nothing.

Then one day I post an add and get 4 responses in an hour. And a lot more after that.

If you happen to post at the same time of day every time, i'd try mixing it up.

And delete all old listings. It makes you look desperate.

Make sure you have good pics too.

Hope that helps.
Otherwise, feel free to send me the link and I'll see if I notice any red flags.

Mr. Kelly

Lynn Z · Answer

Rented mine finally - took a 6 months lease but got a great tenant.  A real struggle and not many opportunities.  We are having to be very creative with marketing rentals and everyone and his brother is advertising.

Account Closed · Answer

The rental property market in Chicago is showing signs of slowdown. There seems to be less people inquiring and more units for selection. There has been significant condo development all around Chicago, and now many cannot be sold. So we are seeing beautiful brand new condos being rented out at decent prices. I believe this trend is happening in other urban areas, notably New York. Lots more selection for renters out there in the same price ranges that older apartments rent for.

I have one unit in a 3 flat (2br/1bath) that has been rented for $2000 - 2100 over the years. Its quite nice actually, though now we have competitors around the corner like:
http://chicago.craigslist.org/chc/apa/1102426928.html

The guy across the street from me that is a good comparison to my property lowered his rents to $1900 and has had his place on the market for about 2 weeks. I have a few months until my tenants move out, so I think I might do a renovation that I have been thinking about for a few years. People now are looking for a better deal for everything and may prefer to stay in the same place than to move. Construction costs here have gone down so it is a good time to build for the future and deliver value to customers. Just my thoughts.

Lynn Z · Answer

Yes, it's dead as a doorknob here is central South Carolina and coastal towns.  You can be on Craigslist forever but there isn't anything coming off of it but more realtors, investors, property complex managers, desperate owners.  Sign in the yard, ad in classified, postlets ad layout....nobody's moving or this Spring is dead.  Rents not too high--just no traffic.  Worst year I can remember.

John Knoxville · Answer

no way mate, In Leeds, UK it has been busier than ever for rentals.

To say were in an economic downturm it has been incredible!!

Mark N.A · Answer

Jon:

I rent my college houses from August through July and haven't had problems.  Superior location helps.

As far as any rental slowdown my college rentals are up in price, but I've lowered the price of a couple of blue-collar homes since those renters can get much lower rents outside of town.

Jon Holdman · Answer

Student housing does tend to have just a couple of key rental periods.  One about now when people are looking for places for August.  Then, another smaller burst just before school starts.  I looked at student housing, but decided you have to count on only 10 months a year when doing the math.

Harrison Painter · Answer

The rental market has been fantastic in Indianapolis!

Properties here are easily rented in less than 30 days and we have taken no rent reductions!

I applaud my team for doing such a fantastic job, and feel that the quality of our properties play a huge role in making it happen!

I LOVE INDY!!!!!!