Is your rental market on fire?

[Nathan Gesner]

I have hardly been on BiggerPockets all summer because our market is on fire! I was busier than the proverbial one-legged man during COVID, had about two weeks of normalcy, and then the market exploded.

I manage 400 rentals and don't have any vacancies. I have to force vacancies to allow me time to inspect and clean/repair between renters. When I list a house for rent, I typically have it rented within a week and 3-6 weeks before it's even available. We're also experiencing a strong sales market with quick sales, all-cash purchases, and even competitive bidding. A large percentage of this is due to people moving from coastal cities to escape the craziness of 2020, high taxes, etc.

What are you seeing in your market?

[Jay Hinrichs]

Nathan,

Can one assume there was not a major employer move in to create a bunch of jobs and that many of these folks may be retired to semi retired or able to work from home??

there usually is a reason for in migration.  

@JD Martin  in your market same question..   

One thing I have been thinking is that these moratoriums on evictions we are facing on the west coast and other rent controls etc.. are really going to hurt the renter that is NOT fully qualified to rent.. I think you will see a gap get wider and wider.. the landlords with the decent rentals are going to be uber cautious going forward the tenant that cant check all the box's is going to get forced to look as less quality housing were the landlords might be more lenient given the quality of their product. And or like in Portland you can just take virtually any SFR out of the rental pool and sell to a owner occ .

Thereby reducing the rental stock even further ..