March 30, 2011

Omaha Rental Market

Omaha Rental Market
The most common questions owners ask me is "why isn't my unit rented?" Obviously there are dozens of factors that go in to which properties rent the fastest. I think the single biggest factor is going to be price, but it is not the only factor - location, features and amenities, how clean the unit is, general upkeep and repair of the property.

Some of the property owners out there struggle with pricing their property, but in my role as a leasing manager, I have a big say on what the rent should be. Most Owners would like to have the high dollar rents, that was 3 years ago when we could rent a 3 bedroom house with basement and garage for $1000 to $1200 a month. With the changing economy, depending on the location, amenities, features that same 3 bedroom house with basement with garage can rent on the high end of $900 and low end of $650 or possibly lower. Property owners hate to hear those numbers and so do I. Because I am 100% commission its not good for me either. Some owners with high mortgages want to hold on to their property by renting it out, which I feel is a big mistake. Because if you are having difficulties paying the mortgage, then more than likely you won't be capable of handling management fees, turn over repairs and vacancy.

With the way the market is, rentals are available at affordable prices. If you are considering renting out your property, whether its a house or apartment, be prepared to update it with fresh paint, new carpet, up to date appliances, finished basement, garage. Some of the many things tenants are looking for and are willing to pay the higher rent rates.

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