Today, we’re talking about some of the top trends in the rental market for southeastern North Carolina, and what you can expect in 2015.
Occupancy
We will continue to see high occupancy rates in the market. As we approach the end of 2014, our company is sitting on a 97 percent occupancy rate, which is an all-time high for us. The overall market is looking at an occupancy rate of 93 to 94 percent. We anticipate this will stay high in 2015, which is great news for property owners and investors.
Rental Rates
Rental rates will continue to increase. They are presently going up by five percent between tenancies. This means that when your tenant moves out and you begin marketing the property to new tenants, you can increase your rent by five percent and still find a highly qualified tenant in a timely manner. That’s pretty good appreciation, and we believe it will stay the same in 2015.
Flat or Declining Supply
We expect a flat or declining supply of rental properties on the market. This is because reluctant landlords who have been waiting to sell their properties are now seeing a healthier real estate market, and they will be more likely to sell. That will reduce the supply available.
Property Type
Finally, there are specific properties that renters find especially appealing. In 2015, we believe tenants will continue to favor a three bedroom, two bathroom single family home with a garage and a fenced in backyard. Over 70 percent of our tenants have pets and that’s consistent with the national data. It explains why the fenced yard is so important.
These four trends are specific things we expect to see in 2015. If you have any questions or you’d like to hear more, please contact us at Sweyer Property Management.