The rental home market is doing well now. The number of available rentals are up about 15% and the number of leased homes are up about an equal amount. More homes for rent and more tenants, that's good.
But beware of the coming winter doldroms. Historically, as we approach the Holiday season the amount of tenant activity diminishes. It usually has something to do with human nature. People tend to move during the Spring and Summer and settle in during the Winter.
The biggest problem is the huge lurking foreclosure market of homes. There are thousands of empty homes for sale. These are the result of the excessive number of homes for sale and the defaulting owners. At some point these vacant homes will need to be filled either by new owners or renters. If these homes become rentals and flood the market during a traditionally slow time (winter), the market could become overwhelmed with empty rentals. Prices will plummet and rental houses will stack up waiting for tenants.
Advice for landlords - if you have an empty rental now, during the Fall, get it rented now! Don't wait to test the market to see if you can get a higher price. There is a lot of competition coming and there will be fewer tenants seeking rentals soon. If you wait to price it right until Winter you may stay vacant all winter.
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