2016 Rental Market Review

 In Property Management

We hope you have had a great start to 2017 so far! I still cannot believe that 2016 passed by so fast! Since it’s still January I thought I would take the opportunity to do a short review of the rental market over the past year.

2016 has been challenging for owners and property managers. With longer vacancy periods and tenants being extra challenging, this has put a strain on owners financially, and on property managers’ sanity. Though stress and financial strain is lessened when your property manager is proactive and owners are listening to market conditions. Overall properties are leasing and in a short period of time, as long as the property is priced correctly for the market conditions when you consider supply and demand for the product and presented well, ie: clean and tidy.

We also found using professional photography to market on the internet greatly increased enquiry, as often a prospective tenant will make a decision on a property on the photos alone – professional photography will show the property off to its greatest potential, while it is an expense, it becomes economical when the property leases faster and the photos can be used over and over again.

I have thoroughly enjoyed my year with The Property Exchange and working with the team, whether it is the property management girls or the sales team. Everyone is readily here to support each other and you in your renting, buying or selling. On behalf of the team, may your 2017 be full of positiveness!

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