High End Home Leasing Remains Strong in August

High End Home Leasing Remains Strong in August

One would think that the leasing of homes would be on the decline.  With the recovery of the housing values and record number of housing sales so far in 2016, you would expect the leasing of high end homes would react inversely to the number of sales.    Surprisingly in August we saw a new record number of homes lease in St. Louis county for over $1,000 per month in rent.   The number of executive level homes continued to increase with a total of 101.   These are only the single family homes located in St. Louis County tracked in the MARIS MLS with rents over $1,000 per month.

According to MARIS MLS data, of the 101 homes leased during August, 2016 in St. Louis County for over $1,000 per month:

  • 56 leased over $1,500
  • 22 leased over $2,000
  • 12 leased over $2,500
  • 4 leased over $3,500

Year over year we see leasing of high end homes to remain strong and continue to increase.  Demand continues to increase from corporate relocation clients and other tenants who simply prefer not to jump into the real estate ownership at this time.  Below shows the number of leases over $1,000 in St. Louis county since January 2012 (according to MARIS MLS) 

 

 

 

4 Most Requested Maintenance Items in the first 30 Days

4 Most Requested Maintenance Items in the first 30 Days

So you have done it. You've hired a Property Manager (hopefully one from Avenue), listed your home for lease, found great tenants, and they have just moved in over the weekend….Now what happens.

 SERVICE REQUEST.  Things will inherently bust, break, not turn on, not turn off and simply not work.  As I tell my homeowners, this is completely normal and will happen (almost) every time.  This is due to your home potentially sitting for a while, and tenants not knowing the intricacies of the house yet.  

 Not a big deal, we send out our vendors to fix the problems.  

 It would be nice to have them fixed prior to the tenants moving in, and potentially cheaper if you are a Do-it-yourselfer.  Here are the four things we most commonly see in the first 30 days.

 - Toilet won’t stop running or it leaks when we flush it.  Flush valves inside the toilet go bad.  They are around $12-$20 and easy to replace.

 - Light bulbs are burned out.  This is an easy one, but you don’t want to have our handyman go out to replace light bulbs.  Do-it-yourselfer or not.  Change the light bulbs

 - AC or Heater isn’t  coming on.  It’s always a good idea to change the battery on the thermostat and have your AC and Furnace checked and ensure they are in good working order prior to getting a tenant in there.

 - Garbage Disposal - Per our lease, the garbage disposal is a tenant responsibility however, the first 30 days, we must ensure it is working correctly.  Double check that it is in good working order, or reset if necessary.  

 Knock out these 4 items before the tenant moves in and save some money and make your tenants happy.  

 

 

How to Avoid Tenant Disaster

How to Avoid Tenant Disaster

Most of the homes that I manage are those of first time landlords, and I always assure my clients that there is never a question I haven’t been asked before.  What’s the one question I’m asked every day?  That’s easy - How do I avoid a disaster tenant?

The biggest advice I can give is to make sure you hire a property manager to rent the property for you (and yes, of course choose Avenue).  I can’t tell you how many times I have taken over management of a property that a landlord leased themselves, and the tenant has never paid rent, or is consistently late each month.  The best way to avoid this situation is to hire a professional with solid experience in finding good tenants. 

Tenant screening is key to everything.  Make sure a credit check and background check are performed, employment verification is completed, and rental references are called.  There are certain red flags that us property managers look for in applicants, and a thorough tenant screening will help find the most qualified tenants.

Another way to avoid a nuisance tenant is to maintain a good relationship with them.  Treating a tenant with respect will go a long way, and their appreciation will show in the way they care for the home.  Address any legitimate maintenance requests in a timely manner, and keep your tenant updated on when the items should be completed.

Be sure to leave the house in good shape before it is rented to your new tenants.  A fresh, clean, well cared for home is going to attract the best tenants, and encourage the tenants to take care of the property.

I understand the fear of allowing complete strangers move into what is likely one of your biggest investments.  However, just following a few simple steps during the process can lead to a much more pleasant land-lording experience, and avoid those disaster tenants.