We’re providing a Lee’s Summit rental market update for 2016 and 2017, so you understand what you can expect if you’re thinking about purchasing an investment property or turning your own home into a rental. In short, the local rental market is hot.
Location and Property Condition
If you have the right house in the right neighborhood and in the right price range, you’re going to see great results with your rental property. Currently, the right property is a three-bedroom home with two bathrooms in a nice neighborhood. That’s what the majority of highly qualified tenants are looking for right now.
Competitive Rental Prices
The rental price range for that three bedroom and two bath single family home is between $1,400 and $1,500 right now. We have seen rental prices increase over the last few years, and with a strong tenant pool that enjoys stable employment and economic security, your tenants will be comfortable paying rent in that range. As long as the house is in good shape and located in a great neighborhood, you shouldn’t have to worry about a terribly long vacancy.
Commercial and Residential Growth
One of the things that is making a major impact on the local rental market is that we are currently seeing growth on both the commercial and residential sides in Lee’s Summit. This thriving real estate marketplace has really fueled the demand for high quality rental property.
These are the things that you really need to know right now about the current rental market in our region. If you’d like to get involved in the Lee’s Summit rental market, there’s no need to wait for a better time. We have a lot of experience in this market, and we are a full service real estate brokerage. So contact us at Midwest Property Resources today, and we’ll help you get started.