Part of what we like to do at Midwest Property Resources is to keep our clients and our local investors informed and educated. We spend a lot of time talking about how to have a good investment experience, what to look for in a tenant, and how to do a better job managing an investment property. We know the local market, and we understand the needs of both tenants and owners.
Today, we’re focused on how the local rental market is performing. We are providing a 2019 rental market update, which we hope you will find useful as you make your plans and set your investment goals for the coming year.
Demand is High for Lee’s Summit Rental Homes
In the current market, we are seeing a strong demand for nice, clean rental homes in Lee’s Summit and the surrounding areas. If you want to really compete in the market and attract the best possible tenants, make sure your property is in good shape. Tenants are looking for well-maintained homes that are comfortable, safe, and functional. When you’re preparing your home for the rental market, make sure that everything works. Don’t show the home if you still have work to do. Tenants aren’t going to want to hear promises that things will be fixed before they move in. They want to see a property that’s ready for immediate occupancy.
Cleanliness is especially important. Have it professionally cleaned, and make sure there’s a great amount of attention to detail. Wipe the dust off the ceiling fans, sweep under the appliances, and make sure the sinks and tubs sparkle. This will make a difference in the quality of tenants you attract.
Tenants are Renewing Leases
Most of our tenants are staying in place and renewing their lease agreements for another year. This is an important part of increasing your ROI because turnovers are expensive, and you don’t want to lose weeks or even months of rent because your tenant is moving out and it’s taking you some time to find a new one. Focus on your tenant relationships so your good tenants elect to stay in place. Be responsive to maintenance issues, provide incentives, and show your appreciation when they pay rent on time and help you care for the property.
Rental Homes with Modern Updates
In 2019, we will continue to see a demand for homes that have modern finishes, new appliances, and special updates, especially in the kitchen and the bathrooms. Consider replacing tired and worn appliances with stainless steel. Provide updated paint colors and new carpet. These things give your home a wow factor and they inspire more interest in your property. That interest leads to more applications and a reduced vacancy period.
We are excited to see what rest of 2019 holds for investors and our local market. If you’d like to add to your rental portfolio, we invite you to contact us at Midwest Property Resources. We’d love to be your Lee’s Summit property management resource.