I sat down with Hillary Rufi the Property Manager from Sterling West Rentals and got answers to the top three questions they get asked everyday:
- How’s the rental housing climate and what’s the vacancy rate? Rentals are scarce and rent rates are climbing with the average 3BR X 2BATH ranging from $1400 – $1700/mo. The vacancy rate is 1.78% mostly due to turnover, not actual vacant homes waiting to be rented.
- We keep hearing about proposed HB 2004. How will it affect the housing crisis in the valley if passed? HB 2004, if passed, will prohibit landlords from terminating month-to-month tenancy without cause after the first six months of occupancy except under certain circumstances with 90 days’ written notice and payment of amount equal to one month’s periodic rent. In the long term, we see regulations like this deterring investors and property owners from becoming landlords and providing more housing in which we are in desperate need. Those who are landlords will become much more cautious and tighten their screening for prospective tenants which will make the housing market much more competitive for renters.
- What are some important things to look for when searching for a property manager? Communication and trust is key. Your property manager must have a competent team and be available when you or your tenant needs them. It’s important to keep in mind; you get what you pay for. Some companies have a low management fee but have hidden costs. Others are able to offer a lower fee because they simply don’t do much. Good property management pays for itself. Anyone with a rental horror story knows this 😉
Sterling West Property Mangement