It’s a hot market right now for home owners who are looking to sell their home. With the way that the Vancouver Real Estate market is right now, lots of home owners are putting their properties up on the market which means two things. One, is that most sellers who have just sold their home are often looking to rent in the mean time before buying again. Two, since more home owners are choosing to sell their homes today instead of rent them, there isn’t a whole lot out there on the rental market right now. With that being said, the rental property inventory is low, making it hard for renters to find a home right now. This is good news for those who are home owners and are toying with the option of either renting or selling right now. As inventory is low, the likely hood of your home renting quickly is high as there aren’t many options out there for possible tenants right now.
As a Vancouver Property Management Company, we ourselves have noticed a difference in the amount of homes available for rent due to the real estate market and the increase of ‘for sale’ listings. Homes are renting quicker during this time as renters are aware that there isn’t a lot of options out there right now as they themselves have experienced the recent lack in properties first hand. Properties that we have been given to manage seem to be renting right before our eyes (which is what we like to see!)
Now that we are getting out of the winter season and getting closer in to spring, more and more renters are out there looking for a new place to live. Summer seems to be a popular time to relocate and move as the weather is nicer and the children will soon be getting out of school. With that being said, we will soon be entering in to what we consider our busiest time of the year. Our phones have already been ringing off the hook with renters who are interested in finding a home as they themselves seem to be having trouble finding a place to rent in Vancouver.
If you yourself are a renter, a little word of advice for you is that it is never a bad time to start looking for properties in advance, even if you know that you will not be renting for another few months down the road. Getting a feel for what is on the market right now and keeping close tabs on properties that are currently available or that will be coming up available in the near future is a good way to start getting yourself prepared for your home search.
If you are toying with the decision of either renting your home vs. selling it right now, be sure to weigh out the pros and cons of both options and also consider what is going to make you the most money in the long run. A good idea to help you determine this is to use an online calculator that will take in to consideration your capitalization rate and calculate how much you are estimated to make as an annual income from renting out your home.
Remember, that with properly displaying and staging your home for viewings and having your home accurately appraised and listed by a property manager, your chances of getting your property rented out fast are very good right now. Check out this link to another blog of ours that we have created to give home owners some tips and pointers on what they can do to help draw attention to their rental property and make their home more appealing for when it is being showed to prospective tenants!
Link here: https://www.orcarealty.ca/buying-home-rent-great-investment/