The real estate market in Northern California valley continues to retreat. Normally, this type of sales market translates into a rising rental market. But this has not happened yet. It seems that sellers who cannot sell are renting their properties in large numbers and this is adding supply to the rental stock. With rising inventories, rental prices are remaining stagnate. We are losing some supply to foreclosures still, but not enough to make a difference.
I would look to the summer for the rental market to rise a bit. The overall economy is not great, so rents will not be able rise much.
Our 2nd Quarter Rent Survey will be published in the next two weeks. If you would like a survey, send an email to me at rmachado@HomePointe.com or visit our website at www.HomePointe.com and click on Owner Services. There you will find our most current and past surveys.
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DISABILITY AWARENESS DAY 2008 |
Sacramento City College |
This is a great chance for property managers in the Sacramento area to see up close and personal what the needs are for the disabled. The property management industry serving single family homes and apartments needs to be aware of the needs of those that need extra assistance. This awareness day is great way to get to know your neighbors in the community that you might otherwise not ever meet.
This is a little off topic but I wanted to share with you my opinion of the best hamburger in Sacramento. My current favorite is The Habit. They are a small California Chain. Don't be turned off by the chain, I think they are ieach ndependently owned, but with a good formula.
The hamburgers are great tasting and much better than Willies (which are good) and better than In and Out. It also has great fries, milk shakes, teryaki burgers, tri tip sandwhiches, and chicken. It has a limited menu and is a fast food style of ordering and self seating. Prices are competitive with fast food places.
The Habit I have been to is on Laguna Blvd. in Elk Grove at the corner of Bruceville adjacent to the Sleep Train. It is hard to find but was very busy both times I have been there. There is also one in Folsom and one in Davis as well. I have not been to those.
When I am out showing property or picking up a new account for property management, I try to locate a good place to eat, and this is one of those.
The Sacramento rental market appears to be heating up. Our website activity has seen listing views rise from just over 6,000 page views per day in mid February to over 9,000 page views as of March 6, 2008. That is a 50% increase in activity.
Our property managers are reporting increased traffic at our rental open houses.
Our three offices in the greater Sacramento area rented 60 properties in Feburary. This is a small amount higher than our monthly goal of renting 50, but it is almost 20% more.
We are seeing the result of the sluggish sales market. Forclosures are removing some housing stock and since buyers are sitting on the sidelines, they appear to be renting. That is good news for landlords.
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Property Management Rentals and Maintenance in Sacramento, Yolo, Placer, and El Dorado Counties from offices located in Sacramento, Roseville, and Orangevale, CA We manage residential and commercial.
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