Landlords are navigating a challenging rental market with decreasing prices and higher vacancies. Key strategies include adapting to tenant needs, such as pet-friendly policies, and focusing on strong landlord-tenant relationships. The importance of security deposits and detailed property walkthroughs is emphasized to avoid disputes. Modernizing payment methods and enhancing property visibility are essential for attracting renters. The conversation also touches on the cyclical nature of the rental market and the benefits of a positive mindset in property management.
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insights INSIGHT
Rent Decreases: A Market Correction
Decreasing rents are a natural market correction, not a crisis.
Landlords should underwrite properties anticipating potential rent decreases and higher vacancy.
volunteer_activism ADVICE
Prioritize Occupancy over Small Rent Increases
Calculate daily vacancy loss to determine optimal rent pricing.
Prioritize filling units quickly over maximizing small rent increases.
question_answer ANECDOTE
Landlord Entitlement Example
A landlord complained about a tenant having people pick up food deliveries.
She wanted to know if she could break the lease over this, highlighting landlord entitlement.
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Ken and Danille McElroy dive into the challenges landlords are facing in today’s shifting rental market. From rent decreases and higher vacancies to tenant-friendly practices, they share practical tips and strategies to help landlords adapt and thrive in this evolving landscape.
ABOUT KEN: Ken is the author of the bestselling books The ABC’s of Real Estate Investing, The Advanced Guide to Real Estate Investing, and The ABC’s of Property Management. With over two decades of experience in real estate investing, Ken McElroy is passionate about sharing the good life by helping real estate investors grow and prosper. This podcast is a place for Ken to discuss numerous topics connected to real estate investing, including finance, budgeting, the entrepreneur mindset, and creating passive income. Ken offers a wealth of personal experiences, practical advice, success stories, and even some informative setbacks, all presented here to educate and inspire. Whether you’re a new or seasoned investor, the information and resources on this channel will set you on a path where you and your investments can thrive.
Ken's company: https://mccompanies.com
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