A slow and low Winter of homes for sale tends to lead to a blossoming of inventory and a more active market in the warmer months. But this year seemed to be the exception; especially for the DC area.
Local real estate experts say that a healthy market should have around a six-month supply of inventory, but this year there is less then a two-month supply in the DC market. Based off 2012 numbers, DC inventory has dropped 27% and it has affected all price ranges and housing types. The inventory segment to be hit hardest by lackluster supply are the lower-priced starter homes, which are down 42%.
What does this mean for real estate agents in the DC area?
Lower inventory means higher prices which are scaring away first time home buyers like millennials and keeping them in the rental game. Because of this the multi-family market is seeing a huge boost.
Multi-family inventory saw a 3.6% increase last year – greater the national average of 2.4%. And, with over 4,600 units permitted in 2016 – the second highest and only exceeded by the record breaking 2015 – this new inventory has helped keep rents under control with a slim 2.6% year-over-year increase in rents – compared to 4% nationally. These numbers renting a viable option for those priced out of the competitive sales market.
Now that we’ve hit the Winter season once again, only time will tell whether or not the market can swing back around in Spring 2018.
How can agents capitalize on this strong rental market?
The Rental Beast platform provides the perfect addition to any real estate professionals business portfolio. We have the largest database of listings in the DC area including the MLS and other local sites that our Rental Beast ninjas have meticulously searched for, acquired, and added to our platform with the all information you will need to help your clients. Our platform provides several avenues to help agents market themselves and generate rental leads in the DC area.
Rental Beast agents live by the mantra that all rental leads are future home buyers. By building that relationship now handling their rental search, you ensure that when they decide to purchase in the future, you will be the first person they call.
Starting your search online for your next home to rent has become commonplace. But when it comes time to narrow your search, it may seem like homebuyers have the advantage of calling on a real estate agent to help them through the process. But renters shouldn’t sell themselves short. Many real estate agents will gladly represent a renter. It’s just a matter of connecting with the right professional who is familiar with the rentals in your target area.
By enlisting the help of an agent, you get all the benefits available to a homebuyer: professional experience, a personal touch, local knowledge, and an understanding of your budgetary constraints.
Here are four reasons you may benefit from using a real estate agent to help you find your next rental.
- Location: If you’re going to be living in a central neighborhood close to downtown, having a professional on hand would be extremely helpful. Often in a competitive market like DC, a real estate agent is necessary to help you get appointments to tour available spaces.
- Relocating: If you are unfamiliar with the DC Metro area and neighborhoods, it could be a major advantage to call in a pro who spends their days scouring neighborhoods for available homes.
- Time: Some perspective renters simply do not have the time to search websites, connect with landlords, and tour properties. Enlisting the help of an agent can eliminate that time crunch they struggle with.
- Touring: Besides large apartment communities, most rentals are run by mom-and-pop landlords and property owners, where calls and emails have the potential of going unanswered. Even if you’ve got access to the leasing office, businesses may close at 6pm, creating a very limited window to access someone who can assist you. It’s a real estate agent’s job to make that connection for you. With an agent representing you, it might be possible to schedule an after-hours showing or ensure the property manager knows you’re serious about your inquiry.
Rental Beast has been partnering with real estate firms in the DC area to help support and train their real estate agents to be the most prepared and qualified professionals when it comes to helping perspective renters find their next home. With a database of up-to-date and available properties larger then any other website or professional listing service, the Rental Beast platform helps to make sure that any person looking for a rental property will find exactly what they need. Our agents work for some of the leading brokerage firms nationwide and take pride in providing that professional experience and local know-how to help you find your next home. No other platform can take you from first click to signed lease with greater ease.