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Home Rental Prices off 50% in College Station?

1,456 Views | 7 Replies | Last: 13 days ago by scrap
T264
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AG
I own a rental home that is only 2 years old and in a great neighborhood. 5 bedrooms, 5.5 bathroom, all appliances and a nice fenced in yard. It has been renting for a prime number for the last year and a half.
With the current lease expiring in a few days, my property manager comes to me and says we need to reduce the rent by 55% to get it rented now.
I have approached this guy 3 times over the earlier parts of this year and told him to lower the asking rent price in order to get ahead of the impending price drop this fall. I understand this is a weird time....
Question: What have the rental rates actually done or dropped in the College Station area ?
Diggity
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AG
can he show comps?
hopeandrealchange
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First of all your property management co. Is incompetent if they did not prelease your home many months ago.
I hired what I thought was the best management co. In town several years ago. I knew they also managed properties that they owned. Mine turned out to be low priority for them.
My rents are the same as last year. I did not try to raise them to cover the massive amount of tax increase but at least I did not have to drop rates.
T264
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AG
hopeandrealchange said:

First of all your property management co. Is incompetent if they did not prelease your home many months ago.
I hired what I thought was the best management co. In town several years ago. I knew they also managed properties that they owned. Mine turned out to be low priority for them.
My rents are the same as last year. I did not try to raise them to cover the massive amount of tax increase but at least I did not have to drop rates.


Agreed

mazag08
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AG
I'd like to know what companies y'all work with if you're willing to share.
scrap
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AG
I have hired several companies and realtors over the years to find me a tenant or two since I live in Austin. In each time I have been extremely disappointed and had to find my own tenants. No sense of urgency and very little follow up. I manage all my 19 units and additional 6 for my kids. 10 units in Bryan, 14 units in the Austin MSA and 1 unit in Ft Worth. i am 100% occupied! If you want the job done right do it yourself adage applies.

All my units are either duplexes or one 4 plex. All the units show nice and usually are upgraded over the competition. Lastly, pre-leasing is key!!! I also will put a lock box on a unit if empty so that if I have someone who wants to see it and I am in Austin, I will give them the code to see it. What I have found is that you 24 hours or less to show once you have an inquiry, otherwise they have move on to the next prospect. Cheers.
JP76
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I do a lot of make readies, , maintenance and repairs for rental owners in CS. From what I have personally seen, the 4/4 and 5/5 market has softened ~ 15 - 20% on rental rates versus this time a year ago. But it is also been hit or miss based on location as a lot of them currently rerented at last year's rate.
I can tell you right now there is still a lot of uncertainty and a lot of my customers let the previous tenants out of their leases early once Covid started in March. Many of the students never returned after spring break once everything went online. Come August there is either fixing to be a serious drop in asking prices or the demand is going to come on strong but right now everyone is still on the fence.
scrap
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AG
JP76 said:

I do a lot of make readies, , maintenance and repairs for rental owners in CS.
You can never have enough make ready / handymen in you contact list. If possible could you PM your contact info. I have 10 rentals in BCS and family/ friends have another 26 units. Cheers.
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