January 2021 - Despite the many challenges presented by 2020, we’re happy to say that the rental market in the Greater Wilmington Area remained strong. Across the board, occupancy rates continue to be at an all-time high. For us at Sweyer Property Management, they averaged 97% for the year.
Though different in many ways, the sales market and rental market do affect each other and that once again proved to be true in 2020. The hot real estate sales market allowed "reluctant landlords" (those who perhaps inherited properties or who had been unable to sell their homes in the past) to finally sell their properties, which reduced the overall inventory of single-family homes available to rent.
With the decrease in supply of single-family rentals, the demand increased, thereby allowing investors to command higher rental rates. This became evident in the over 5% appreciation rental rates in our area saw this past year.
The Covid-19 pandemic has brought on uncertainties and changes for everyone and that has been true in the property management industry as well. Through the use of technology, we were able to continue safely running our business by conducting virtual and no-contact showings, applications, lease signings, and move-ins.
The utilization of our electronic payment options increased significantly, and maintenance coordination improved due to the use of apps designed to connect tenants, vendors and property managers. We have been fortunate in that locally we did not see much impact in the way of tenants being unable to pay their rent due to Covid-19 impact.
As we usher in a new year, we at Sweyer Property Management expect to see these positive rental market trends continue in southeastern NC.
If you’re interested in finding out what your property might rent for or would like to learn more about our services, please reach out to our team of experts here.
Sweyer Property Management has exhibited continuous growth throughout the Wilmington, Leland and Hampstead areas while maintaining an excellent Google+ rating for customer service. To inquire about the company’s full-service management services or to take a tour of homes for rent in the area, visit them online at WilmingtonForRent.com.
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