Here’s what you need to know about the latest rental statistics.
What rental news is coming out of San Antonio? First, 15% more people in our area are moving into rental properties. This is likely a direct result of how expensive homes are right now. For reference, home sales are down 17% year over year. That number tracks almost exactly with the number of new renters in our market.
This influx of new renters has increased the average rent by 3%, up to $1,804. This is a great benchmark to know if you’re a property manager. If you’re charging above this number, you probably have a more expensive rental. Below it, and you probably have a more affordable one.
If you have questions about this topic or anything else related to property management, please call or email me. I am always willing to help!