I had some tenants give notice (they are buying now). I knew I was a little below market but was able to get an average 13% increase on the units that came open.
The new tenants were overjoyed too as they are getting larger, more modern homes.
I was able to lease very quickly (within days) and had in some cases over 100 views in a few hours on zillow.
A couple of people wanted to negotiate but I was polite and told them there was no need. As an FYI, these are SFHs with values in the 650 range going for approx $3200-3300/month. (Inland North county)
I had the impression many of the alternatives were going for $3500-$4000 as one applicant (who rented for $3900 in Del Sur) told me she thought I was $200 below market. Mine are not in Del Sur.
I don’t think the market will soften any time soon.
I noted that many of the applicants have very long commutes: from Palm Springs/Vegas/Riverside County/LA area. Their salaries were also stronger on balance than I initially expected. Some were relos, but some could work remotely and just wanted to be in SD county.
Not to speak of the ones who needed to move because their landlords are selling now.
Perhaps the AirBNB is pushing rents at the coast higher so some feel the need to look inland.
All in all, a very encouraging and interesting few weeks.
