COSTS SOAR IN CLEVELAND RENTAL HOUSING MARKET

This article and title comes from http://clevelandbanner.com/ that talks about the average rents in Cleveland. This article looked at apartments that had an average of $800 a month rent.

The funny part of the article is the Realtor quoted though the rents where high in Cleveland. In some cases the $800 a month rent was shocking? I have always said that as the downtown gets nicer everything goes up in price including rent. Notice the new shops, grocery stores, and high end hotels that have been built there in the last few years.

We lease a lot of homes every year and the rental rates on the homes have stayed consistent. In Lyndhurst Ohio for example we just leased two homes for $1300 a month each. The tenant also pays their utilities.

People who lease real estate will have to get used to the rising rents, because housing prices are also going up. If housing cost go up for a landlord so will the rents for their tenants.

I was reading a article on the top rents in America, San Francisco was #1 in rental rates. The rents there exceeded $3500 a month on average for a 1 bedroom apartment. Why is the cost so high in this city?

The cost of real estate is much higher and so are the taxes and regulations. That cost is almost always passed on to  the tenants. San Francisco is a great example of that.

So soaring rental rates mean that the economy in the area is doing well and home prices are also.

The other big factor in getting the best rents is who is Managing your real estate, and does the owner keep the property clean and nice.

Our property management currently has around 80 homes that are managed. We could be a lot bigger if we wanted to, but we want to get the best real estate in our management portfolio. That does three things easier to manage,long term tenants, and consistent income to the landlord.

For example we have a home that we are getting currently getting a 3 year lease on, because the area is in high demand.  That is the type of real estate most landlords want.

Need assistance on how much to lease your home for? Do you need to buy homes for income? Call me I'm Brett Icon Agent 2 years in a row at EXP Realty Ohio 216-703-5740 or Text "income" to 
1-937-529-0745.

Get more information on our Income Real Estate  

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