These next few years, rental property owners will need to be SMART and SAVVY!
According to a recent study conducted by Local Market Monitor and reported by BizMojo,the Idaho Falls region has expexperienced a stagnant economy over the past few years. According to the study, "Rents are very low. Population growth has been average. Job growth and low unemployment will increase housing demand, but mainly for rentals.”
Additionally, the report promises unpredictable growth for the local economy as a whole. "Economic growth has been erratic since the recession. Growth was poor in the past year, with jobs weak in government, healthcare and the big retail sector. Expect erratic growth the next few years."
These phenomena may result in a lackluster forecast for the East Idaho region as a whole, but it paints a different story for the niche market of rental property! Because rents are currently low, demand for rental units will increase. Thus, in the next three years, rental property owners can expect to see an increase in rent by upwards of 11%, according to BizMojo.
This expected increase in rents can be great news for rental property owners. Still, when navigating a market in flux, it’s important to be both smart and savvy when pricing and marketing units. With the help of BMG Rentals, you can ensure that your properties will be priced competitively—maximizing your profits and mitigating your risk!
See the full BizMojo article here.