The rental market in San Francisco in 2018 is looking much like it did at the end of 2017. Today, we’re sharing a few rental market trends that you need to be aware of if you’re a landlord in San Francisco.
Property Management San Francisco: Lower Rents
Rents are down a good 10 percent or more, and it’s a much softer market than we have seen in many years. Employers are not hiring at the same pace that they were, and there is a lot of new inventory that has come online in the last year.
It’s been a long time since San Francisco landlords have faced a competitive market, and many are slow to get on board. There are a lot of overpriced properties listed for rent, and many have been on the market for 50 or 60 days – some as many as 100 days. That’s crazy. It shouldn’t take that long to rent a home. If it’s properly priced and marketed well, it should be rented out within 30 or 45 days.
Property Management San Francisco: Marketing
This market requires landlords to actively market their properties. At Gordon Property Management, we know that many prospective tenants are looking for available properties on their phones. We provide tech-centric listings so that tenants can easily find your property, schedule a showing, and fill out an application electronically. We also use professional photographers to present your property in the most favorable light. We use all the available tools and resources to market your property strategically and get it rented quickly.
San Francisco Property Management: Tenant Retention
Once we screen and approve someone, we treat tenants well because we want them to stay a couple of years. So, we make it easy for them to pay rent online and submit maintenance requests online. We are responsive to those maintenance requests as well. We believe that in this market, it pays to treat tenants well. They will stick around longer.
If you have any questions about San Francisco rental market trends, please don’t hesitate to contact us at Gordon Property Management.