How Tight Is Today’s Rental Market?

Today’s rental market is very tight; local employers continue to attract new employees to our area although new construction has not resumed its pre-recession pace.  As shown below by an actual prospect and chain of events, a week does not pass when we do not have multiple applications for the same vacancy although this was almost unheard of for the last 10 years.A0C78CMC00

On Thursday February 27, Mr. & Mrs. Jones  (not their actual names) applied to rent a 3 bedroom house in the Yorkmont Park area of SW Charlotte which had been shown at least 10 times in the last 72 hours.  The following Monday, the owner reviewed 3 applications and accepted someone else.  We immediately offered to refund their binder or assist the Jones in finding another unit.

The next day, Mr. & Mrs. Jones transferred their application to a 3 bedroom house in the Plaza/Midwood area of Midtown which had been shown at least 5 times in the last 48 hours.  The following Monday, this owner reviewed 3 applications and accepted someone else.  Again, we offered to refund the binder or search for another unit.

The same day, the Jones transferred their application to a 2 bedroom duplex in theCotswold area of S Charlotte which had been shown at least 6 times in the last 24 hours. The same day, this owner declined the Jones’ application because of their low credit scores (range: 480 – 540) and an account “placed for collection” of more than $2,000 last summer by a local apartment complex.  Again, we offered to refund their binder or search for another unit.

The same afternoon, the Jones transferred their application to a 3 bedroom house in Eastway Park in SE Charlotte which had been shown at least 3 times in the last 24 hours.  Yesterday, this owner declined the Jones’ application because of their poor credit and rental history just as had occurred a few days earlier.   

At this point, the Jones ended their search with our firm.  After 3 weeks, they had been unable to secure suitable rental housing even after applying for 4 nice properties because they were competing with more than 20 other & better qualified parties.

The Jones’ situation reminds all of us that if you view a vacancy which you like, apply immediately!  Do not hesitate; do not dawdle and do not procrastinate as this is a very tight rental market.

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