REINCheck

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VO [00:00:06] You're listening to REINCheck with Andrea Rice, Contracts and Industry Specialist at REIN, where you get the latest member news and information delivered straight from the source, REIN MLS.

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Andrea Rice [00:00:20] Hello and welcome to REINCheck. I'm your host, Andrea Rice, and today we are checking in with REIN's Property Managers Advisory Committee member Lisa Chandler to talk about the Hampton Roads Rental Market. Lisa, thank you so much for joining us today.

Lisa Chandler [00:00:35] I am glad to be here and to help start off the new year.

Andrea Rice [00:00:40] Yes. Yes. It's getting off to a good start here. So we know that the housing market was really hot following the pandemic and, you know, we've heard that it started to cool. What have you seen for the rental market in this time period?

Lisa Chandler [00:00:57] So I had done an interview in October and had given some statistics about from 2019 to 2022, there were there was a 40% decline in newly listed rentals. And just as in the resale, we experienced a drop in listings available to a very low point in June of May and June of last year. Looking at our personal statistics, we now have a 30% increase in list, newly listed rentals. So there is more inventory on the market and that gives the renters more option options, which is very good. But it can also turn around the or increase the market time for getting listings rented.

Andrea Rice [00:02:00] Okay. That's interesting. Now, we heard plenty of stories about bidding wars for rental properties, you know, last year. Is that something you're still seeing now that the inventory has gone up some or you're not seeing that anymore?

Lisa Chandler [00:02:16] We're not really seeing that anymore. What we are seeing on some properties, particularly if it's like anything, if the price is right, we are still seeing numerous applications on individual properties depending upon, you know, the property, the location, the asking rental price. So we're not seeing the bidding wars, which was quite interesting when it came to rentals. But we are we are still seeing numerous applications being put in on individual properties.

Andrea Rice [00:02:51] So well. So I guess that's a good thing, though, you know?

Lisa Chandler [00:02:54] Well, it is. It is. And however, it does mean that we have to process each one of those applications. And then, you know, there might be only I don't want to say maybe two or three, that kind of rise to the top for the owner to make a decision on. So it's we are processing all the applications, but which takes time.

Andrea Rice [00:03:21] Right.

Lisa Chandler [00:03:22] And so it's more of a time issue, but it also gives the owner some options to choose from.

Andrea Rice [00:03:33] Yeah. Okay. And so. So you would say that I mean, from what I'm hearing, that the current supply is meeting the demand. Do you think it's a good supply demand ratio or no?

Lisa Chandler [00:03:47] I do. I do. And it is. Yes. So the increased number of listings has helped to give also renters that are looking for options, it gives them more to choose from. But we're not seeing, as you said, the bidding wars that we were seeing in summer or in 2021 and early 2022. It is giving it's about equal now as far as supply demand is. From what I can see. And if a prospective tenant does not get a is not approved for one property, we can use their application for another property that we might have available so they don't have to reapply. And that's also a benefit to having more inventory in our particular, you know, in our particular company.

Andrea Rice [00:04:55] Yeah. Nice. So really, Lisa, I just wanted to have you on at the start of the year. You know, the last episode we had Josh kind of run over statistics for 2022, you know, and we were thinking, well, let's see what's going on with the rental market, because I know everything has changed. I feel like everything has just like, you know, changed so much in the course of even, you know, 12 months, six months, whatever. So I'm glad you could come on today and give us a little bit of an insight into, you know, what it was like, you know, just six months ago compared to what you're seeing now. And it'll be interesting to see how things progress through 2023. But before we sign off, are there any parting thoughts or tips that you would like to give to our members?

Lisa Chandler [00:05:41] I think for anyone that is in property management, REIN has works very hard to be current in the forms that they provide and that they that match they and include whatever new laws are coming into place. Certainly, in the last couple of years during the pandemic, there were so many new laws that were coming out, it was a little hard to keep up with them. But I encourage anyone who is a member of REIN and has a touch as rentals and may be managing their own properties or in property management REIN's forms are up to date. They are very well put together. They are reviewed not only by the PMAC Committee, but also we have an attorney on the committee that helps us stay in line and make sure that we're doing it correctly. And so I would encourage people to take a look at the forms and the content, and then if they have suggestions, they should send an email to to REIN and suggest that PMAC look at potential changes to the forms, because we might not, you know, we might need some updating that we hadn't thought of yet. So I would encourage people to use the resource that is right at their fingertips.

Andrea Rice [00:07:12] Yes. Thank you, Lisa. And to that point, if you maybe haven't taken a look at our rental library in a few years, you know, it is it has grown tremendously. We went from maybe having eight to10 rental forms to probably over 30 now. So we do have a lot of rental forms. Take a look at them and refresh yourself. You can find them on REINMLS. com. You can also find them in Instanet. They have their own little subcategory in there, so it makes it easy to locate. And just, you know, maybe take a glance. Because if you don't do rentals on a regular basis, you know, you might have one come up that you're doing for yourself or whatnot in the future. And just, you know, to have that in the back of your mind. But, Lisa, I do want to thank you for being here with us today. It was a lot of great information. And I want to thank all of you out there for listening. And I hope you enjoyed this episode of REINCheck. If you've missed any of the previous episodes, I do invite you to go to REINMLS.com and take a listen. And if you have not done so already, please make sure you subscribe to REINCheck so that you can get new episodes delivered directly to you when they are released. Thank you and have a great day.

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VO [00:08:25] You've been listening to REINCheck with Andrea Rice. Stay in the know from those who know. Delivered straight from the source, REIN MLS.

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