Summer is a busy season for renting, with more people moving for new jobs and the start of a new school year. At Specialized Property Management Dallas, we are considered the leader in Plano property management, and we want to share what’s happening with rental rates nationwide, as well as close to home.
Nationwide Rental Rates Rising
As more people choose to rent instead of own, rental rates continue to climb all over the nation. According to RentCafé’s mid-year rent report,
“Since the beginning of the year, apartment rents have increased by 2.6% – that’s an extra $37 added to the average monthly rent in six months.”
The report states that the national average rent in June totaled $1,465, with Manhattan, NY being the most expensive place to rent (no surprise there!). Here are the top 3 most expensive cities in which to rent:
- Manhattan, NY – $4,190 (Average Rent June 2019)
- Los Angeles, CA – $2,508 (Average Rent June 2019)
- Washington, DC – $2,223 (Average Rent June 2019)
So where does RentCafé say are the most affordable cities to rent, and how does Texas fare?
“Rent in Wichita, KS is still the most affordable in the U.S. at $656 per month, followed by Tulsa, OK with $696 and Toledo, OH with $721. Texas continues to offer affordable options, wrapping up the top five lowest rents in the country with Brownsville ($726) and Amarillo ($736).”
What Does this Mean for Plano Property Management?
If you’re just getting started in Plano property management, or wanting to invest, this is a great time to operate and own a rental property. The greater DFW area continues to attract people from all over the nation. The Dallas Observer reports, “. . . almost 25,000 new North Texas apartments have opened up in the last 12 months. Apartment demand in the area has reached a high that hasn’t been seen in more than 20 years.” The average rent for Dallas, TX in June was $1,229, which is a 2.8% increase since the start of the year, or a net change of about $34.
As a rental property owner, you want the area where you manage a rental property to be in high demand, as that means you can charge a competitive rental rate and have a large pool of tenants to pick from. The average rent for an apartment in Plano is $1,278, which is very close to the average rent for the greater DFW area. Plano is an attractive area to rent an apartment or house due to its proximity to downtown Dallas, good schools, and safe environment. In fact, Plano was named one of the “Safest Cities in America” by Forbes.com in 2018. Since the city is largely built out, families wanting to move to Plano cannot rely on new housing developments where they can build a cheap new house for free. They must buy a home that has already been lived in, or rent one of the many single-family rentals around the area.
Multi-Family Rentals vs. Single-Family Rentals
While apartment living continues to be a popular way to live, more families are choosing to rent a single-family home instead of an apartment unit. Families who cannot afford to buy their own homes yet especially want the lifestyle a single-family home can give them. Amenities like their own backyard, a nice neighborhood, more privacy, and more space overall are all reasons families choose a single-family home to rent. At SPM Dallas, we specialize in the single-family home rental market. This market has continued to grow over the years, with rents rising in most areas of DFW. The Dallas Culture Map states:
“In the Dallas-Plano-Irving area, rents for single-family homes rose 2.5 percent from April 2018 to April 2019.”
In order to maximize your profit in Plano property management, you want to be able to increase the rental rate of your home at a steady pace to match the other single-family rentals in the area. You also want to be able to snap up other properties in the area that are smart investments as they become available. The Plano area allows rental property owners the opportunity to invest in first one home, and then another as there are plenty to pick from. According to RentCafe,
“Zooming out to the metro level, suburban areas are where we typically see the most single-family rental homes. On average, about 70% of SFR are located outside the boundaries of the largest principal city of a metropolitan area.”
It can be overwhelming to manage multiple properties all by yourself, but a professional Plano property management company such as SPM Dallas can help you with the day-to-day operations while maximizing your investment.
How to Market to Millennials
As experts in Plano property management, your team at SPM Dallas believes it’s important that you know how to market your property to one of the largest groups of renters in Dallas: Millennials. Dallas News says that the DFW area is a “Millennial Magnet”, with more people between the ages of 20 and 34 years old moving to the city than anywhere else in the nation. And they’re just not buying houses.
“Millennials are getting married at lower rates than previous generations, according to census data, partly because of lower wages and higher debt loads as they entered the job market during the great recession. Perhaps it’s not surprising then that the generation born between 1981 and 1986 are slow to enter the housing market. According to Zillow, the average first-time homebuyer is 36 years old.” – From the Dallas Observer
Millennials want to live somewhere that’s close to where they work and can provide amenities such as a backyard and a garage, without being locked into a 30-year mortgage. While most Millennials can now afford to buy a home if they wanted to, they don’t like the idea of being tied down to one place, and they prefer the freedom that renting can give them. That’s why single-family rentals are an attractive choice for this group. Because Millennials are so technology-driven, it’s not enough to list your home on Craig’s List and stick a sign in your yard. SPM Dallas can help you upload 360 video tours to popular websites such as YouTube that can give you a leg up on the competition and attract more Millennials to your property.
Why Choose Specialized Property Management Dallas
At SPM Dallas, we are the Plano property management company rental property owners continue to trust. We help property owners all over the DFW metroplex manage their rental property effectively and efficiently. We have a 98% customer satisfaction rating, and are listed #1 out of 270 property managers. Here are just a few of the services we offer:
No Hidden Fees!
While we do charge a management fee, we outline clearly and specifically what it will cover and what it will not. And if you’re not satisfied with our services within the first 60 days, our Money-Back Guarantee states you’ll get your first two months’ management fees right back!
About 95% of our properties are leased in under 29 days, saving you months of lost rent! We market your property aggressively with our comprehensive proprietary marketing and leasing system.
More Effective Tenant Screening
We have the lowest eviction rate in the DFW area, with less than 1% of our placements resulting in an eviction. We screen our tenants for criminal, credit, income, employment, and rental history and promise longer tenant retention.
Financial Peace of Mind
We make collecting rent easy with our online tenant rent collection, easy ACH/direct deposit for owners, and tenant incentives for on-time rent.
Local Regulatory Expertise To Protect You
We study up on all the laws and regulations involved in property management so you don’t have to! We offer:
- In-house legal counsel and risk mitigation policies
- Trust accounting compliance for security deposits
- Eviction & writ of possession services
- Impeccable ethics & integrity
At SPM Dallas, we want you to always know what’s going on with your property. That’s why you’ll have online owner access to financials, maintenance, and monthly reports and you can call our property owner hotline 24/7, whenever you need us.
We provide tenants with a 24/7 maintenance hotline where they can call about repairs and emergency services. We conduct routine internal and external property inspections and offer professional remodeling services to help your property stay in excellent condition. We are also known as an approved Home Depot supplier with preferred pricing.
Our team of professionals live and work locally, making our 30 years of Plano property management experience localized to fit your needs. Our technology-driven, more efficient processes save you time, money, and headaches.
But don’t just take it from us! Here’s what some of our customers have to say:
“I’ve been with Specialized Property Management since inception of the company. Over the years I’ve had good service and the staff is always friendly and willing to help. I would recommend them to others in search of a residential property management company.”
Google Review from Kaylyn Mason
“SPM was very responsive and did a wonderful job at representing my rental property. You can tell it’s truly a team atmosphere that has your back as an owner and I’d recommend them to anyone looking to rent their property.”
Google Review from Lauren Marchica
PUT OUR TEAM, EXPERIENCE, AND ETHICS TO WORK FOR YOU!