hubbrealty

What's New With Rental Rates in Reno-Sparks

Sat, 15 Feb 2020 02:18:40 GMT

Are Rents Still Going Up?

UPDATE Spring 2025: Rental rates for apartments and condos are holding steady. Inventory of new apartments and luxury apartment that compete with condos is also holding steady here. Single family homes are in greater demand with less inventory, so rental rates can go up depending on demand; however, increases are more modest than in previous years. If your rental rate was or continues to be under market rent, you may still experience an increase in rent. Generally speaking, landlords will still increase rents by modest amounts to offset inflation as the cost of all services to maintain a rental property have increased significantly. As always, we are always looking for a win-win for all parties. We need each other to be successful, so our goal in management is to retain good residents and to provide enough cash flow for owners to maintain their rental properties in very good condition.

UPDATE Spring 2023: Good news for renters! Rental rates are slowing. Renters can expect to see more conservative rental rates and less competition due to economic factors and increased apartment inventory. Single family home rentals are still in high demand and do not appear to be as affected.

UPDATE: Spring 2021 My goodness, it's amazing to look at this blog one year later, after a year of The Pandemic. It's almost as if I was in a pandemic fog. Really, we were just grateful that most of us were doing well and hanging in there. We really just wanted to hang on to the status quo and get through it. Now we're in a rental rate frenzy! Rental rate are going through the roof, and have been for at least a few months now. After thirteen years of being a property manager, I was taken by surprise! It's rough out there for renters - high rates and little inventory. Hopefully things will calm down. Hang in there!!!

WHAT I THOUGHT IN SPRING 2020 (Just before The Pandemic): Of course everyone wants to know what's happening with rental rates. Here are my observations and opinions. I am going to say that we started to seem some softening of rates for apartments and condos in the Reno/Sparks Metropolis in 2019 based on our portfolio of rental properties (comprised of different individual owners). Rental rates for single family homes appear to continue to increase, but not as much as in past years. In my opinion, I think the crazy increases in rental rates are calming down overall. That means that you might be seeing some rates that look like they are a better value than you thought in the past, and if you are currently renting, your rental rates may stay the same or only increase modestly on your lease renewal, providing your initial rental rate was not far off from the market rent. In general, we try to keep rental rates moving with the market, so in the past and currently, we may still recommend a modest increase on your rental rate. While no one enjoys a rental increase, it is far better to keep with the market than to wake up to a huge increase because no one was paying attention to the market.

Contrary to popular news, it not something we delight in doing - that is creating huge increases in rents without disregard for the impact it creates for our residents. But recently, new owners that purchased older properties with lower rents, purchased those properties at a much higher price than the original owners did. If you add in upgrades and the increased cost of services and materials, then the rent almost certainly did go up significantly. We can appreciate the difficult impact this has had on many people. We strive to create value for our residents to the best of our abilities along with our owner clients.

All of us share in the concern for a happy, vibrant community. Our owner clients are part of the equation aimed at caring and a reasonable desire to create a positive rental experience for their tenant residents. We are here to listen and to do the best we can do to make your rental experience a good one.

PERSISTENCE

Thu, 10 Aug 2017 07:00:00 GMT

If you saw the movie about McDonald’s Ray Kroc, “The Founder”, you probably loved it. It’s about that entrepreneurial spirit of getting it done and hanging in there despite what others around you are saying. And now, you’ve done it. You have created your real estate investment portfolio. I know that it requires a good mind, persistence, and hard work to get there. Congratulations.

You invested your time and money. You deserve to have a positive experience as a real estate investor. Here are the items we as property managers are especially concerned about to protect your investments and allow them to PERSIST on to the next generation.

Key Items of Effective Property Management

Quality tenants through excellent screening practices
Minimization of risk through sound leases and knowledge of property management laws
Maintaining the property with best value vendors and regular property inspections
Excellent communication to maintain positive relations for all parties
Improved cash flow through analysis of market rents and scheduled rent increases
Improved cash flow through the reduction of expenses and improving key features
Utilization of technology for optimized customer experiences

Speaking of persistence, I just achieved my Certified Property Manager (CPM) designation from the Institute of Real Estate Management (IREM). It took me seven years! Please give me a call if I can be of assistance for leasing services or full service property management. Thank you!

Kudos for Hubb Realty

Sun, 07 May 2017 07:00:00 GMT

We lost our apartment in a fire and found a renting through Hubb Realty. Overall our experience was stellar, and I hope we can be fortunate enough to have another amazing property manager in our future. First, it was convenient to see houses available on our own time through Rently rather than trying to work with someone else’s schedule too. Second, they are prompt in responses always - we were frequently updated on missing application information and was approved within a week. They are also prompt in repairs and work through an app where you simply submit a maintenance request and someone will call you in a timely manner. They contract with various vendors and I’ve never had a bad experience with any of them. Lastly, they’ve always been fair, transparent and honesty When we left, we followed all the moving out instructions, and as stated in our lease, like getting carpet and house professionally cleaned. They returned our deposit within the stated time frame and charged a fair price for some accidental damages that was totally our fault (oops). Most landlords would’ve taken advantage of this and price gouge for repairs! I almost feel like I was the one that took advantaged of Hubb. I would rent from Hubb over any of other property management or landlords in Reno. Posted 08/12/23.

For Renters Competing in the Rental Market

Tue, 18 Apr 2017 07:00:00 GMT

If you want to rent a property, you have no doubt found the experience to be a bit frustrating. With limited inventory, you usually will be competing with other applicants. It’s tough for renters competing in the rental market.

Many application fees are non-refundable so if you have a pet, check with the property manager first to see if your pet will be allowed. Include a photo of your pet(s) with your application. If you have a biting breed dog, be prepared for some push-back. The owner’s insurance policy may not allow the owner to have a tenant with your breed. If you have a Service Dog or Emotional Support Animal, let the property manager know as your animal will be allowed with the proper documentation.

Be sure to include current contact information for your current and/or previous landlords. An email address is helpful as most rental history verifications are done in writing (emailed). Contact your current landlord if possible to let them know they should expect an email regarding your rental history.

If you have Renter’s Insurance, be ready to provide a copy of your policy. If you don’t have Renter’s Insurance, contact your agent. The owner’s policy does not protect your personal property against damages or theft. Renter’s Insurance is affordable – usually $15-$20 per month or less. It can also give you money to move if your rental becomes uninhabitable (fire/flood, etc.).

Check your credit report. I recommend Credit Karma www.creditkarma.com, where you can get information to contact any debtors you may need to get in touch with to pay off debt. If you have any debt to previous landlords, utility companies, cable companies, or phone companies pay those first. Those debts could very well create a denial of your application.

Many management companies will allow you to use your approved application for up to three months for any of their available properties to help you find a property if you lose out on your first choice. Stay proactive and create good communication with your prospective property manager. Our goal is always to assist you.

Please feel free to contact me /contact-us/ if you have any questions and best of luck in your home search.

Paying for Property Management

Fri, 10 Feb 2017 08:00:00 GMT

If you question the value of paying for property management to have your investment property professionally managed, I understand you. You probably enjoy some aspects of managing and especially enjoy the savings to your bottom-line. And also there is the reassurance that you will do the best job of protecting your interests over anyone else.

But wait. Consider that effective property managers can increase your bottom-line, take away the aspects that you don’t enjoy, and do a great job of protecting your interests. Moreover, we can give you the best benefit of all – TIME. More time to do what you love, or time to do less, all the while knowing that we have your best interests at heart.

If you want to create more time for the things you enjoy, you can still be involved in managing your property to a smaller degree, and have the best of both worlds. The bottom line is good property management is affordable.

One-time Management offers advertising, showing, screening, and lease signing if you just want to the lose the hassle of finding a great tenant. Full-service Management offers the whole spectrum of management but can be tailored to your requirements. If you want to improve your cash flow prior to sale, we can show how we would do it and manage until the sale.

Please give me a call to discuss how I can give you the gift of more time and more value with our custom property management services.