The peak season is upon us! You can see by the chart that the advertised rentals took a big jump after the July 4th weekend. Up to now the number of these advertisements was down about 33% from the previous year. With the new additions this week we are actually about the same as last year.
We are seeing improvements in the number of qualified people looking for a place to rent. We are still needing a high number of showings before getting an application. This is often due to the number of available rentals these tenants have on their 'view' list. We find that if we don't get an application at the showing that chances are much lower that we will get a return call. This often requires a number of follow-up calls to see if we can bring them back for another look.
Rent rates continue to be very geographically controlled. Certain areas are always in demand (i.e., west of Broadway in Boulder) and can command higher rents. However, we are seeing some managers and owners getting a little too agressive in raising rents. Many of our calls are from people that have had bad experiences with other people or companies. It is still a renter's market. We are working very hard to keep the tenants we have in the property.
