The impacts of COVID on property management and rental properties.
We are in our third winter of COVID, which is just crazy. So how is COVID affecting property management?
The first thing we see is some price increases. There has just been a lot of inflation, and that has affected the cost of materials and labor. On top of that, home values appreciate, which means that property taxes also went up.
As home prices appreciate, rents usually follow.
Rent prices are also going up, but they are lagging behind the other increases right now. The reason is pretty simple. Let’s say someone started renting in May 2020. If there is an increase, they won’t see it until May 2021, when their lease is up. That lag can be tough as a property owner, but generally speaking, as home prices appreciate, rents follow.
We’re also seeing a lot of new guidelines. Some of them are being enforced; others aren’t. There are also a lot of changes around the office. We’re doing a lot more remotely and following CDC guidelines whenever someone gets COVID. That can be exhausting for a lot of folks.
Our residents seem to be either incredibly kind or hot-tempered. I think a lot of that is how COVID has affected them personally; has it made them more sensitive or has it given them a short fuse? I know I personally change based on the day.
We’d love to talk to you more about how COVID has affected us. If you’re interested or if you have any questions, just call or email us.