Just like home values, market rents, in Sacramento CA, vary depending on the location, size, and quality (amenities) of the property. Currently, the inventory (supply) is up, there for prospective tenants have much to choose from, driving the rents down. Tenants can now be picky, as they hold most of the “cards.” There are a few areas that stay strong – East Sacramento and Midtown (as well as Curtis and Land Park when people can afford it) always have high demands to live there.
I have an owner client that was previously renting a 2 bedroom home for $1250. We’ve lowered the price to $1050 and are still not get very many showings. The people how do look, say, “Yeah, I have 4 more to look at and I’m in no hurry.” After showing the property yesterday, the couple said, “We love it and think it’s adorable, but we have one little questions… We cannot live without a dishwasher and noticed that this home does not have one. Would you be willing to install one?”
I found the owner to be very amicable to the idea and said, “If it will get them in, I will do it!” Kind of like, he just threw up his hands and said, “I’m tired of this game, let’s get it over with.” So I called the potential tenant back with the good news, ready to schedule an application date, etc., and they said, “Well, we have a few more we want to look at before we make a decision… but we do want to decide soon… we’ll let you know.” I guess we came off too desperate?!?! Par for the course. It’s a brutal time to be getting top dollar on a rental here in Sacramento.
What has been your experience?
Keith Klassen – Real Estate Broker