Landlords are showing signs of bending backwards, and it’s not just to fetch that pen they dropped behind the desk. Rent concessions and discounts are starting to pop up in the for lease market, and many homeowners are thinking, “Are you over it? Is it time to sell my house fast?” Let’s take a deep dive in our continuing series called “The Tired Landlord” and find out what’s happening in the rental market as of the Q3-2023 and see if it might just be the right time for tired landlords to be done with their rental property.
Why Are Concessions Becoming More Common?
Firstly, the big question: Why are rental concessions and discounts even a thing? A recent report from Redfin shines some light on it. While some regions are thriving, others, especially those that experienced a COVID-era rental boom, such as DFW and much of Texas are seeing a softer rental market. Rents are slowly declining, with renters more concerned about economic stability.
Remember the days when renters scrambled to find an affordable unit, and “we buy houses” signs were almost laughable? Fast-forward to 2023, and with an increase in homebuilding, the phrase “get a cash offer for my house” is sounding a lot more appealing to some landlords. The competitive edge has reduced as availability increases. If the phrases “cash for houses” or “cash for my house” seemed alien a year ago, now might be the time to consider house buyers or home buyers to unload your property.
Are You Over It? Here’s What You Can Do:
So, if you’re feeling the pinch and thinking, “Maybe it’s time to sell my house fast,” what options are on the table?
First, consider concessions. More landlords are offering them, especially in higher-end markets. Offering the first couple of months rent-free can be an attractive proposition. But is this just a band-aid on a bigger issue? If you find yourself asking “Are you over it?” more than once, perhaps it’s time to really reconsider your involvement in the rental market.
And if you have a current tenant that is not paying rent, see our recent posts discussing what to do including an overview of the eviction process in Texas and what steps are needed like a notice to vacate.
While Redfin suggests that rents aren’t decreasing dramatically, landlords are using one-off discounts to effectively lower rents. The luxury market is particularly sensitive, and as Jon Ziglar, CEO at Rent.com stated, there’s increasing pressure on the higher-end properties with more units coming online in that segment. If you own such a property, diversifying might be a good idea. But if the thoughts “be done with it” or “are you over it?” persist, perhaps you need to think about a more permanent solution. If this is something you are considering, please reach out to our team to have a straight and frank talk about some cash buyer options.
Fast Cash Solution? Turning to Cash Home Buyers:
This is where “cash home buyers near me” comes into play. If you’re in regions like DFW or Texas that witnessed a massive rental boom during COVID, and now are facing the brunt of the softening market, turning to cash home buyers for a quick sale might be a sound option and strategy. With cash house buyers like our team at Bright Bid Homes readily available, you can get a cash offer for your house without the hassle of wading through the changing tides of the rental market.
The rental market of 2023 is proving challenging for many landlords. While concessions might be a short-term answer, if the sentiments “be done with it” or “are you over it?” keep popping into your head, perhaps it’s time to seriously consider selling. With the option to get a cash offer for your house readily available, and the growing demand for house buyers and home buyers, especially in regions like DFW or Texas, selling might be the silver lining you’ve been waiting for. Let our team at Bright Bid Homes help you turn your house into a bright opportunity! Contact us today!