Recently, we had a prospective tenant contact us who is relocating from South Carolina. Once he got over the initial sticker shock of rental properties here, I told him about the state of our rental market. Some of our properties move very fast and he needs to be prepared mentally to do so as well.
Many of our tenants rent our properties sight unseen. Yes, I know that is scary but we do try to put up as many photos as possible so that the tenant feels like they have "seen" the home. Additionally, we have been in business for over 16 years, have a good reputation, have good reviews online, and we can provide customers with numerous references. Our clients know that they can count on us to stand behind our properties. If the properties are not in good shape, we will not take them. So, our experience and our reputation helps make people more comfortable renting sight unseen or moving quicker than they had originally planned.
Why do certain rental properties move so fast?
In June & July, a large influx of medical residents and fellows coming to Johns Hopkins Hospital and the University of Maryland Medical System are moving into the area. The subway from Owings Mills goes right to the John Hopkins campus and can save people lots of stress and money. Therefore, homes priced correctly in Owings Mills can move very fast during these months.
In addition, Owings Mills is close to the Ravens practice facility and we have lots of players and coaches in the area. They move in, they move out. We watch the headlines and can gauge our market around news surrounding the Baltimore Ravens.
Finally, we have regular people like you and me, families who want to be in certain school districts, and professionals who want easy access to highways and public transportation.
So what should a prospective tenant do?
1. Check ChesapeakePropertyManagement.com daily. We update as often as possible. We recommend checking our website to get educated on pricing and the area.
2. Complete the tenant application as soon as possible. Be sure to turn it in with all attachments and additional documentation. Often, applications are turned in incomplete and this slows down the process. We will run your credit and check your references and get back to you on an approval quickly.
3. Call us and connect with a team member. Tell us your "must haves", your timing and anything else you think we need to know in order to find you your next home.
4. Once you are approved and a property meets your needs, move fast. Either rent it sight unseen or come into town to view the property as soon as you can.
I hope this helps explain the Owings Mills rental market. As always, if you have more questions, give us a call.