The rental market is changing. If you’re a property owner or tenant, you need to know what’s happening. TurboTenant’s recent report has some insights. Here’s a breakdown to help you.
Will Rent Go Up in 2023?
Are rents rising this year? Yes, according to the report. Almost 64% of landlords plan to or have already raised rent. If you’re an owner, you may need to do this too. If you’re a tenant, this info helps with budget planning.
Renters: Desire vs. Reality
Renting isn’t easy. Nearly half of renters pay over 39% of their income on rent. Many have less than $5,000 saved. Still, many wish to own property. If this is you, talk to real estate pros to see your options.
Landlords and Their Plans
Are you a landlord? You should know the market will stay competitive. Over 66% of landlords are keeping their properties as-is. About 33% are buying more. This could be a chance for you to grow too.
How Much Do Landlords Make from Rentals?
Most landlords make less than 25% of their income from rentals. If you’re an owner, this stat helps you see where rental income fits in your finances. It’s a tool for smart investment choices.
Conclusion
The rental market in 2023 has challenges and chances for both owners and tenants. TurboTenant’s report shows the importance of knowing what’s going on.
Owners, align your rental rates with the market. Think of your tenants’ needs. Tenants, understand rental trends. Get professional help if you want to buy a home.
Turnkey Services can help. We work with owners and tenants. Visit our website at www.turnkeyservicesrealty.com for more information. Or reach out to us directly.
We believe in informed decisions. We’re here to help you every step.