Residential Lease Rates ... Increase?
We hold part of our investments in 3 rental properties, and the lease rates have been stagnant for the last couple of years.
I expect that to remain the case, until either the rise in real estate values abates, and / or higher interest rates steal the punch bowl from the party.
Years ago, I heard an old saw that rental rates should be 1% of the real estate value per month ... an amount now far in excess of what our properties command.
So, for those of you who hold rental real estate, what are your expectations, and have you too been looking foward to a tighter, less homeowner-friendly market in which you can finally increase rents a bit? *
Also, we'd like to buy another rental or two, but the appreciation rates have been so high the last couple years that we think we're best off to keep our powder dry a little longer. *Are you waiting, or investing more in RE right now?