Renting SFH by May Vs. COVID. How bad the numbers actually are?

Question

I will have a vacancy by May 1, for sure.  I'm am just assuming that.  My questions, however, are what to expect between now and then? Are rent prices dropping, if any, or by how much.  How much vacancy should I expect?  Specific market views are welcome, but generally speaking I wish to have some insight from the overall market.

Some info about the unit, it is a single-family home in a good neighborhood, gated community, amenities, great school districts, etc.   I think is in the top 70% compared to similar properties.

I appreciate any feedback, Thanks!

Stephen J Davis · Answer

I'm in TX too. Houston. I mentor a bunch of people in SA so I am familiar with the market. Start marketing the property now. Does you lease allow you to show the property? If not just have people drive by. Start creating a list of prospects to show once your people move out. I am hopeful by then we will be past the stay at home rules. I do not think rents will decrease except for people who panic. However, where we usually rent it 10 to 15 days, it may take a month to lease. If this home is over $2000 a month, it may take longer.

Josh L. · Answer

Isn't the low oil prices due to Saudi Arabia and Russia price war hurting Texas rental market?

Texas finally issued a statewide stay at home order only a couple of days ago and that will make it more difficult too. Although, Abbott might have issued that order too late and Texas will get hit really really hard.

Josue Vargas · Answer

@Stephen J Davis

Property should be on market soon.  Yeah property is 2250/month.   Zip code 78258, but towards the US281.   Like I suspected, everything is slow. Except my tenants.  They actually required me to have the photographer with masks and everything.  I just bought a pack of masks in Amazon bur they will be in my place by May 15th.  The whole situation sucks, and I have been communicative to the tenants, no matter what I do they always feel empowered and me without options.  Thanks to the city.  But as I learn more, I will be more proactive.