About 60,000 jobs have been lost in the metro area, and mortgage rates at 40-year lows are convincing renters now is a good time to buy. It may seem counter-intuitive, but now is the time for landlords to invest money to improve their buildings.
That is the advice from CB Richard Ellis brokers Steve Rahe and Craig Stack.
"We have entered a renters' market, where it become more and more difficult to attract good residents and equally as hard to retain them," they write in a recent report. "Some owners may not have the cash flow or may not want to give up the cash to make improvements. This can be a mistake."
The reason?
Renters, they note, are "looking for the most bang for their buck, and will be actively looking for better deals," they argue. "Improvements around the property could help to retain existing residents and attract new ones."
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