May 8th, 2020
This week we have a link to the Keyrenter Resident Relief Fund, and updates on items in the news, rent collection, and leasing.

If you know someone who would benefit from this, feel free to forward it and they can subscribe using this link.
Nate's Investor Tip - Peace of Mind Reserve
You have probably heard me say this before, yet it rings true even more today during these times. Now is a great time to get your property reserve in place. I suggest for every rental property, set aside in a separate bank account (separate from personal funds) an amount equal to 3 months of the property's gross rent. Have this as your benchmark to keep in the account as a minimum. This will relieve the financial pressure in the event of a tenant not being able to pay rent during this time, unexpected repairs and maintenance, or any other unforeseen issue. It may not be possible for you to do immediately, but with a plan in place, this will help set your rental up for success.
In the News
Keyrenter Resident Relief Fund
So far you have donated $4,000 in our Resident Relief Fund to go to our residents. Thank you so much for your generosity! You can see how we have given funds away so far by checking our tracking page from within the donation site.
Increase in Showings in the Market
We always have a grasp on what is happening in the market, but it's more important now than ever. It is encouraging today to see that showings have rebounded and actually caught up with where they were at at this time last year (see image below). Click on the image ( or here ) to see stats on a national level or on a specific state.
Salt Lake County Property Tax Letter
Did you receive a letter from Salt Lake County that looks like this ( here )?

Salt Lake County is starting to crack down on rental owners who are taking advantage of the 45% property tax break, which is reserved for principal residences.

Unfortunately for many of us who have been receiving a discount, we will likely see this increase as the county removes the exemption. Unless your property qualifies as defined by Utah Law, there is not much we can do about it.

If you are unsure whether or not you are receiving the discount, you can contact the county at the numbers listed on the letter. Just be aware that may flag your property in their system.
Delinquency & Leasing Updates
Rent Collection Report
So far in the month of May we are showing a delinquency rate of 8% . Here's a brief comparison from prior months on the same day.
  • May 8th: 8%
  • April 8th: 8%
  • March 8th: 3.2%
  • February 8th: 3.7%
  • January 8th: 4.4%

We are on track this month compared to April, which is encouraging as we were expecting things to Although this is an increase in the number of tenants who have not paid their rent, it's not nearly as bad as local economists had projected. Granted our niche is higher rent homes, which has fared better across the country than multi-family properties.
Leasing Activity
We are seeing continued improvement in our leasing activity.
  • +63% increase in number of tenant inquiries from the prior week.

  • +15% increase in the number of showings the from prior week.

  • -4% increase in the number of applications from the prior week.
Have Questions or Concerns?
We're Here to Help
Whether you're a current client or not, Ryland has freed up her calendar and is available to connect with anyone looking for help or guidance during this time.