June 26th, 2020 - Weekly Update & Tip
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In the News
Rent Collection for June as Good as 2019
According to the National Multifamily Housing Council (NMHC), 92.2 percent of apartment households have paid the June rent as of June 20th. This was found during a survey of 11.4 million units of professionally managed apartments across the country. The records show this being the same percent as last year , which is a great sign, considering the pandemic.

We are hopeful for continued improvement however, with the recent cases of COVID-19 increasing in Utah and nationwide, we are concerned about a possible resurgence and potential future shelter in place orders.
Is working-from-home changing real estate trends and investor's decisions?
Most people are not willing to commute for over 30 min to go to work every day, so most people live close to work. With the pandemic, over 50% of Americans have had the need/opportunity to work from home, and according to most surveys, a vast majority of them want to continue doing so, if given the chance. 

This is also impacting the Real Estate market, as people are starting to look for properties that offer more room, a spare bedroom they can turn into an office, rentals that include high speed internet access, and maybe even considering moving to the suburbs, being that commuting to work every day would no longer be a concern if they can work remotely. 

So if you are considering buying a rental, don’t rule out the suburbs just yet, as this might be a great opportunity to buy a really nice property for less money and it will still be a great investment since there’s an increasing interest in this type of home. If buyers and renters are not burdened by a five-day-a-week commute, housing in the exurbs, secondary cities and remote bedroom communities may as well become viable, affordable and attractive options.
Client Updates | News | Webinars
We have had a lot of content put out over the last several months and have been asked by some of our clients to have a centralized place to organize the newsletters, updates, webinars, and other information. For simple and easy access, we have created the page: KeyrenterSaltLake.com/client-updates .
Delinquency Updates
Rent Collection Report
With June nearly over, we have 3% of rent payments not fully collected. Some of those are partials, and they are all still people who were needing help in May due to COVID-19. This is better than both May and April, which is a great sign that things are improving for our residents.

That said, we are hoping things continue as there is discussion of going from yellow status back to orange which could yet again impact businesses and their employees.
Nate's Tip for Investors & Landlords
What is the number one killer of ROI?....Vacancy!

There are many tactical and strategic ways you can reduce vacancy, but there's not enough time to explain all of them here! But, I will be diving deep into them in my upcoming book and podcast, The Successful Landlord's Playbook.

Today, let me touch on one element. RETENTION. It's obvious, if you can keep a great tenant from moving out, you can avoid a vacancy. Did you know that 70% of tenant turnover is preventable?

So how can we do this? Well, here are a few things to consider which I'll explore in more detail at a later time.

1) Know what your tenants want.
National surveys show that the top 3 things tenants want and complain about are: 1) Responsive Landlord, 2) Reliable Landlord & Housing, 3) Respectful Landlord

So... let's do those things. Let's:
  • Treat our current tenants as good as (or better than) we treat potential tenants!
  • Invest money in them and retention rather than just in marketing and leasing.
  • Remember them and check on them regularly.
  • Provide them with resources (how to guides, preferred vendors, etc)
  • Offer resident benefits (insurance, filters, discount books, etc)
  • Start renewals early.
  • Offer renewal incentives (discount if signed by X date, increased rent reduction)

Let's work hard to keep our great tenants happy and begging to renew their lease with us!
Our relief fund for residents continues. Thank you all for you generosity as we have and will continue to be able to help our great residents having financial difficulty. Learn More
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.