The spring rental season is here, which means normal spring and early summer turnover, and a great opportunity to maximize your profit. Here’s a quick snapshot from the Harrisburg regional market, according to CoStar.
Market Rents Are Climbing
Market rents are up again, 7.4% this quarter, to an average of $1,181 per unit. That’s a strong signal for owners heading into peak turnover season.
Occupancy and Vacancy Trends
The vacancy rate ticked up slightly, 0.6 points this quarter to 3.2% on average, signaling a bit more elasticity in the market as tenants move. According to CoStar, the current market-high occupancy of 97.6% may dip to around 96.6% over the next few years, but it will remain tight, since supply isn’t expected to catch up with demand anytime soon.
What This Means for Your Property
Use these metrics to evaluate your property and make sure you’re taking full advantage of your turnover to grow your income. If you want a refresher on the underwriting basics behind turnover, rent growth, and vacancy, it’s worth revisiting the essentials. Need more specific help? Call us anytime to discuss your property’s performance. Even if there’s no next step, you’ll come away better prepared to maximize your property’s value.
