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The Rental Market is HOT!
As the Madison real estate market has continued to heat up, so has the rental market. Local rents are soaring as vacancy rates remain well under the national average. This has prompted some homeowners to buy their next home now, while renting their current home out. If you’ve considered the same, you may want to run your holding costs & potential income through a Rental Analysis Spreadsheet to determine whether or not the numbers work. Since the value of income property is measured differently than single family, owner-occupied property, you’ll want to be sure you’re looking at the right data when determining whether or not your home works as a rental. Need the spreadsheet? Email us for a free copy!
Thinking about buying income property? You may be interested in checking out our Investment Property Comparison Guide, consisting of active & sold properties, which is used to compare properties via cap rate, GRM, & cash return. Ask us for a free copy.
The Greenbush & Mansion Hill/James Madison Park TIFs offer great opportunity to both buyers & sellers. These amazing incentives are offered by the City to assist buyers in the rehabilitation of 1-8 unit buildings that are currently being used as rentals. Buyers must owner-occupy to qualify.
Final thought: There are literally thousands of new apartments being built in Madison this year, so sooner or later the market will balance out, and rents will probably soften up a bit. No big deal if you know what to look for in your next investment, but if you’re new to the game, be sure you’re taking all of the facts into consideration (current & future neighborhood development, neighborhood market trends, etc.).
Listing a home? Net more with Roost Realty! We’ll market your home with style, vision and boundless energy. Looking to buy? Let us be your property matchmakers! We’ll get you in the community, lifestyle and home of your dreams – because we know a home is so much more than a house.