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The Santa Barbara rental market isn’t what it used to be. With fewer tenants looking to move and longer listing times becoming the norm, landlords and property managers need to be adaptable to limit their vacancy periods. Adding to the challenge, data shows that rental prices are barely maintaining or some on the decline, and tenants are becoming more discerning. They’re walking into properties looking for reasons not to rent, and older properties are feeling the brunt of this trend. At Mission City Property Management, we’ve mastered the art of adjusting to these shifting market conditions, allowing us to lease properties in an average of 15 days. In fact, the last property we leased was on the market for just 8 days before a lease was signed.
Market Conditions Demand Adaptation
Gone are the days of simply listing a rental and expecting it to be leased within days. Many listings are now sitting vacant for 45, 60, or even 90 days. As each month passes, property owners lose about 8% of their rental value on a one-year lease, which can add up to a significant loss over time.
At Mission City, we use a dynamic approach to pricing. Our goal is to get the highest possible price for your property, but neither we nor the property owner benefits when a property sits vacant. That’s why if activity is slow, a larger price reduction of 7-8% may be necessary to attract tenants and avoid prolonged vacancies. However, if we’re getting lots of inquiries and showings but few applications, we opt for smaller adjustments of 3-4%.
This strategy is evaluated every week based on market data and shared with our clients. They receive a weekly update with progress reports, recommendations, and feedback from showings. This regular communication ensures we stay proactive and can make adjustments swiftly to keep your property competitive and avoid long vacancy periods.
Data-Driven Leasing Strategies
We rely on in-depth market analysis to determine the right starting price for each property and continuously monitor market trends to make quick adjustments. This data-driven approach not only shortens vacancy periods but also ensures we can negotiate better terms for our clients, such as earlier lease start dates. Older properties, in particular, require extra care in pricing and presentation to stay competitive in this tougher market, where tenants are actively looking for reasons to pass on a rental.
Don’t Let Your Rental Sit Idle
With a market that’s becoming increasingly challenging, adaptability is key. Contact Mission City today and experience how our flexible, data-driven strategies can get your property leased in record time—often in just 10 days!
Data-Driven Leasing Strategies
We rely on in-depth market analysis to determine the right starting price for each property and continuously monitor market trends to make quick adjustments. This data-driven approach not only shortens vacancy periods but also ensures we can negotiate better terms for our clients, such as earlier lease start dates. Older properties, in particular, require extra care in pricing and presentation to stay competitive in this tougher market, where tenants are actively looking for reasons to pass on a rental.
Stop Losing Rental Income
Stop Losing Rental Income Every day your property sits vacant is lost income. Partner with Mission City and let us apply our proven, flexible strategies to get your property leased. Fill out this form to get help today! Contact Us
Paul Knight
Owner and Broker
Mission City Property Management
805-319-7000
