Information and statistics courtesy Reggie Smith – TC Property Management & Rentals, INC., 573 Old Hickory Blvd., Jackson.
Home Crunch – The lack of entry level homes continues to put positive pressure on the rental market. In 2020, only seven homes built in Jackson would be considered entry-level. Thus, many young buyers will stay in the rental market longer. (Source – MLS Statistics)
They Discovered Jackson – In 2020, out of town investors purchased several Multi unit properties, and are refurbishing them.
Buyer Beware – Some buyers are surprised at the need for extensive repairs after closing on their purchase. A professional inspection is recommended as a condition of the purchase.
Job Growth – Jackson makes the list of 28 cities showing job growth during the pandemic. Jackson ranked No. 15 with one percent added jobs. Only cities in 11 states shared such growth, and seven of the cities were in Tennessee.
Tennessee ranks No. 1 as a destination, followed by Texas and Florida – reported by U-Haul.
Wall Street and rentals – Innovation Homes, Inc., the nation’s largest rental home owner now owns some 80,000 homes in 17 markets. JP Morgan has allocated $625 million to build for lease houses.
Nashville bombing – Nashville TV reported that insurance may not cover damage if the December 25 bombing was deemed to be ‘terrorism.’ Some policies include terrorism protection, while others make it optional. Since it could happen in residential property, owners may want to consult their agent regarding coverage.
Financials – A national research agency reported ‘rents through November showed only slight decrease compared to 2019 – November rent collected 95.2 percent in 2019, verses 93.6 percent in 2020.’
Collections – More than ever, collections require daily monitoring and frequent contacts with renters.
FOR MORE LOCAL BUSINESSÂ CLICK HERE
