Blue Sage Blog

HB 2114, known as the Rent Control bill, was given a a short public testimony period where many RHAWA and NARPM members expressed their concerns for the future of rental housing should the bill pass.  2114 would have imposed a 7% rent increase cap, limit late fees to 1.5%, and restricted security deposits. We beat every pro-tenant bill this legislative session. There were no pro-landlord bills. Lucky us!

The importance of a well-maintained residential systems cannot be overstated. Home appliances and systems need regular upkeep to ensure efficiency, cost savings, repair savings and a safe, comfortable living environment. We are talking about HVAC, fireplaces, dryer vents and septic systems here in particular. Regular maintenance ensures optimal efficiency; it's a smart financial move that benefits both owners and tenants. Maintenance extends the life of your system, preventing unnecessary wear and tear, and avoids HVAC breakdowns in the middle of a weather event. A clean HVAC system promotes better indoor air quality, runs better and more efficiently. Routine inspections identify potential safety hazards such as carbon monoxide, gas leaks or electrical issues. Addressing these early on ensures the safety of occupants and the home. Tenants appreciate regular servicing, and will be more likely to do their part: pay rent on time, take care of the home and renew at the end of the term. Guests will have less reason to complain, or even cancel their booking, if all systems are working.

Giving back to our community is part of our mission

Our renewal rate for last year was 80%, which is very good. On average, our tenants move every 5 years. We don't track our vacation rentals that go monthly during the winter months. The median number of days a place was on the market this year was 14. Days vacant was similar. Doing the math, our vacancy rate for Blue Sage was under 1%. Next year, we will work to reduce the vacancy days, by pricing them right and marketing them earlier.

Reasons why it will disappoint most people

Nationwide, rents are trending down. One of the hallmarks of a recession is people doubling up on their housing, whether it be roommates or moving back in with parents. With supply increasing, rents start heading down. We are in a summer-happy area. And we are also reducing prices in our vacancies at this moment. I expect strengthening demand next year. Below is a relevant article: shorturl.at/cQT59

SURPRISE! NEW LANDLORD RESTRICTIONS, THIS TIME RE: DEPOSITS