At PMI, we do more than just rescue landlords who are struggling to turn a profit on their rental properties. We also help new and established investors make informed decisions in the face of a changing housing market.
Across the nation, the real estate market has taken some serious turns in the past four years. From record-low sale prices in 2020 to record-high interest rates in 2023, investors have been kept on their toes.
What are we in for in 2024? While we can't expect to get back to 2020 prices, we can look forward to some relief. Here are five real estate trends that are boosting the market in 2024.
1. Higher Inventory
If there's one thing that has slowed down real estate investments in Biloxi and elsewhere, it's low inventory. Since the real estate boom of the early pandemic, few homes have been available for purchase, leading to fast and impulsive buying that left many buyers unhappy and in more debt than anticipated. Real estate experts predict a modest increase in inventory in 2024.
2. Lower Interest Rates
Nothing has had a greater impact on the change in the housing market than rising mortgage rates, which reached highs of over 7% in 2023. High interest rates can have a serious damper on your buying power, but you can expect a bit of a shift in 2024. While some experts are reluctant to predict a positive change, others anticipate mortgage rates dropping as low as 5.5%.
3. More Renters
These modest improvements will make headway for eager investors, but may not yield tons of first-time homebuyers. If you own rental properties in Biloxi, you can expect a steady pool of leasing applicants to choose from. With the help of PMI's leasing experts, you can secure great tenants who are in it for the long haul.
4. Rent Stabilization
Before you go raising the rent in anticipation of a competitive rental market, consider the benefit of rent stabilization. The pandemic impacted the rental market as much as it did the housing market, leading to unsustainable hikes in rent. In 2024, your competitors are likely to put a hold on rent increases, and you should do the same.
5. Property Revitalization
At PMI, we're encouraging property owners to make changes to their properties in 2024 to keep tenants happy. This can include making changes to more efficient appliances for energy savings. It can also include improving both indoor and outdoor amenities for tenants who have decided that spending time at home is more rewarding than spending money to go out.
Watch the Latest Real Estate Trends With PMI
Real estate investors and renters alike have gone through some difficult times in the past few years. From low inventory to rising prices, investors have had to slow down on portfolio growth. In 2024, real estate trends are looking up and we're hopeful for a fruitful year.
Are you ready to revitalize your rental properties and see a higher ROI? PMI offers customizable property management services, from tenant placement to maintenance oversight and beyond. Let us know how we can glamorize your portfolio in 2024.
