A recent analysis from RentSpree highlights significant seasonal trends in tenant screening, particularly a 27% increase from May to July. This surge is attributed to prospective buyers choosing to rent due to elevated mortgage rates and climbing home prices. Properties are seeing faster transactions, averaging under 16 days from listing to first application. With 20% of renters halting homebuying plans due to affordability concerns, real estate agents need to adapt by streamlining administrative processes and implementing thorough screening procedures to manage risks and capitalize on the competitive market.
With a significant 27% spike in tenant screening between May and July, more prospective buyers are choosing to rent, driven by elevated mortgage rates and rising home prices.
To thrive in the current competitive rental market, agents must transition from reactive to proactive strategies, focusing on time management and streamlining workflows.
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