Offering a strong sense of community just 18 miles from exciting Philadelphia, Bensalem is a jewel of Bucks County PA. Discover what makes this area a unique destination and melting pot of local arts and culture. Read on as we discuss the Fall rental market outlook from top property managers in Bensalem PA below.
Things to Do and Area Attractions
- Parx Casino and Racing: Visit and enjoy Pennsylvania’s largest 24/7/365 gaming complex, complete with eateries and event venues. Also, Parx offers a thoroughbred racing venue with live racing Saturday thru Tuesday.
- Area Parks and Events: Check out a variety of local parks that offer a ton of both relaxing and adventurous activities. Enjoy Bensalem Central Park’s outdoor concerts in the Penn Community Bank Amphitheater. Also, visit Neshaminy State Park along the Delaware River for boating access, relaxing picnic areas, and community swimming pools.
- Family Fun: Spend a day with the family at nearby Sesame Place! Featuring Sesame Street themed amusements, shows, and attractions for children. Also, be sure to visit The Count’s Splash Castle to beat the Summer heat!
- Bensalem Township Country Club: Enjoy the beautiful weather with friends while practicing your swing at the on-site driving range of this luxurious 18-hole course. Furthermore, don’t miss the Owl’s Nest Bar and Lounge, offering refreshing cocktails and delicious food after your game.
Fall Rental Market Outlook in Bucks County PA
Fall can be a slower time for rental properties. The COVID-19 pandemic continues to leave landlords and tenants alike with a lot of questions. Several significant markets of potential tenants have been affected by the pandemic and associated economic instability. Read on below to learn more.
- University and College Students: Bucks County PA is home to more than ten university and college campuses. This influx of students in the local area is an essential component of the rental markets. The COVID-19 pandemic has left many students wondering whether or not they will be returning to those campuses. Additionally, the uncertainty has caused many students to delay looking for housing.
- Rising Unemployment: The record-high unemployment rates since the pandemic affects a large percentage of renters. Those who struggled to make ends meet before now face new challenges. As some businesses reopen, it will take time for employees to get back to work and back on their feet. In an area so close to major hubs such as Philadelphia, rental rates tend to be higher than in other parts of the state. Higher rents, combined with a recovering workforce, could lead to longer vacancy time.
- Eviction Proceedings: In March, PA Governor Gov. Tom Wolf suspended eviction proceedings through July 10 for any tenants who can’t pay their rent. Also, this covered any tenant who overstayed their lease. Even so, residents are required to make payments if they are able or risk fines for past due balances. The delay in court opening combined with this mandate means landlords may have a long road ahead in they need to perform an eviction. This process could, in turn, delay the renting of the property.
Tips for Improving Property Rentability and Being Prepared for Leasing
Whether the rental market is hot or cold, there are some simple steps to add value to your rental properties. Property managers in Bensalem suggest added upgrades, freshened curb appeal, or evaluating your competition to help your rental to stand out from the rest. Check out the advice below!
- Increase Curb Appeal: A well-groomed exterior sets the tone for a client’s first impression. With that said, make sure any hedges or shrubbery are trimmed, and the grass is maintained. If your exterior is a little weathered, perhaps a fresh coat of paint or power-wash will brighten up the appearance making it more attractive to potential renters.
- Price Competitively: The number one reason properties stay on the market too long is the price. Before your property hits the market, thoroughly research your competition. Compare similar properties with like features and price your home competitively to attract tenants.
- Consider Upgrades: Interior a little dated? Updating simple items like light fixtures, plumbing fixtures, and window treatments can make a huge difference in overall appeal. If the home has noticeable wear and tear on walls or floors, it may be worth it to refinish or apply a fresh coat of paint.
- Be Ready for Marketing – Time is money when it comes to investment properties. If your property is currently vacant, make sure it is clean, the turnover work is complete, and it looks its best for potential renters.
- Critical Technology: COVID has changed the way tenants search for properties. Online presence is crucial as most renters turn to sites like Zillow and Apartment Finder. Consider adding virtual and no-contact tour capabilities or a video walkthrough for potential tenants.
The rental market in Bensalem and Bucks County PA does have some uncertainties heading into the Fall leasing season of 2020. That said, there are things you can do as a landlord to stay abreast of the latest filing requirements, market trends, and tips for improving the rentability of your home. Feeling overwhelmed? Reach out to top rental property management company in Bensalem and Bucks Co who can take all the stress away while protecting your investment.