Key Takeaways
- Competitive markets (vacancy <3%) allow premium pricing (100–105% of market) but require disciplined screening to avoid shortcuts.
- Soft markets (vacancy >8%) demand speed: price at 95–98%, offer concessions, expand channels, and shorten application processing to 24 hours.
- Monitor four leading indicators of market softening: days-on-market, concession frequency, new supply, and inquiry volume.
- Adjust strategy at the first signs of transition—waiting until vacancy rises means competing against every other landlord who also waited.
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Test Your Knowledge
1.In a soft rental market, which leasing strategy is most effective?
2.What is the key difference between competitive and soft market strategies?
3.During a market transition from competitive to soft, when should a landlord begin adjusting strategy?