Homes are sitting idle on the market right now, but property management companies, like Cedar Ridge in North Carolina, are staying proactive to foster owner confidence.
As real estate markets across the US navigate current trends, rental properties are staying on the market longer than usual. This is especially the case in the Holly Ridge, NC market, the area served by Cedar Ridge Management.
On this week’s episode of “This Week in PM,” we sat down with Cedar Ridge Management co-owner Schuyler Witt to discuss what he’s seeing, how he’s handling vacancies, and how he proactively works to foster and retain owner confidence.
Current Days-on-Market Trends
Owners aren’t shying away from approaching their property managers about the steps they’re taking to address these extended vacancies. According to Schuyler, rental properties in North Carolina’s Wilmington, Hampstead, Sneads Ferry, Jacksonville, and Swansboro areas are especially prone to this reality. He’s had to figure out some creative solutions to help his owners fill vacancies and grow his business at the same time.
The COVID-19 pandemic kickstarted an especially large migration into North Carolina between 2021 and 2022, choking the state’s housing supply. It was a different economic time: Many were happy to at least rent with a roommate and forego expensive homeownership, even if that meant absorbing rising rental prices or staying in one of the many metros that saw increases of 10% or more in median monthly rent between 2019 and 2021.
But gone are the days of owners asking for higher rents and not having to do much to get them. Today, properties aren’t moving because investors want to continue that trend despite falling rental demand. Unless they’re willing to rent out their properties within current market conditions, those properties will sit idle for as long as it takes them to reconsider.
Schuyler Witt
Cedar Ridge Management
Holly Ridge, NC
Schuyler Witt is a former Marine who founded Cedar Ridge Management with his wife, Avery, in 2021. He’s been a real estate investor since 2011 and they currently manage over 200 properties in Holly Ridge, NC. His beautiful and brilliant wife – keeps him sharp and he loves spending time together with his two wonderful boys, Benaiah and Wrangell.
A feature case study and interview with one property manager having notable success in one or more areas.
