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April 2024: Market Update

North Star is showing significant company growth with homeowners choosing to transition their home to the rental market rather than the sales market. The largest factor is that owners understand they can capture increased cash flow and long-term equity growth due to their existing home's low fixed interest rate. 

  • The ice storm earlier this year caused a lot of property damage in our communities, which increased the demand for rental properties, as a result, the market prices have increased due to a lack of rental housing supply.
  • 30-year-fixed conventional mortgage rates have stabilized between 7.5% - 7.8% as the market has calmed, while rental demand has increased.
  • Property equity growth looks to be increasing along with rental stabilization, our owners have been happy with their ongoing duet asset streams:
    • Monthly rental income
    • Continuous increasing property value 
  • Vendor pricing: Our Maintenance department has been driving increased vendor discounts due to the volume of work North Star is providing. 
  • Generational wealth is a phrase we hear a lot. The current opportunity to build wealth is with past low-interest rates coupled with a rental housing shortage and a constant demand for the Pacific Northwest lifestyle.