Good Times for Landlords
- The National Multi-Housing Council, which measures changes in rental and occupancy rates, reports that the rental market has tightened significantly in the last few months. Their “Market Tightness” index increased 38 percent from October 2009- April 2010.
- RealFacts reports that they national average apartment rent, for all sizes of apartments, was $943 per month in the first quarter of 2010, up from $932 in the 4th quarter of 2009.
- Hitwise, which tracks online searches, revealed that online searches for rentals surged 171 percent over 2009.
- Experian said the fastest growing search terms for real estate were…”Cheap homes for Rent” up 128 percent; “House for Rent by owner” up 94 percent; and, “Home for rent by Owner” up 84 percent.
- Borrowing conditions have also eased for investment properties and interest rates are at highly attractive lows.
- Sales volumes for multi-family housing have jumped, as investors realize higher profits and higher rents going forward.
Why is the Rental Market going to get tougher?
- Homes are cheaper than they have been in over 10 years, but lingering fear about real estate ownership are holding some potential buyers back.
- Tighter lending requirements keep many from obtaining the financing required to buy.
- Some people don’t plan to rent forever, but as values still fall in their area, it makes sense to wait.
- In our tight job market, many people want the flexibility of renting in case they need to relocate for a better job opportunity.
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