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Old 03-01-2009, 12:19 AM
 
Location: Haines, AK
1,121 posts, read 4,478,810 times
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The rental market down here in Haines is tight as a tick, we're coming up on the summer season with lots of seasonal folks incoming and I have no idea where they're all going to live. If you had the cash to build a handful of duplexes you could rent them all in a week.

I don't know where you're getting that 2/3 figure for rents, around here the house rentals are at least as much as the estimated mortgage cost, or a bit higher. The only people who can rent for less than that have properties that are long-since paid off, which usually means poor quality and OLD. We have very little in the way of multi-family housing, and trailer parks are excluded by borough zoning, so rents are high, especially compared to wages.

As a landlord you'd better be making at least ten percent over your mortgage cost just to break even, considering the costs of upkeep and maintenance. Anything less than that and you're going downhill instead of up.
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Old 03-01-2009, 03:43 PM
 
Location: Colorado Springs, CO
218 posts, read 516,949 times
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A lot of people are going downhill with the housing boom. Granted Alaska hasn't been hit much, and the only parts that I would assume would even have a possibility of being hit would be the places where growth has exploded over the past decade, thus not Haines but more Anchorage/Eagle River/Wasilla area. Believe me, in places like Phoenix you can bet that people are getting rents for 2/3 the price of the landlord's mortgage. My brother is renting out his townhome in American Fork Utah (which has only been moderately hit by the housing bubble) for less than his mortgage payment because there's more inventory than there are renters and to stay competitive prices have to reach a certain level, and right now in that area it's about 75% of what his mortgage is.

Every city is going to have different market demographics based on number of renters, housing available and draw to the area. Haines as expected would be a tight rental market. Most small, rural towns will be.
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