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If you had to make an educated guess, would you predict rents on SF Homes to rise or fall in the greater Charlotte area during the next 2 years?
Many experts are saying the real estate market will plummet further in the upcoming months, leading me to think that people will not be able to sell their homes, and be forced into renting, driving rents up.
If unemployment remains high, people will not be albe to buy, but will also not be able to afford as much in rent.
I just don't know what to think.
Also, my husband and I applied for a house where people are bidding more than the advertised rental price--is that normal in Charlotte? Wouldn't you just look around for another rental? Do people not have budgets to adhere to? I would rather save that extra money for a downpayment on buying our next house rather than putting it in someone else' pocket.
Your thoughts, please.
Last edited by calgirlinnc; 03-24-2011 at 11:58 AM..
Like most things RE, your answer will largely be based on too many factors to paint with a broad brush... My educated guess is "it depends" with the #1 factor being location.
Everything is beginning to be impacted by the inflation that is just starting to ramp up now.
Everything is beginning to be impacted by the inflation that is just starting to ramp up now.
That inflation is what prevents me from trying to outbid anyone on a rental house. Gas, groceries, clothing, heating/cooling costs....I would rather save money in case of unexpected expenses.
And let me tell you--3 years ago, I would not have thought this way.
It all depends on the vacancy rate vs the number of renters. I read an article, though it was not based around Charlotte, that predicted that rental rates would increase do to high demand and low vacancy rates.
I wouldn't be surprised if rent rates increase.
*Edit: BLUEDIAMOND64 posted the article that I read.
Last edited by Sepulgeek; 03-24-2011 at 01:16 PM..
Wells Fargo (and a few other banks) recently lowered the min. credit score required for mortgage loans. This should help the rental market stay in balance, somewhat.
Well for sure they will go up here in charlotte. Even though the home values are down for some reason the tax man says they are up AND EVERYONE IS GOING TO PAY MORE....People who own rentals now have higher taxes and that will go directly to a rent increase.Another thing is that the thousands who lost their homes still have to live some place and thus a higher demand for rentals and higher demand will mean higher rent.
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