Rentals (Katy, Cinco Ranch, Meadow: mortgage, loans, relocating)

[Beto]

Is anyone seeing a surge of rentals in any of your communities?

[Va-Cat]

Originally Posted by Beto

Is anyone seeing a surge of rentals in any of your communities?

Good grief yes! I'm amazed at how many people here have decided to rent rather than sell. Makes me think they may be upside-down.

[Beto]

That seems to be the trend at the current moment.

[tstone]

Originally Posted by Beto

Is anyone seeing a surge of rentals in any of your communities?

None at all. Rentals are almost unheard of in our neighborhood. The homes are 12-15 yrs old, from 1600-2800 sq ft, $160-260k. Not subprime land, not exactly high class either. Whatever rentals are here are close to $2k per month, which is maybe a hard sell.

[SkyeAnjel]

most of the people I write up leases for have homes in other states they can't sell.

[pacman777]

Funny that you brought up this topic... I just listed my house in Seven Meadows on the MLS as a rental in addition to for sale. I'm willing to sell or rent it out whichever comes first with an acceptable offer. The reasons I am considering renting it out:

1. I figured I could benefit from the tax deductions of rental property.

2. the interest rate that I got on my 30-year mortgage back in 2005 was a bargain at 5.2% and rather than get rid of it, I can leverage it.

3. With lenders being more stringent and with it getting harder for people to qualify for loans, I figured more people would be willing to rent in great neighborhoods with excellent schools.

4. Families might be looking for 1-year leases while they wait for new construction of their home to be completed (i.e., Cinco Ranch, Cross Creek, etc.). Especially all the KBR and BP employees flooding Katy.

[SkyeAnjel]

and you may get someone relocating who wants to checkout the area for a year.

[Beto]

Originally Posted by tstone

None at all. Rentals are almost unheard of in our neighborhood. The homes are 12-15 yrs old, from 1600-2800 sq ft, $160-260k. Not subprime land, not exactly high class either. Whatever rentals are here are close to $2k per month, which is maybe a hard sell.

There are many other factors then just subprime.

[Beto]

I am seeing a trend and just wanted to make sure. Thanks for your input and I do see your point. By the way that is a great interest rate you got.

Originally Posted by pacman777

Funny that you brought up this topic... I just listed my house in Seven Meadows on the MLS as a rental in addition to for sale. I'm willing to sell or rent it out whichever comes first with an acceptable offer. The reasons I am considering renting it out:

1. I figured I could benefit from the tax deductions of rental property.

2. the interest rate that I got on my 30-year mortgage back in 2005 was a bargain at 5.2% and rather than get rid of it, I can leverage it.

3. With lenders being more stringent and with it getting harder for people to qualify for loans, I figured more people would be willing to rent in great neighborhoods with excellent schools.

4. Families might be looking for 1-year leases while they wait for new construction of their home to be completed (i.e., Cinco Ranch, Cross Creek, etc.). Especially all the KBR and BP employees flooding Katy.

[chris_ut]

Only 1 rental in my subdivision in Kingwood.