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I think it's because the owners needed to move and couldn't sell their houses in the clear. They rent it out until they think they can sell it at a profit.
We rented (in nice neighborhoods) for many, many years because we simply don't like owning. We had more than enough savings, but why buy? I have no desire to be shackled to that much debt or upkeep. We only ended up buying because the rental market was going crazy in our city, and we were no longer able to rent the kinds of places we liked because they were all being snatched up or sold. So we bought, and it's been ok, but I've never felt like renting was 'throwing my money away'. I like flexibility and low maintenance. Owning is certainly no bargain.
Interestingly, we may end up being landlords soon because I am contemplating pursuing some professional opportunities in another state. However we wouldn't want to sell because this wouldn't be a permanent move, so we'd likely rent our place out for a couple years if I do end taking something. In the meantime, while we are living elsewhere - we'd be looking to rent something in a nice neighborhood.
We rented (in nice neighborhoods) for many, many years because we simply don't like owning. We had more than enough savings, but why buy? I have no desire to be shackled to that much debt or upkeep. We only ended up buying because the rental market was going crazy in our city, and we were no longer able to rent the kinds of places we liked because they were all being snatched up or sold. So we bought, and it's been ok, but I've never felt like renting was 'throwing my money away'. I like flexibility and low maintenance. Owning is certainly no bargain.
Interestingly, we may end up being landlords soon because I am contemplating pursuing some professional opportunities in another state. However we wouldn't want to sell because this wouldn't be a permanent move, so we'd likely rent our place out for a couple years if I do end taking something. In the meantime, while we are living elsewhere - we'd be looking to rent something in a nice neighborhood.
Did you end up buying in a neighborhood equivalent to what you were able to rent?
Those are the only reason to rent. If you get govt assistance or have roommates. Otherwise, rent is just throwing your money away.
Grrr. I own one home, rent another by the month in the winter in another state (warm climate). I don't want to tie up capital. I might want to rent in a different location in a different year. I don't want to have to find a sublessor eight months out of the year. Lots of reasons.
In my neighborhood (where I own), there are many renters. Most of them are corporate transferees who are there for a year or two. Others don't have the down payment. Nobody is on Section 8.
Did you end up buying in a neighborhood equivalent to what you were able to rent?
Tell me about your house.
We did - we now live in the Capitol Hill neighborhood of Seattle in a high rise. It's pretty low maintenance, and suits our lifestyle fairly well. We bought just in time since Seattle seems to be trying very hard to mimic what's been happening in SFO. (thankfully it's not that spendy yet, but wow have rents and prices gone up in the last few years)
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Quote:
Originally Posted by willow wind
Many people are underwater on their homes ( owe more than the mortgage amount) and would have to sell at a loss. Often rent would cover the mortgage and taxes. Then they have to move and rent in the hopes that the market will get better in the next few years. Some people rent because they want a private yard for their kids and lots of bedrooms, plus storage or they don't like living so close to others as they have to in apartments.
Sometimes the opposite. Our house payment is about $2,000, since we bought in 1993, and about 1/3 of that is tax and insurance. We could get $3,800 rent for it. Some of the local empty nesters are renting out their homes and getting a condo, and making a lot of money from the rent. It's a low crime, desirable area with many high tech workers moving from other states/countries. Some are even in agreements with relocation services for short term rentals while people look for homes to buy.
$$$$$. My aunts, uncles, parents and sister all do this. Started off as their 1st home. They upgraded and isntead of selling the property, they just rent it out.
Why do people rent? Section 8 that's why. They get to live in a $550k property and pay what? $500 a month? That's a freaking deal. Other rents are people who have roommates.
I just rented one of my houses to a couple who are coming back from the real estate meltdown of 07/08. They lost their house and while making upwards of 200K they don't have the credit scores to purchase. My realtor tells me that it is quite common.
According to me Some Often rent would cover the mortgage and taxes. Then they have to move and rent in the hopes that the market will get better in the next few years. Some people rent because they want a private yard for their kids and lots of bedrooms, plus storage or they don't like living so close to others as they have to in apartments.
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