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I would like to move back to California, and thought that with such high unemployment rents would go down. Like the huge inflation of housing prices 5 yrs. ago, the high rents don't seem to have any rationale either. It seems to be just exploitation, like selling water when there is a disaster. I don't see how such high rents can be maintained with so many out of work or minimally employed. What do you see as the near future in the rental market?
Avita
A lot of renters don't understand why landlords need to get certain amounts of money. Apparently, they think money paid in rent is all profit to the landlord.
There is usually a mortgage to be paid, property taxes, maintenance, upkeep, repairs, maybe some utilities, water, etc. etc.
Landlords are in business to make at least some money- not to provide affordable housing. They cant afford to just drop rents precipitously.
I would think most areas with high populations and desirable like CA or TX, the lower to moderate priced rentals are seeing a strong demand. Many of the people who are moving can't sell their homes in other areas and are leasing, the people who are vacating homes due to short sales & foreclosures can't purchase so they are renting.
That's what we are seeing here but that may just be TX with so many people relocating to this area.
Mnay of those homes are in foreclosure and not like to be rented until a investors buys them.The real values will be in buying a non-foreclosure. Foreclosures are a hassle ;as is and in mnay areas in the worse or down grade neighboehoods.
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