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I was listening to NPR and a few other news sources and some themes keep popping up. I wanted to know what others thoughts are on it.
1. People can't sell their homes so they try to rent them. They seem to be doing this because they can no longer cover the monthly payments. It seems these people have turned to renting out their homes at monthly prices below the monthly mortgage they have to pay. In many cases these rents are far below the going rate for rental units of comparable size in the same area.
2. Condos are not selling, so some are converting into rental units.
3. Some homes and buildings are being bought by foreigners and being rented out to locals in these markets.
My question now is, what impact do you believe this will have on rent in the future? Will prices go up or down? What will happen in places were rent has out stripped the annual salary of most people living in certain areas?
I honestly have no idea. One would naturally think that rent would go up with all of the people who are going to be kicked out of their houses having to begin renting.
However at the same time the economy looks like it might take a dive. This might put some downward pressure on rent.
Then, as you pointed out there seems to be a lot of units that are being used as rentals (houses, condos) and the latest building figures showed a marked increase in the number of rental units being built.
As a landlord who has had a vacant property since Sept, renters are being very pushy and they do not want to pay.
It will bring the rental prices down.
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With all due respect, you're a private landlord who has had some bad luck with tenants, and this time of year isn't a great time to lease a new place, what with the holidays rapidly approaching. I don't think you can apply your experiences to the entire US rental market.
I do agree with one thing, though; I think rents may go down because the market, at least here, seems to be flooded with rental properties. Then again, some landlords expect us tenants to pay not only their mortgages, but their other crippling debts as well. Hopefully the market will exert some downward pressure on rents because they're pretty high for what you get. I think mine is too high for what I get, but my place is still much nicer than some of the comparably priced townhomes that I viewed.
I also am a landlord and yes indeed the rental prices have come down in the last 3 months. It seems many in the construction industry , etc are have a hard time making ends meet. No one is moving. Our vacancies also run about
three months compared to the normal 2 weeks we have seen for the past 10 years.
I also am a landlord and yes indeed the rental prices have come down in the last 3 months. It seems many in the construction industry , etc are have a hard time making ends meet. No one is moving. Our vacancies also run about
three months compared to the normal 2 weeks we have seen for the past 10 years.
for clarification
what do you mean by "no one is moving"
So it is taking three months now to move a unit? Do you have any idea why it is taking so long? Also do you mind saying what city/state you are in?
Native ; I know you hate landlords, but please do not slam us all.
I do not hate all tenants ; I realize most tenants are good, some are bad.
Please show us the same courtesy.
If I ever rent from a landlord who isn't worthy of a slap upside the head, I might. My experience with landlords has never been good; they always find a way to screw me over. Always.
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