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I own a 2300 square foot home in Cary (in Oxxford Hunt, near Bond Park) and am thinking of renting it. I was wondering what the market for renting homes in this area is like as selling prices have dropped 10% in the last 6 months.
How long should I expect to wait to find a renter (assuming that the house is priced correctly)?
Is there a large amount of houses for rent in this area?
Is the demand for rental house high or low at this time?
I would probably hire a rental company like Block and possibility their property management service since I do not want to deal with that myself.
You can wind up with a wrecked house and an uncollectable tenant.
If you want to be rid of the house, sell it for less. Leave renting to the pros who have legal and maintenance staffs on payroll.
I agree with this comment. A couple of years ago, I rented my house to a family that seemed great. When they moved out after one year, the carpet in the entire house was destroyed by a cat, the hardwood entryway was busted up, two windows were broken, there were holes in the walls, bugs everywhere, and they stole my patio funrnite which I nicely agreed to allow them to use. In the end, there was much more damage than their security deposit would cover and they had the nerve to say that the damage they cause was "normal wear and tear".
There is no way I would rent my house again. Do everything you can to sell it!!!
Last edited by autumngal; 09-04-2008 at 08:53 AM..
Reason: inappropriate language
I agree with this comment. A couple of years ago, I rented my house to a family that seemed great. When they moved out after one year, the carpet in the entire house was destroyed by a cat, the hardwood entryway was busted up, two windows were broken, there were holes in the walls, bugs everywhere, and they stole my patio funrnite which I nicely agreed to allow them to use. In the end, there was much more damage than their security deposit would cover and they had the nerve to say that the damage they cause was "normal wear and tear".
There is no way I would rent my house again. Do everything you can to sell it!!!
I'm curious if when you kept their deposit they contested it and took you to court? If so, how did it go? I always suggest taking lots of pre-move in photos and post move out photos.
I rented my home in Seattle about 3 years ago and it turned into a mess. They did over $8,600 in damages in one year. I kept their $1600 deposit and never went after them for the extra costs! Then, they actually had the knockers to try and take me to court 6 months later. All I had to do was show the photos, which I blew up on a screen for the judge to see. The judge lowered his chin and glasses, looked them straight in the face and asked them......"do you really want to go through with this here." He listened to the rest of my case while they stood silent and awarded me $5000, the maximum allowable amount. They could have just gave up their deposit and been done with it. It was a great day!
I'm curious if when you kept their deposit they contested it and took you to court? If so, how did it go? I always suggest taking lots of pre-move in photos and post move out photos.
I took tons of photos and also had a repairman give me an estimate and write a statement saying that the damage was definitely not normal wear and tear. The tenants were mad, threatened me, etc. but they did not take me to court. They knew they caused the damage and also knew that they would never win in court. My job in the legal field which they did not know but I made sure I let that one slip out during all of their ranting.
Aside from the aforementioned perils of renting, I would also say to the OP that I live in his neighborhood, and there are a bunch of houses for rent right now. Some of them have been sitting for months, so I would have to guess that the market isn't great right now.
You might avoid some of these perils by going with a management company. Try talking to Debbie Henry with Henry Property Management. We rented through them several years ago and she has lots of experience in the Cary market and can probably give you good advice.
It sounds like most (all) of you are against renting and that I should either sell at a lower price then I would like or leave empty till the market picks up again.
We currently rent out our house in NJ - the tenants have been there for 3 years and the house looks AWESOME!!! It was one of the best things we ever did and that house continues to build equity for us.
My father in law was a super and you'd not believe what some tenants left behind.
One memorable bunch got high and painted the bathroom black, including tile, fixtures, and ceiling.
You might think you're renting to 2 tenants but get either a fraternity or 20 illegal aliens once you give them the key.
Unless you can find some class tenants like medical residents privately, it is a serious risk to rent.
My co-worker used a reputable mgt co. They gave the house to a felon using his girlfriend's credit references. Damage was $15K and no way to recover the damage + legal fees to evict them.
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