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I'm not a Realtor (and our regulars will chime in, I'm sure) but the "red hot" comments are pretty much descriptions of a lower price point. I'd guess that price point is $350K and below. Once the list price goes above that, I sure don't see that our market is "red hot." And once it goes above $500K, there's plenty of inventory and considerable days on market.
Accordingly, in that above $500K range, we have several houses my my neck of the woods that have been on the market for awhile, had several price cuts, and are now also listed for rent. (of course, the original list price was way too high, as is the monthly rent, imho.)
Usually people aren't renting houses that are in the $500K range unless it's in a very good area as it would be way above a renters budget.
I'm not a Realtor (and our regulars will chime in, I'm sure) but the "red hot" comments are pretty much descriptions of a lower price point. I'd guess that price point is $350K and below. Once the list price goes above that, I sure don't see that our market is "red hot." And once it goes above $500K, there's plenty of inventory and considerable days on market.
Accordingly, in that above $500K range, we have several houses my my neck of the woods that have been on the market for awhile, had several price cuts, and are now also listed for rent. (of course, the original list price was way too high, as is the monthly rent, imho.)
that seems to be true for the most part, but I didn't know people around here sought out rentals of houses 500K range
Location: Chapel Hill, NC, formerly NoVA and Phila
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Originally Posted by UserNamesake
that seems to be true for the most part, but I didn't know people around here sought out rentals of houses 500K range
They definitely do in my neighborhood in Chapel Hill. We get a lot of visiting professors, high-income workers from Europe, physicians and such. Our neighborhood is quite transient. Some come for a year or two or others come and want to rent before they buy. They are almost always families with 2-4 children who are renting these homes. I see requests for them on a regular basis on my listserv. Rent is in the $2500-$3000 range.
Having said that, I think the housing market really varies where in the Triangle one is looking. I don't think the Chapel Hill market is as hot as the west Cary market seems to be. I haven't heard of many price wars here. I'm sure other parts of the Triangle are not as strong either.
Where are you seeing all these rentals? All I see here on this forum are complaints that people can't get into house rentals.
I watch rentals come up on Zillow. There is a good supply over $2000 I am happy to see, most go pretty fast but then new ones come up. Less lately I'm assuming due to summer? The rental situation isn't surprising since it's going to be cheaper to have a mortgage and buy a house than rent with rates this low.
that seems to be true for the most part, but I didn't know people around here sought out rentals of houses 500K range
The house we live in was rented out briefly while the former owners were going through a divorce and about to put the house on the market. I don't think it was longer than 6 months or so to some people who were building nearby.
One of the houses on the corner the next street over from us has been a rental for some time. All the houses here originally sold in the 500k and up range and the neighborhood is custom. They tend to rent for around 3k a month, give or take.
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They definitely do in my neighborhood in Chapel Hill. We get a lot of visiting professors, high-income workers from Europe, physicians and such. Our neighborhood is quite transient. Some come for a year or two or others come and want to rent before they buy. They are almost always families with 2-4 children who are renting these homes. I see requests for them on a regular basis on my listserv. Rent is in the $2500-$3000 range.
You're spot on as we did exactly that last year and we meet your criteria (a family with 2-4 children). We needed a rental home for a year or so while we settled in to the area and began looking for a new house. We could have saved money by renting a smaller place and putting some of our stuff in storage, but I wanted the family to feel comfortable and not cramped.
We are relocating and looking to rent an unfurnished 2 bedroom home or apt. for a minimum of 3 years. With one child still in high school and some credit issues (but excellent references from previous landlords, never late on rent or utilities) not sure how to approach rental companies. I am almost positive Chapel Hill/Carrboro is where we want to live, and we have saved several months rent up so that we can negotiate. My husband is on SSDI and I will be working full-time eventually. Any advice? We want to move asap!
We are relocating and looking to rent an unfurnished 2 bedroom home or apt. for a minimum of 3 years. With one child still in high school and some credit issues (but excellent references from previous landlords, never late on rent or utilities) not sure how to approach rental companies. I am almost positive Chapel Hill/Carrboro is where we want to live, and we have saved several months rent up so that we can negotiate. My husband is on SSDI and I will be working full-time eventually. Any advice? We want to move asap!
What does "I will be working full time eventually" mean? Are you moving here without a job?
It means I am seeking full-time employment & will be relying on my husband's SSDI, and savings, possibly working for a temporary agency until I find f/t employment. Social Security Disability Income is a federal benefit, so you get it no matter where you live once you qualify for it. There is an additional amount, based on an individual's benefit, added for each minor child.
What I meant is that we will have less income, MAYBE, when we initially relocate until I find a f/t job. I am looking for a job from out of state but potentially need to relocate before I have one, yes. Any idea where to look for even a short-term rental then under these circumstances?
Last edited by PrairieGirl; 07-30-2016 at 11:52 PM..
Reason: additional information
I am looking for a job from out of state but potentially need to relocate before I have one, yes. Any idea where to look for even a short-term rental then under these circumstances?
I hope you will have a large enough deposit, because I doubt the husband's SSDI payment would be enough to cover the rent in most apartments. You might try private owners who list on Craiglist, but not large apartment complexes which have to go by income criteria.
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