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Rental availability scarce in today's economy
Thinking of renting instead of buying a home? Think there are lots of choices out there? You need to think again. An owner of almost 200 local rental units recently told me they have a waiting list.
APM, a local property management company that manages almost 400 rentals has a 98 percent occupancy rate. Single family homes for rent practically do not exist. The rental market in the past two years has had dramatic changes in both available units for rent and in some cases increased rental rates.
The demand for rental units is the combination of a weak economy and the inability of buyers to purchase a home. Foreclosures have reduced the number of home buyers that can be approved for a loan, in some cases, for seven years.
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Bill Roark is a Commercial Associate Broker at Keller Williams Realty and may be contacted at bill_roark1@yahoo.com. |
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