Rentals
These are hard to track because the data aren't reported in any easily accessible format but basically, rentals are holding their own. 35 single family homes rented in the past two months compared with 27 for the same period last year (there are currently an additional 211 SF homes available for rent, so we're not exactly burning through our inventory). What's harder to find, however, without examining each listing and comparing its original listing price: $15,000, for instance, and its actual rented price -$10,000, is how much rents have fallen, if at all. I know that each day the realtors' hot sheet is stuffed with rental reductions; what I don't have is a specific number from which to compute that decline. If I did any rental business I might be tempted to spend the hours necessary to determine that number but I don't, so I won't. But I do feel safe in suggesting that, if you have a good tenant in your property now and the rent's coming up for renewal,this isn't the time to do so.
1 year ago
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3 comments:
Based on your comment, do you think someone who is having financial difficulty is better off trying to rent out their property or just sell it now (November) and get out at whatever price they can get?
If the rent will cover your expenses - mtg., taxes, insurance, maintenance, etc. then I think I'd rent and wait for better times - sort of covering a stock margin call rather than selling in a down market. But if holding on will just see more trouble, then dump it. That's my opinion but there are lots of smart readers out there so perhaps we can get some better advice.
If the property is for sale or rent - in today's market - I would take any reasonable offer - for rent or for sale - and be very glad to have the offer - and close the deal as soon as possible. Yes - like Chris said - wait for better times - a-lot can happen with-in a year - if you want to rent your property at a fair price.
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