Despite record low interest rates and increasing affordability in most markets, the new reality for many is renting. For some, it is the stress of having already gone through some type of pain related to the housing market and for others it’s the reality of being unable to qualify for a loan to purchase a home. In either case, the rental market continues to be on a rampage with many opportunities for ready investors. The vacancy rate for rentals has dropped to the lowest level since 2001.
This surge in occupancy has also pushed up rental rates only slightly due to other negative factors such as high unemployment. Higher quality properties in the most desirable locations had higher rental increases as compared to properties that cater to lower income tenants where landlords found it more difficult to raise rents.
The shift to a “renter nation” has lots of support to last for several years to come creating very good long term prospects for investors seeking to maximize the opportunities that exist with today’s high inventory and low price levels.
If you’ve been impacted by the decline in the real estate market and are considering a short sale, make a call to a team that has hundreds of closed transaction behind us. If you’re an investor ready to take advantage of the historically unprecedented buying opportunities that exist today, call us and we’ll help you find a great investment or project for you.
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