This in from the Wall Street Journal “Navigating a Tight Rental Market“… I’m not the only one noticing what a great time it is to own rental property. (I’m getting really excited about tomorrow night…. )
“When Kathleen Marin and her boyfriend first moved to the Baltimore area in 2008, their two-bedroom town house cost them $1,100 a month. But as demand flooded the rental market in their area, the landlord gradually upped their rent to $1,400.”
For those of you counting… that’s 21% in rent increases in just 2 1/2 years.
“The rental market is the tightest it’s been in more than a decade, with only 5.2% of apartments nationwide vacant at the end of 2011, down from a high of 8% in 2009, according to real-estate data firm REIS. Demand is up as the housing crisis and tighter lending standards have left many people unable to or wary of purchasing a home. And higher demand means average rents are rising, too.”
There’s More… from Marcus & Millichap “Rental Market to Hit New Levels in 2012”
“Favorable demographics, the release of pent-up demand as young adults de-bundle from family and roommates and increased renter demand due to changing attitudes towards homeownership – which has become increasingly difficult in this country – drove more people into renting. Although the private sector created 1.8 million jobs last year, even greater job creation will be needed to sustain the white-hot levels absorption recorded after the recession.”
But it’s not just the apartment market that is heating up. There is a serious shortage of single family rentals as well…
“If you are looking to rent a single-family home, that market is even more competitive since there are fewer such properties on the market. In many places, monthly rent for a single-family dwelling runs more than a monthly mortgage payment on a similar property would, says Michael Labout, a residential real-estate broker.”
Bottom line, if you want to capitalize on the surging demand for rental property, with a steady stream of rental income that grows every year, with little to no turnover or tenant problems, and big paydays when you sell… you won’t want to miss our New Professional Investor Webinar tomorrow Foreclosure Rental Insider Secrets: 5 Costly Rental Buying Pitfalls to Avoid at 6pm Pacific, 9pm Eastern.
You must Register Quickly as we have Limited Seating to the Live Event to Only 100 Attendees. A free replay will be available to all registrants the following day. Details and Register Online Here or call 800-310-7730 x2.
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