The Current Conditions of the Housing Rental Market
According to the recent data, the housing rental market is the narrowest it has ever been in a 10 year period. Over eight percent of all apartments available for rent in 2009 were vacant and now in 2012 only a little over five percent are vacant. Why?
Because more consumers are opting to rent rather than buy a property. With the current state of the housing market the way it is and the way lenders are rejecting even those with a good credit from obtaining a home loan, more consumers are forced into rental properties. Even those who can afford to purchase are weary about buying a new home in such an unstable market. With all of this concern, the number of consumers entering into the housing rental market continues to rise – this is good news for those who have properties to rent.
Screen Prospective Tenants Carefully!
Though there is a plethora of new tenants available, it is imperative that you screen your new tenants appropriately. Do your due diligence in researching references, past rental history and of course, financial information. A lot of consumers in the rental market are forced there due to very poor credit or because they recently lost a home to foreclosure. Therefore, you need to ensure that you fill your property’s vacancies with prime tenants.
The good news is, you have enough prospective tenants in the market to be choosy and most financial experts agree that it is within your limits to be extra picky about who you allow to rent from you to begin with.