A High Point in a Slow Real Estate Market
Amongst all of the gloom and doom being put out by the media daily concerning the housing industry, there is one high point for consumers: Lower Housing Rents.
It seems that foreclosures and the threat of foreclosure are pushing down rents in the areas hardest hit by the credit crunch. Additionally, rental apartments and homes are easier to find and sometimes cheaper than before the credit crunch.
Landlords are finding that what should be a strong market for rentals to be weakened do to the increasing number of unsold condos and homes coming onto the rental market. While a negative for landlords, this is a positive thing for those looking for an apartment, condo or home to rent.
According to REIS, Inc. Real Estate Market Research Co, the five largest markets in Florida have seen average rents trending downward since the 3rd quarter of 2006. The Tampa Bay Area has seen the largest decline, average rents for the 4th Quarter of 2006 was $784. per month.
Overall, the U.S. average for monthly housing rent is $975.
Source: The Wall Street Journal, Nick Timiraos
Please send me any real estate or mortgage related questions that you may have. I will answer them in one of my posts.
Dave Tipton, Broker ~ Florida’s Beautiful Homes™
