Rental Market Bright Spot On Real Estate Horizon
If the surge in demand in rental units is a surprise to any of you please go back into your dark room and close your eyes.
Shelter is a base item in Maslow’s Hierarchy of Needs. As they say, if you have food, shelter, and water you can live. So it is no surprise that as the credit crunch is making housing harder to purchase and those being foreclosed upon are looking for rental housing. These folks are not going to just grab the nearest cardboard box and move under the interstate.
They will be living in rental units. And guess what, this will place a demand on the lower end real estate that is on the market right now as investors and landlords add to their inventory.
But shhhh!!!, don’t let others know that this is how the turnarounds start. We do not want any optimism out there.
Demand for rental apartments is up even as the market for offices, retail space and lodging struggles, according to a PricewaterhouseCoopers survey released on Monday.
Home buyers are having a tough time getting loans amid tighter credit standards. At the same time, prospective buyers are holding out for better prices and apartment developers have slowed or stopped their building plans, according to PricewaterhouseCooper’s quarterly Korpacz Real Estate Investor Survey.
“Because you have so many people losing their homes or not able to buy homes, there’s been an overall increase in the (apartment rental) sector,” said Susan Smith, editor-in-chief of the study, which surveys 125 real estate investors and specialists from pension funds, mortgage bankers and insurance companies.
Rental apartments “is the only sector benefiting from what we’re going through right now,” she said. Reuters.
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Comment by Santa Barbara Real Estate Voice on 19 March 2008:
The rental market here in the Santa Barbara CA area continues to be very strong. It is a gorgeous place to live and many cannot afford to buy…but still want to live here and thus rent. Now with the economy issues and many buyers sitting on the sidelines to see what plays out….our tight rental market has just gotten that much tighter. Thanks for the post.
Comment by rentBits on 19 March 2008:
The rental market is strong as ever. We are seeing an increase in demand for both single family home rentals as well as multifamily rentals.