This weekly artcile, brought to you by Housing Wire, reviews the news from the weekend. There was not a lot of things going on this past weekend. Of note is that rents fell in 60 % of the markets across the U.S. The article goes on to say that it appears it is a renter's market, paticularly those with good credit.
In Maricopa Arizona, I have found that the rental market is extremely strong. This is mainly due to the number of homeowners displaced by short sales and foreclosures. Since many of these people wish to remain in our community, renting is their only option. Whereas, the article talks about good credit being a factor, I have found that most landlords will overlook the problems associated with a distressed home and focus more of job security and a criminal background check.
Just a couple of years ago, the rental inventory hovered between 300 - 400 homes. That number has dropped to around 100 and has remained steady as the number of homes rented has kept pace with the number of new rentals entering the marketplace. With the average price of a 1,500 - 2,000 square foot home hovering around $70,000 - $80,000 (and many availble for much less) and the corresponding rents at $800/month, investors are finding this to be an area to focus on.
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