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Vacancy Rates Plunging at HomePointe
At HomePointe Property Management are seeing record breaking occupancy rates this winter for single family homes, duplexes, and apartments. Our current vacancy rate currently just under 4% which is 1-2% under what we consider a normal market.
This low rate is due to several factors. The normal buying and selling in the Sacramento Region is not taking place. Wtih fewer sales come fewer investors buying homes to rent out. A number of landlords are giving their properties back to the bank which is taking those properties off the grid. The only new rentals coming onto the market are from existing rental stock and homeowners that cannot sell but are not upside down on their mortgage. Finally, tenants are staying put which saves them from moving costs and possible higher rents.
We have not seen rents increasing just yet, but that should be right around the corner.
Best wishes for a great 2011!
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