According to Reis Inc., a New-York based real estate research firm, the apartment vacancy rate dropped to 7.8 percent in the second quarter. The drop was the first in nearly three years and down from a 30-year high in the first quarter. The report also shows that rents rose 0.4 percent, the second consecutive quarterly rent increase. Rent is a leading indicator for housing, as higher rents make homeownership more attractive. More here and here.
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RE/MAX Results St Cloud Mn real estate - Saint Cloud, MN
Treating Buyers & Sellers to Full Service Always.
I think the vacancy rates will keep dropping, so now is the time to buy, with a fixed rate Mortgage. Right now in our area you can buy a home for the same price as rent, with more renters coming into the market everyday, and the low interest rates, and with the law of supply and demand the rents will increase more and more. This is also a great time for investment buyers because of the over abundance of tenants arising out of the credit issues from previous owners.
Jul 13, 2010 05:01 AM
Guaranteed Rate, Inc - Charlotte, NC
The Michael Pond Team
So true Steve! You have me sold. Good luck in educating your buyers in Saint Cloud. I'm doing my best to educate them down here in Charlotte, NC! Thanks for your comments.
Jul 13, 2010 12:24 PM
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