Ever since the Countrywide crash, the rental market in Southern California has taken off. I suspect that 
there are many reasons for this, but I would hazard a guess to say that the main reason is this: It is harder than ever to qualify for a home loan, that good quality people are turning to the rental market instead!
Before the crash, applicants in my area were coming to us with an average credit score of about 550. Since the crash, our applicants average scores have risen impressively. This leads me to the conclusion that people who could have been approved for loans not long ago are now unable to do so.
It is not all gumdrops and roses however, the crash also created quite a bit of chaos. When Countrywide tanked, the media caused widespread panic. This led hundreds of home owners to dump their homes onto the rental market with no clue as to how they should be priced. This means that you can find the same house priced for $2,800/month as the neighbors house that is priced for $1,500/month.
Obviously, this makes finding comps nearly impossible. Fortunately, things seem to be averaging out again. The lower priced homes are being snapped up quickly, and the more expensive ones are falling off the radar. Hopefully they are lowering their prices rather than foreclosing.
If you have ever considered renting out your home, this may be the best time to do so! Qualified renters are coming out in droves! Don't miss out.
To get started finding YOUR qualified renter, please check out our website by clicking on the logo to the left!
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