The rental market is continuing down the middle path as it has done for the past six months. While there is plenty of demand for rentals in the Sacramento Region, there are still plenty of houses to rent.
But, you say, the sales market is pretty bad, this should improve the rental market. That is normally the case but there are factors involved that have impacted the situation.
1. Sellers cannot sell at prices they are comfortable with. Those sellers are having to either not sell or rent their property. If they rent it, it adds to the stock of rental houses. This increases supply and lowers the push for higher rents. Rents stay softer.
2. Foreclosures are removing housing stock, both owner occupied and rentals. This tends to increase demand for rentals as the poplulation is not going away, yet there are fewer houses to rent in the area. Rents should increase.
3. Some foreclosed property (REO's) are coming back as rentals and owner occupied property. The rentals coming back are increasing the rental stock which will increase supply. Rents stay softer.
The net result so far has been that rents are pretty static. At HomePointe we have noted that supply is dropping and we expect rents to start rising soon. The demand is there for rentals.
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