Land of Many Condos~ Current Rental Trends in Sacramento

By
Property Manager with Investors Choice Property Management CAL BRE LIC# 01124954

It is no mystery that inventory is up all over town, particularly when we look at condos and apartments. We have noticed a push toward renting homes, and have had much success in getting higher rents for 3 and 4 bedroom homes in almost every area. We believe the foreclosure market is the likely culprit, as it has been keeping the inventory of available homes lower than it would normally be, as Bank-owned properties remain off the market.

We have been approached by a bank to manage their REO's, a first for us. I suppose the banks are tired of having to care for the lawns of these seized properties, and getting some rental income along with a tenant to care for the home and keep it from being vandalized is a big plus.

It will be interesting to see what the market does when the sales have finally bottomed out. Already, we see speculative investors buying up everything in the $200k and under range. As a Broker in property management that does no sales, I can judge the market by the look of the many faces of agents and brokers that attend our local SAR meeting. Their faces are not as long as they used to be, and smiles are creeping back into the room. While not a scientific approach to assessing the market, it works for us.

We offer a free housing survey, available on the Owner Services page of our website at www.investorschoicepm.com. Many real estate professionals find this information useful in dealing with their investor clients that want detailed information on rental rates throughout the greater Sacramento region.

 

Thomas Martin

Broker, ICPM

916-770-9707 Work

916-722-2121 FAX

tmartin@investorschoicepm.com

Comments (2)

Vickie Nagy
Coldwell Banker Residential Real Estate - Palm Springs, CA
Vickie Jean the Palm Springs Condo Queen

I see rental inventory is down and rents are creeping up here in the East Bay area.

Aug 10, 2008 04:29 AM
Thomas R. Martin Broker/Owner ICPM
Investors Choice Property Management - Sacramento, CA
Property Management the way it SHOULD be.

I was noticing the trend here as well, as I do a quarterly housing survey, but I only recently started incorporating Craigslist data into my surveyed inventory figures, and that really skewed the numbers. It seems the newspaper here in Sacramento is fast becoming outmoded in favor of online advertising.

 

Best of luck in your market.

 

Aug 10, 2008 05:08 AM