Is it better to rent right now? According to the Government it is!

Is it better to rent right now? According to the Government it is!

For the first time in memory according to Market Watch online, the Obama Administration is telling folks it is better to rent than buy right now! You can read the article here. It says with more than 5 million homes going into foreclosure over the next two years that there will be no shortage of renters.

If you think about it, with all of those foreclosures predicted the owners who walk away are our future renters. Owners of the rental homes have to be flexible and look at these folks as potential customers. They have to look at the whole picture and consider a homeowner who lost their home to foreclosure. I have found most of these renters to be excellent tenants who have good jobs and payment history on their mortgage until the foreclosure!

For those of us who are already set up in property management , this is a good news for our business. We are currently making alot of changes in our office to accomodate this niche business even more. Last year we leased 36 homes and listed for lease 28 homes. I expect this to double this year.

With more renters renting we are also seeing increasing rental rates and homes flying off the market. I am working with a couple now who has applied for several homes only to be told that there were multiple applications, with people offering double deposits to get the home!