Why is the rental market so vibrant? There are several factors that contribute to our active rental market today but a few seem to stand out.
- Changes in lender requirements can make it more difficult for a buyer to qualify for a mortgage.
- Families faced with short sale or foreclosure options must rent until they restore their option to qualify to purchase a home.
- Potential tenants are acting quickly because the demand is greater than the supply. It is in effect a “sellers” or landlords, market for rentals.
While we are seeing an upturn in the Midland area home sales market, the residential rental market in many price ranges is booming. Rental rates are on the rise as the demand for single family rentals increases. Rentals are not lasting long particularly in the $600 to $800 range and our waiting list increases weekly.
If you are a potential tenant you will need to make your decision quickly. If you are a landlord you should see your property occupied in no time at all. If you are considering becoming a landlord, this is the market to do it in. Call me at Park Place Homes, 698-1100 for more information on how I can help.