2008 is seeing more rental options. Many properties have not sold and as a result some sellers have made their homes available for rent. There is also a counterbalance as some of the people who have lost their homes are now renting. The net result is there are more rentals available and prices of rentals are down a bit.
Some markets like Newport have seen a greater price reduction for annual rentals. It remains to be seen whether the seasons rentals will be better priced this year.
The overall economy has produced some of the softness in the rental market. The loss of jobs and a lack of consumer confidence are causing renters to sit tight.
On the macro level there is one other interesting trend. According to the National Associaiton of Realtors, population is increasing at a rate of 3,000,000 people per year. Over the past several years that has generated 1.5 million new households a year. In 2007, that trend changed. Instead of 1.5 million new households, 900,000 new households were created. Population growth remained constant, but family size has grown. It remain to be seen whether this a short term trend or longer.
If you need help finding a home for rent or to purchase, or if you need to rent or sell your property, please call email or text us to engage our services. We look forward to working with you.
