Too many damn homes (2 million unoccupied for sale) . REIC jobs going away in droves. Illegal hispanics going back home. Desperate investors looking for any rental income they can get. Condo conversions reverting back to rentals.
So now rents are going to come down too.
It is what it is. No matter what NAR-sponsored MSM stories try to con you.
Pads to rent aplenty - Increased vacancies likely driven by houses on market
Merced apartment complexes are seeing more and more vacancies due to a high number of new homes for rent on the market.
Merced apartment complexes are seeing more vacancies than they did last year, with the city showing one of the biggest drops in occupancy rates in the state, according to new figures from RealFacts, a Bay Area company that collects data on rental markets.
The 3.5 percent drop pushed Merced's occupancy rate down to 92.9 percent, the fourth-lowest among 26 metro areas surveyed in the state.
"It's a substantial drop," said Chris Bates, director of sales and marketing at RealFacts.
The survey gathered data from eight market-rate apartment complexes compromising 1,367 units.
Apartment managers agree that new houses on the rental market are taking a bite out of their business.
"That's our biggest competition, there's so many houses for rent and they're renting the homes for not much more than what we are," said Joy Kester, property manager at the Summertrace Resort apartment complex on Devonwood Drive.
February 06, 2007
Housing crash effect #3205 - too much housing supply, too few tenants = rents come down
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Yeah, you can rent a home now for a fraction of the ownership costs (mortgage, taxes, association dues.) Get a brand new place and someone else pays most of the bills!
Apartment and condo rents are coming down in Florida and occupancy rates are dropping. This is due to huge quantities of unwanted condos hitting the market over the last year that are being rented by FB's or converting to apartments. Things are only going to get worse as builders keep pumping out more and more condos.
It'll turn into subsidzed housing for poor folks.
It's nice to be able to live in a brand new home but know that you can move out when the place starts having problems from the crappy corner-cutting construction.
I used to go visit model homes just for fun when I lived in So Cal, they feel like they are built out of cardboard.
The latest is the doubling and in some cases tripling of property tax assessments. There's a lot of ticked off homeowners about now. They're really going to be ticked the adults in charge weren't doing their job and fighting mortgage fraud from day 1. Houses going into foreclosure are going to be silent-but-deadly equity bombs going off in every neighborhood across America. The domino theory is coming!
What about illegal Europeans, and illegals from all other countries. This seems like something else to me. Some people might even get offended.
Keith, please answer to this one.
We are planning to move to Sacramento area in the Spring, and I was on Craigs List looking at SFH for rent.
I found older SFH asking $1400-1700 which still sounds overpriced to me. There are TONS of new homes for rent in Elk Grove, Roseville, Citrus Heights, and west Sac.
Rents still need to come down to be considered reasonable, and its going to happen soon because everyday more and more of them are listed for rent on Craig's List.
And the price war is on!
Since the vacancy will be high in places like Las Vegas, SD, OC, phx, and Miami yes the rents will go down. But in places with out the large buld up, SF bay area, NY, and Seattle there will be a good chance of rents going up. I am talking only in the city centers, not suburbs.
God damn, I love the smell of I told you f*cking so in the morning...
its happening the bubelle is here to stay folks,,,,i was just offered a boat if i buy the a house ..after about ten minutes he also offered a car ...its happening .i will rather wait now,cause i might get more lucky and get a wife too
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