In today’s marketplace, the one thing I am now seeing more and more often is qualified renters looking for executive level homes.
Why? Because they have lost their homes due to foreclosure. That’s right…these are great tenants who, in good times, were paying up to $10,000 per month in mortgage payments but due to circumstances, they are now displaced and need a rental home. They have high standards though and while willing to downsize…they still want a respectable, executive type home for around $2,000 to $3,000 per month. They can afford it.
The Wall Street Journal recently published an article entitled “The New American Dream: Renting” and it was very accurate in reporting that with 1 in 355 home currently in foreclosure – these owners need to move into a rental home.
If you are an investor or if you have a vacant home – it’s time to think about renting and making a profit on your home for a few years while the market fluctuates. No one knows what the future holds – it’s still a mystery – but one thing is certain…there is a demand for rental housing and you have great quality tenants now available to rent your properties. Call me if you want more information.