Changing Market for Rental Homes

June 12, 2009 10:47:18 PM PDT
There are a lot of options right now for people looking to rent a home. The drop in real estate values is fueling the rental market ... and creating a competition for tenants.Property Manager Kay Adanalian is very busy these days ... sometimes working seven days a week, showing rental properties for her clients.

"Whole last year and a half is when we saw things really begin to pick up," said Adanalian.

Advertising sites like craigslist are filled with ads of homes for rent ... just driving around one Northeast Fresno neighborhood, we found seven yard signs.

Adanalian says the drop in home values is prompting many homeowners to become landlords.

"There are owners of properties that have decided to keep their properties and let the market continue to recover before they sell," said Adanalian.

Then there are those taking advantage of the low home prices. Adanalian says 20% of the properties she manages are owned by out of town investors.

That means more competition for tenants.

Ambros Morales said, "Prices of houses have gone so down, that they are buying two or three or four of them and they're trying to rent them out."

Ambros Morales owns a property in Clovis that he recently rented out, after dropping the price by 100 dollars month.

"Sometimes you do have to do that because that is what people can afford," said Morales.

Still, Ambros says there may be more competition, but there are also plenty of people looking for homes to rent ? like those who have been displaced by foreclosures.

He says it's all about offering a fair price and a good home.

"Always have your stuff, your property in good condition, your rentals in good condition ... and people will want to rent them," said Morales.

How long it takes to rent a property depends on price and location ... Kay Adanalian says she's renting properties in a few weeks ... but other property managers we spoke with say some properties are taking up to 60 days to rent.

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