The rental market is starting to load up on available rentals. Landlords should expect to find the rental market slowing down through the holiday season. It is normal to have a slowing of rental activity during the holidays however, the number of available rentals is growing because of the unsold houses.
There were 12% more available houses in October than in September '06. A number of owners of homes for sale cannot hang on any longer and need to do something about their unsold vacant homes. They can either rent the house or let the bank take house back on a foreclosure. The choice is obvious and so a large number of these unsold homes become rentals.
Only 37% of listed homes have been selling this year. Last year 58% of listed homes sold. That means that there are many unsold homes becoming rental houses.
Rental prices jumped up about $25-50/month in the 2nd Quarter and the median rental price is now $1200/mo. and has been steady for the past 4 months.
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