http://www.forbes.com/forbes/2009/0525/086-investment-guide-09-buy-or-rent.html
This article points out something that I have been experiencing for the last two years.....UVa Med School residents coming for 2 or 3 years have bought homes in the past. Beginning in 2007, they started renting which put 100+ more rental prospects in the area wanting 2+ year leases for SFRs. Likewise, incoming military personnel coming on staff with the UVa Law/JAG school bought homes; however, they are also now renting. Either they can't sell homes they own elsewhere, or they don't want to be stuck with an unsold home if they are reassigned from our area.
The both the Med and JAG school have websites where departing homeowners can place listings for their Homes for Rent and Homes for Sale.....3 of the homeowners have contacted me within the last 3 weeks as they have gotten no interest in their rental homes and are worried their current residents will leave the area and they will not be able to secure new tenants...in 2 cases, the rent was over-priced and in the third case, there were no photos of the property in the JAG listing.
When showing rental homes to prospects who mention the rent is higher than a mortgage payment, caution them that there is flexibility in renting and they will have more financial options renting a home if they have to leave the area.
Wallace S. Gibson, CPM * Over 45 years of property management experience to serve you *
Gibson Management Group, Ltd. is a full-service property management company. Our management program is tailored to high end single family homes of character, country and estate properties as well as town homes.
We offer listings in the city of Charlottesville and Albemarle county as well as Greene, Louisa counties and the Lake Monticello area of Fluvanna county.
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almightly God...." Anonymous
Now leasing quality rental homes in the Central Virginia area for summer availability * http://VaHomes4Rent.com
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
View our available rental homes online with photos and floor plans
"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
This market is making people much more cautious about buying and that will help area landlords. It is a sign that the real estate market is still overpriced.
Wallace, For the first time in my life renting seems to offer a better life style at lower cost. The brainiacs in Washington seem to be moving to a world where everyone will live in a one bedroom condo--equality you know. Ahhhh, though, the ruling elite will live in the Dhaka's by the sea. Jerry