This may well be correct for multi-unit properties; however, many areas report a lack of supply for rental homes as the unsold home rental market has disappeared.
Real estate research firm Reis, Inc. reports that apartment vacancies rose to 8-percent in the last quarter of 2009. As a result many large apartment complex owners have been forced to reduce rents. One year ago the vacancy rate was 6.7%. The blame for the recent downturn goes to the recession and to job losses and/or fear of job loss,
Resi has been tracking apartment vacancy rates for 30 years and an eight-percent rate is the highest on record.
That being said, the MLS in Northeast Ohio's eastern suburbs is not exactly flooded with rentals. There are only 5 listed in Beachwood, 32 in Shaker Heights and 31 in Cleveland Heights. More than a few of these rentals are single family homes and not apartments. Many apartment building owners do not list their rentals in Northeastern Ohio on the MLS.
For more on this story follow this link:
http://www.reuters.com/article/idUSN0614064020100107
Mark & Elly Ostrovsky
Howard Hanna Smythe Cramer
216-577-1156
Mark is a licensed attorney and works with his wife Elly in residential real estate representing buyers and sellers in Cleveland, Ohio's Eastern suburbs. You can search for homes on their website:
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
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Our mls does not have many rentals because apartment complexes do not list in mls. Also many investors do not list with agents. But I am sure the vacancy rate is high.
Gita * as a property manager, I stopped listing my rental homes in our local MLS over a year ago. It is too cumbersome and I can create a listing on my website; a postlet of the same listing and get it RENTED using Craigslist...
We don't have an abundance of housing do we? What's causing the surplus?
Will * too many apt to condo conversions at the HEIGHT of the market that are now being rented and are undercutting the market - they were already apts. Also, many apt residents can rent a SFR cheaper with roommates. I have several large properties with 3-generations in them so where 3 apts had occupants * my 1 house now has 3 and those 3 apts need new residents