hows the rental market these days?

[97guns]

just wondering, ive heard that the rental market is very strong in this housing market due to the many foreclosed people now being forced to rent, any truth to it?

[Nola Realty]

New Orleans and Northshore rental market is stupid crazy. If I could get the 1% of the rentals converted to purchases, life would be good....

[SLP-NYCT]

John,

How you holding up today! Glad you guys didn't get slammed again!

Back to the OP:

I deal with a lot of rentals and we are seeing more and more out there. Rentals that is, not renters so you know what that means. Competition! Rental Prices are dropping. Even the major players that own huge Rental Apartment Complexes are seeing a decrease in rentals. Use to be you'd be on a waiting list for some of these places and now they are holding Open Houses!

Well, that is here in Dutchess, Putnam, Westchester County NY. Everywhere else, I hear you guys are doing great!

[jessiesc]

I deal with a lot of rentals and we are seeing more and more out there. Rentals that is, not renters so you know what that means. Competition! Rental Prices are dropping. Even the major players that own huge Rental Apartment Complexes are seeing a decrease in rentals. Use to be you'd be on a waiting list for some of these places and now they are holding Open Houses!

We're seeing the same thing here. For the first time since I purchased rental units I have more available then rented, ugh!!!

[agentyumi]

Nowadays, more and more rental houses decreased its income. Competition is almost everywhere so an owner must think a good way to cope up with this situation. Most people look first in rental cost.

[SLP-NYCT]

We're seeing the same thing here. For the first time since I purchased rental units I have more available then rented, ugh!!!

Finally someone is seeing it too. I get so many people that keep saying "Well the News said..." I say, look at the numbers and not the news! I have never had such a competitive rental market.

[Susan Zanzonico]

Competitive any market...the news is a killer.. I run off town stats when I meet with my buyers. In some of my towns, it makes a huge difference when they see sales to list and DOM.

[jessiesc]

We are seeing allot of scared landlords offering all kinds of crazy incentives to renters.

We have historically offered our rental units at about $50 higher per month then my competitors. I have always accepted they will rent theirs first, which is fine but I will make more money. I also maintain my units to a much higher degree then my competitors.

However, now I am seeing them offer their units $150 lower then mine and crazy incentives: 1/2 off first month rent or first month rent free, no move in costs (no security deposit) etc.

It's nuts what these people are offering. The problem is that I can not compete at those low prices.

Example: Rental for a 1500 sf 3 br house are going for $750.00 (which would no where near cover the note+taxes+ins) where as that rate would be the normal rental for an 800 sf 2 br apartment!

Why rent an apartment, when you can rent a home cheaper. It's nuts and landlords are scared.

[20something RE Guy]

In my area, the rental market has been great, I'm hoping to add quite a few units next year (Would like to buy one unit per month).

[AugustaREGroup]

First vacancy in 2 years... granted. The unit has been paid through Oct and I have three applications in for it already...

But can tell the market is growing with inventory with not that many more people moving to my area.