How is the rental market now? With all the low mortgage rates I know that there were alot of ppl buying houses. But with all the lay-offs, are there alot of renters now? I know there are alot of foreclosures. How long is the holding period now for a rehabber? And how long before you can find a new tenant? BTW…I’m in Dallas and these quest. apply to the DFW and Austin area.
I can’t speak to DFW, but the Austin rental market is pretty slow. Typically every other ad in the paper is offering owner finance or lease option as an enticement to find anyone to fill the properties for sale. Rentals are offering all kinds of incentives to do the same.
The level of inventory is very high. In the Austin area holding period seems to depend on being very competitive on rates and a desirable location.
I have 4 SFH’s in 3 different North Dallas areas and it’s soft versue even 6 months ago, and way below 12-24 months ago. Big supply of rental houses from better credit quality renters becoming buyers, telco collapse, and continued building of both new SFH (over 10% bought by investors in 3 developments in Frisco and Plano) and apartments to add to competition.
These are times that reinforce why investors need some cash reserves and should avoid being over-leveraged. It also may be a good buying opportunity if you run across the investors who ignored those principles and are getting desperate.
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