If a rental property falls in the foreclosure forest, does it make it sound?
Lost amongst the haphazard flailing of an epileptic market at large, the rental housing subset of the Scottsdale Real Estate market is picking up unexpected steam. Driven, perhaps, by the surge of former home owners turned tenants, the latest statistics bear out what I have noticed firsthand: the available rental inventory within the city of Scottsdale has thinned considerably. With fewer available properties to lease and absorption rates (number of properties leased per month juxtaposed against the current number of available units) at the highest level seen in several years, there is a fair amount of competition for rental housing at present. Whereas the demand was formerly relegated to the lower price points (rents under $1000), the dwindling number of options is starting to put upward pressure on lease prices. Though the numbers from May do not reflect a noticeable increase in the average rental price throughout the Scottsdale market, my personal experiences of late have really opened my eyes to the demand that exists (particularly in the $1400-$1800 per month range) for centralized single-family housing. Expect next month's numbers to demonstrate a significant bump in rents.
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Thank you for the updated info on your area,
Best of luck on all your future transactions!
Vick Pacheco REALTOR®
SRES, GREEN, SFR, AHWD, TRC
Century 21 Carioti
1650 Sand Lake Road, 107
Orlando, Florida 32809
Cell: 407-865-2840
Fax: 407-770-0350
K
Yeah, Paul, best of luck and all that, and thank you for sharing, cause you know, we are here to learn about you and your rental market and stuff...:-)
PS: I have the coolest fountain pen ever... Methinks that'll be my new 'copy-paste comment sig'. Mine is blue, and all out of indigo ink, just in case anyone is paying any attention.
What's the protocol on receiving a thank you card in a comment stream? Do I send a virtual thank you for the thank you card card now? I'm completely flummoxed.
Hi Paul,
The " surge of former home owners turned tenants" says so much about life in America today. Sadly, I don't think it qualifies as progress.
I'm done thinking about the market in terms of progression and regression, William. Too ethereal. I have sworn myself off prognostication and generalized state of the Real Estate union puffery to focus only on the forces within play at present. More specifically, how to best leverage said forces to accomplish an objective. One client at a time, one goal at a time. This whole scramble to decode whether the market at large is improving or slumping is 100% irrelevant. We agents take our collective eye off the ball when we lose focus of specific objectives and take ownership of the state of a heterogeneous market rather than probing individual segments for tactical advantage. I think we forget at times that we are not paid to act as a think tank or virtual pundit. We need to keep our heads down and look for applicable solutions to the very specific problems of our potential clients.
So does the surge of homeowners turned tenants denote progress? Don't care. It is what it is, and I'm going to help my clients take advantage of the dynamic as best I can.
"What's the protocol on receiving a thank you card in a comment stream?"
Tickle Torture or the implementation of the Glasgow Smile. Worked for me back in '06 ;)
I'm doing more rentals now myself, and for the same reasons.
That said, I am in awe of the comments you get. I have never seen a "thanks for sharing" comment that was so ornate.
We are seeing the rental market pick up here as well. I guess everybody under 40 who moved back in with Mom remembered something.
Her meatloaf sucks.
By the way, you need more Clipart here. Maybe one of those black stick figures juggling a bomb donut.
Sardi - Glasgow Smile? Remind me to stay away from your Gorky Park Memorial if I ever find myself back in PA.
J Phil - Next comes the comment re-gifting.
Lenza - True that. On both counts. How about some clipart of a homeowning monk setting himself and his mortgage on fire?
Monk he see, monk he do.
Fair enough.
Sardi has a Gorky Park memorial? WTF...
Word to the wise, don't ask him about his winds of change, Inna.