1 Million More Rental Homes on the Market
July 14, 2008 – 5:17 pmGoldman Sachs’ U.S. Economic Research Group recently released data that says over the past 2 years there have been over 1 million for sale units that have been converted into rentals.
This is one of the reasons why we are not seeing rent inflation because although demand is increasing for rentals, we are also seeing a large increase in supply.
One Response to “1 Million More Rental Homes on the Market”
These homes are the “shadow” rental market since they come and go as the sales market expands and contracts…one of the GREAT benefits of this market is that many owners attempting to rent their own homes are attracting the “less than desirable” applicants and they can not screen them since they don’t have access to credit screening services….these “professional” tenants come with their own credit report, fake references and fake pay stubs…and unknowning owners FALL for these “too good too be true” tenants and end up evicting them 4 or 5 months down the line when they have not gotten rent for 3 months….
By W.Gibson CPM on Jul 15, 2008