High Demand Keeps Rentals High in Northern Nevada
Residential real estate prices have fallen dramatically in the past few years, but what about rent rates? High Demand Keeps Rentals High in Northern Nevada … We asked Lynne Cauley from Lynne Cauley Property Management in Gardnerville, Nevada about the regional rental market. Lynne confirmed that the demand remains high for rentals due to the volume of foreclosures, walk-aways, and short sales. Regardless of their cause or means of vacating their primary residence, those families are in need of a home, have to rent, and consequently the High Demand Keeps Rentals High in Northern Nevada.
For many, the rent is about half of what they were paying for their house payment. There are many opportunities today where renters can buy houses with nothing down with payments less than their rent payment. The Ex Carson Valley Homeowner … “tenant” is often happier renting as they are relieved from maintenance work and expense according to Lynne. They are also looking for a different type of rental property.
Ex-home owner tenants are looking for quality homes. They are used to, and desire, a quality living environment and are willing to pay more to get it. Lynne told us about a recent experience where the prospective tenant was so determined to rent the right home that he lived in a motel for two months until a suitable home became available. Historically, multi-family units, i.e.- duplexes, apartments, were easy to rent. That has changed due to the income level typical for that type of unit and the lack of appropriate regional employment.
Lynn says “We found it interesting that a “good” property listed for rent on Friday will have 2 or 3 rent applications on Monday.” She defined "good" as good location, good condition, and priced right. Lynne’s prediction is that this rental market will continue for a couple of years. After that many of the tenants will be able to buy again in Northern Nevada.
All of this is great news for the Carson Valley Nevada retirement home Buyers that we are seeing these days.& They are buying now while prices and interest rates are so good, but they won’t be moving for three to five years. They now know that there will be quality tenants for a nicer home for an extended period of time. It is highly likely that by the time they are ready to move in to their retirement homes, take advantage of the wonderful Nevada Tax Benefits, their tenants will be ready to buy, and the market will be on an upswing because of the pent up demand.
Investors will benefit from this information as they will understand why the prices have been dropping on duplexes and four-plexes lately. They have an option to buy a better home in a good area with confidence that they can rent it at a good rate and have an easier sale when they are ready to sell after the prices rise.
Lynne addressed the credit factor when renting to people that have lost their home. If she can verify good income and the prospective tenants meet other criteria then they adjust for foreclosures. These are good people, life’s circumstances are just working against them right now. Their rent payment will be lower than what they had for a house payment, and the rental life easier than was the maintenance of their home. They are low risk despite the credit ding and usually make excellent tenants.
When it comes to choosing professionals to assist you with your Northern Nevada Real Estate needs … Experience is Priceless! Lisa Wetzel & Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472. email@example.com
When it comes to choosing professionals to assist you with your real estate needs ... Experience is Priceless! Lisa Wetzel and Jim Valentine, CDPE, SFR, RE/MAX Realty Affiliates, 775-781-5472 firstname.lastname@example.org, www.carsonvalleyland.com
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Lisa Wetzel and Jim Valentine are the authors of this blog. Lisa, Jim and Jessie are experts in Carson Valley , Carson City and the tri-county area of Douglas County, Carson City and Lyon County. Call our team anytime at 775-781-5472 or 775-781-3704. To Search for Homes go to: Carson Valley Listing Book or visit our website at www.CarsonValleyLand.com