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Landlords Market Resumes In Rental SectorRenters may soon find themselves back behind the eight-ball.The window is closing on apartment market conditions that recently gave renters some room to ruminate after fast rising rents hit a wall and caused occupancy rates to tumble. There are some persistent, underlying conditions that could cause suffering for landlords and joy for renters in some markets, but generally, the apartment market will favor landlords this year as the rental housing sector resumes the upward march in rents and occupancy rates, even if at a subdued rate. Apartment market analyst Marcus & Millichap reported this week in its 2007 National Apartment Report, by year-end, vacancy rates should improve 20 basis points to 5.1 percent (putting occupancy rate at nearly 90 percent), compared with a decline of 40 basis points in 2006. Rents should rise by 4.8 percent. The nation's apartment market got a boost in 2005 as the high-flying owner-occupied housing market boom faded forcing shelter seekers into more affordable rentals. By 2006 rental rates were taking off. Just as quickly, the rise in rents leveled off in late 2006 as renter-backlash to fast rising rents and condos coming to market as rentals combined to saturate the apartment market with inventory, according to reports from a variety of rental market monitors. Since then, however, the owner-occupied housing market has remained largely flat, the economy has improved with more jobs, manageable inflation has kept the Fed's rate-rising in check, and the stock market reached new heights. Homeowners needing to sell their home visit 888SOLDin9 to talk with our Jacksonville FL partner about their personal financial situation. Our Jacksonville FL partner, Jim Tallent buys, sells, renovates and rents homes and properties in Jacksonville FL, Duval County FL and surrounding areas. click here for article |