Black Money Business Jobs : Even Rental Properties are High

[dustyelbow]

Demand for Multifamily Rental Property Rises on Slowing Home Sales

By Staff

(AXcess News) Washington - With the U.S. economy slowing, consumers are becoming less interested in purchasing new or existing single-family homes, prompting the demand for rental property to rise. According to the National Association of Home Builders (NAHB), builders levels of confidence in constructing multi-family rental property rose in the second quarter of this year.

Builder confidence in current rental apartment market conditions climbed to a new high in the second quarter of 2006, and their expectations for the next six months are even higher amid rising occupancy rates, rising rents, and increased traffic at all classes of rental apartments, according to results from the National Association of Home Builders/Fannie Mae Multifamily Rental Market Index (MRMI), released today.

"We are in the midst of a solid comeback on the rental apartment side of the multifamily housing market," said NAHB Chief Economist David Seiders, who noted that during the last three years, condos have made up a rising share of multifamily housing production.

"At the same time, thousands of existing rental units had been converted to for-sale units to meet what seemed an insatiable appetite for condos," said Seiders. "As a result, the supply of rental units is very tight at a time when the demand pendulum is swinging back to rentals," said Seiders.

***The rest is here***

What is our poor brother and sisters who have been priced out the housing market due to high interest rates on mortgage payment credit shot through the roof stagnant job market with layoffs discriminations and lower benefits going to do?

4 million homes on the seller market in US. The HIGHEST ever say real estate analyst.

This will REQUIRE tremendous THOUGHT.

An alternative may be to live in CARS with high GAS PRICES. Buy RVs or trailers.

Hotels and motel rooms are twice the cost they were 4 years ago.

This will be a strong DOMESTIC issue in STATE and FEDERAL elections.

But what kind of advice from ourselves can we GIVE in such a situation?

Will this require political and social MANUERVERING?

 

[dustyelbow]

Apartment demand grows across U.S.
Rents also soar, although Houston a relative bargain

By ALEX VEIGA
Associated Press

LOS ANGELES - Kristin Zimmerman went looking for a new apartment recently after someone broke into her unit in a converted Victorian house in the Pacific Heights neighborhood of San Francisco.

She found a roomy, two-bedroom, two-bath dwelling on the edge of upscale Russian Hill, where the previous tenant had been paying $2,600 a month — more than the $1,959 a month she and her roommate were spending but still within their limit.

The landlord, however, wanted $3,000 a month and wouldn't budge.

"The woman was just unrelenting," said Zimmerman, 26, a cancer researcher.

Tighter supply
Apartment rents and demand are soaring nationwide as the economy produces good jobs and people who might have bought homes a year ago settle for apartments while they wait for housing prices to tumble.

In addition, the supply of rental housing tightened in the past year as many apartments were converted into condominiums in places like Florida and Southern California. Some of those units are now returning to rental markets at high prices as owners struggle to sell them.

In the quarter that ended Sept. 30, the average advertised rent reached $978, up 3.9 percent over the year-ago period, according to an analysis of 75 markets by real estate research firm Reis in New York. Some of the biggest increases were seen in Florida and Southern California.

Meanwhile, the nationwide vacancy rate for rental housing dropped to 5.4 percent during the quarter from 6.7 percent in the same period of 2004.

"The market is strong enough that landlords are able to reduce the concessions that they're offering to new tenants," said Sam Chandan, Reis' chief economist. "Even more important, vacancies continue to fall."

Traditionally expensive rental markets such as New York City continue to see strong demand because so few new apartments go on the market and home ownership is beyond the reach of most people.

In Houston, the influx of people displaced by Hurricane Katrina helped push vacancy rates down from 10.8 percent to 6.3 percent. In smaller markets such as Portland, Ore., Richmond, Va., and Omaha, Neb., demand has outpaced development.

Rents in Houston average $659 a month with an average apartment size of 856 square feet, according to Apartment Data Services. Houston area rents have gone up 1.2 percent in the last year.

...

AFFORDABLE RENTALS are not even mentioned HARDLY on the POLITICAL LANDSCAPE as of NOW with all the RACIAL, SEXUAL, CLASSICAL, FAKE NEIGHBORHOOD FEELING, FAKE FAMILY IMAGE DEALING, etc.

But I guess the RESULTS will APPEAR on SOMEBODIES FACE in the YEARS to COME PERHAPS.