Home/condo Rentals Not Hurting Apartment Rentals

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Millionaire Now! by Larry Nusbaum

This blog is based on the organizational principles found in my new book, "Millionaire Now! - A Financial Toolbox with Seven Steps to Wealth".

Home/condo Rentals Not Hurting Apartment Rentals

Posted on 05/10/2008 21:21:59 | Link | Post Comment

The National Multi Housing Council says large apartment complexes aren’t seeing a lot of competition from condos and homes now coming onto the rental market.

“Even though there has been an increase in the number of condo and single-family rentals, these properties do not typically compete for the same renters as professionally-managed apartments,” says Mark Obrinsky, NMHC’s chief economist. “In fact, professionally-managed properties may become even more desirable in the current market as renters of many of these individually-owned condos and houses find themselves without housing because the owners of these properties have lost the property to foreclosure.”

The mortgage meltdtown also appears to have put the brakes on tenants moving out to buy homes. Thirty-one percent of apartment industry executives surveyed nationwide said they have seen a big decrease in the number of renters leaving to become homeowners. That compares to 22% six months ago.

Another 52% in the latest survey said they noticed a small drop in move-outs due to home purchases, down slightly from 53% last October.

CLICK HERE for the full survey.

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