Wednesday, January 6, 2016

Is it a renters market

A look at the Masa umatan rental list shows over 270 available rental units. Will prices come down? that is the question many newlyweds and young couples are asking. Rental prices in certain areas have gone up dramatically in recent years. Supply and demand is usually the name of the game. New construction floods the rental market with more units, which usually would help lower prices. Another factor which is freeing up some units, couples are relocating to Monmouth county after getting housing vouchers there. In reality homeowners and landlords cant drop prices that much due to the ever increasing property taxes and high mortgage payments. Additionaly right now is a slow market as the freezer is on, once it opens you have hundreds of newlyweds looking for housing within a few month which will shoot prices up even more.

10 comments:

  1. If it takes a few months to find a renter, they can end up making less money if they don't lower the prices. If they charge $1,100 instead of $1,200, and get 3 months more rent, they will end up with $26,400 after 24 months vs $25,200 after 21 months of renting at $1,200/

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  2. Cops all over Westgate new central giving tickets. Two cop cars pulling over cars.

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  3. there are many more units coming onto the market in the next few months, due to many new developments, and to many renters who have purchased homes.

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  4. most of the list are townhomes in the developments

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  5. How long until the market is flooded with short sales and foreclosures?

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  6. what about large home rentals prices and demands for 4 or more bedroom home rentals?

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  7. Sorry to burst yoyr bubble. Last time the market eas flooded with investors so when it crashed there were short sales and foreclosures. This time its 95 per cent actual people wjo want to,live there and are putting up large down payments so there wont be foreclosures. There fan always be peopke lising jobs or sources of income but notjing more than usual. Sorry i took the simcha aesy from you.

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  8. As far as I can tell, most people who are buying development homes- duplexes/townhouses rely on their basement rental to pay for their mortgage. Now for simple logic: if 5 years ago someone bought a house for 300k and was able to get 850 for his basement to help cover his mortgage; how can someone who's buying a house for 500k cover his mortgage with $900? That's the rental market leading to foreclosure problem in a nutshell.

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  9. no Most people today put down a substantial amount and can afford the mortgage basically with the 4 per cent mortgage . They are paying 1500 to 1600 rent anyway and the mortgage payments are about 1800 to 1900 with their down payment so its only about 300 to 400 more They count on the basement income to basically cover the real estate taxes and insurance . if the rents go down to 500 600 they will be in trouble but if it stays around 900 to 1100 they will survive

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  10. the down payments are much higher today than they were 6 or 7 years ago . Not so leveraged . So much less chance of people walking away from a 100,000 to 150,000 down payment . Last time people only put down 30 to 40,000 so it was much more risky

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