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#237774 - 07/14/08 12:15 AM Have you noticed changes in tenants lately
ScottFicek Moderator Offline
Member

Registered: 08/03/07
Posts: 44
Loc: Minneapolis, MN
Has anyone else noticed that in the last 6 months, it seems to be easier to rent apartments. I am getting many more calls that before and renting most units quicker and for more money. Plus the tenants that I am taking are much high quality.

Anyone else seeing the same thing?
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Scott Ficek
Realtor/Investor
RE/MAX Advantage Plus
cell: 612-281-5419
office: 952-898-5800
Minnesota MLS

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#237840 - 07/14/08 02:56 PM Re: Have you noticed changes in tenants lately [Re: ScottFicek]
Tit4Tat Offline
Member

Registered: 07/12/08
Posts: 57
Loc: Land of Milk and Honey
Our investors have noticed as they have picked up buying property. A lot of the people losing their homes still need a place to live and are going the rent rout. The other things they've noticed, however, is also an increase in applications for subsidized rent. I don't take that as a good indicator.

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#239678 - 07/23/08 01:45 PM Re: Have you noticed changes in tenants lately [Re: Tit4Tat]
Greg Phillips Global Moderator Offline
Mortgage Professional
Veteran Member

Registered: 01/26/05
Posts: 1117
Loc: Chillicothe, Ohio
Of course! As mortgage guidelines continue to tighten less people can purchase homes. Also as people lose their homes they too are forced to rent.

Whenever a poor economy presents itself people are scared to liquidate cash reserves and commit to a mortgage loan. Pretty soon everyone will be forced to put a down payment on a home as the House and Senate agreed on a bill "HR3221" that finally will ban the use of seller funded down payment assistance on FHA loans leaving only VA and USDA as the only 2 remaining "No Down Payment" loan options available. Both of these loans come with restrictions that make them unable to be used by the majority of the United States. Then you have lenders continually tightening up on risk.

With that being said it is undoubtably a great time to invest and retain property as rentals!

And yes the increase for applications surely is related to the struggling economy, higher gas prices, and inflation.
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Greg Phillips
Manager
Fairfield Mortgage Company
"Servicing all 50 states"
Web: Home Forums Blog

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