Rental Market Outlook Bodes Well For Landlords

The Harvard Joint Center for Housing Studies issued a comment in its latest report that renters will likely find a very challenging rental market in the upcoming months. Significant slow downs in multi-family housing growth means there will be fewer options available to those looking to rent properties, and subsequently rental rates will likely increase. Clearly this is optimistic news for landlords and investors who are now picking up many of the foreclosure properties around the country that come on the market well priced. Eventually these foreclosures getting into the rental pool will alleviate some of the expected shortage in rental units, but a large easing of upward price pressure is unlikely in the near term as the multi-family housing typically has a larger lead time for development. That means bringing on new multi-family housing will take awhile and in the immediate future it’s likely to be far from a renter’s market.

Stephen Woodall

REALTOR, GRI @ Long Realty Company

Stephen has made real estate his full-time career and passion since 2008, primarily specializing in the Foothills & the Northwest Tucson areas of Oro Valley and Marana. He is a multi-million dollar producer, representing both sellers & buyers. Stephen has tremendous experience in new home sales, listing & selling primary residences, listing & selling vacant land, listing & selling luxury homes, investment properties, rentals, and real estate development parcels.