Due to high demand for rentals in Ann Arbor, tenants are paying more this year and can’t dally in making a decision or the property will be taken.
Reinhart Property Manager, Cathy Petchell says, “There has been high demand for single family rental homes and condos this past Spring/Summer. This high demand has boosted rental rates higher this year than in the past years. Properties in the best condition, priced competitively haven’t stayed on the open market long and usually had multiple applications. Spring and Summer tend to be the busiest months for rentals with the market slowing down over fall and winter.”
Ann Arbor’s median and average rent for 2013 will be released this month from the Department of Numbers. Vacancy is at an all-time low.
Rents are also rising in other mid-sized cities. Nashville, Tennessee has rentals increases up 18% since 2009 and more than half of households renting in the Nashville metro area are paying more than 30% of their income to rent.
With the rents rising, rentals are seen as a good investment and Mega-Investors are buying up properties in targeted cities with potential for price appreciation.
Source: Ann Arbor News
Source: Wall Street Journal
Source: Realtor Magazine