Archive for the ‘Homes For Rent’ Category

Cheap houses for rent have become a rarity in the U.S. as renters are hit by increased household costs and declining income. According to 2009 housing rental data, majority of renters in the country consider housing unaffordable, with costs like utilities and maintenance continuing to rise, while sources of income have become squeezed.

According to 2009 figures, 51.5% of renters are spending at least 30% or their income on rental costs. Under the government's parameters, housing is considered unaffordable if households are spending 30% or higher on housing expenses including utilities and rental fees. The 2009 percentage is slightly higher than 2008 when around 50% of renters are spending that much on housing expenses.

The increase in the percentage of renters living in unaffordable units is largely attributed to the decline in the average household income. Based on 2009 figures, median income for households declined by 2.9%, mainly because unemployment jumped to 10.2% for the year. In addition, housing expenses rose by 3% from $818 in 2008 to $842 in 2009. Most analysts believe that the affordability of housing will continue to become a problem as long as incomes are declining and job loss is escalating.

Housing analysts have also stated that the lack of cheap houses for rent also reflects increased demand as foreclosure problems continue to discourage families and individuals from purchasing homes. They further added that, with the current market condition, most Americans feel that renting is more practical and beneficial than owning a residence.

One good thing that the 2009 housing market data revealed is that among people who actually own homes, only 37.6% are spending at least 30% on housing expenses, including taxes, utilities, insurance and mortgage loan payments. This can be considered good news since the figure is almost the same as the percentage recorded in 2008, which means that expenses for homeowners had remained steady since rising steadily beginning in 2002.

Despite difficulties in finding cheap houses for rent, the number of people renting dwellings has risen by almost one million, while the number of people who own houses declined by as much as half a million. Rental housing data for 2010 is expected to show almost similar trends.

Landlords and owners of houses for rent in Ames, Iowa have complained that the latest proposed changes to the city's rental home code will require them to spend money on repairs and upgrades that they cannot afford. Some owners are even considering selling off their rental properties rather than adopting the code changes being proposed by city officials.

During a Property Maintenance Appeals Board meeting held at the Ames City Hall, proposed revisions to Municipal Code Chapter 13 were on top of the agenda. According to the board, they will draft recommendations during a two-week workshop discussion. The discussions will be available to all, but input from landlords and residents will not be entertained until a meeting between the board and the Ames City Council has taken place.

In the midst of all the discussions, some owners of rental housing have stated that they do not see the need for the changes as their properties have passed inspections easily for years now. Code requirements, according to the owners, have forced some of them to spend over $5,000 on electrical, heating and plumbing repairs just to bring the houses for rent up to code.

They argued that they upgraded their rental properties just the way the city asked them to do and they do not relish the idea of doing so again just after four years. Landlords have asserted that the upgrades were expensive four years ago and the latest changes will likely require double the amount they shelled out during earlier upgrades.

Meanwhile, some owners of real estate rental homes who are trying to sell their properties have complained that potential buyers have backed out due to the repairs and upgrades that the city is planning to implement. They also lament the fact that the city is asking for improvements that are sometimes not even needed with areas of properties already in good working condition.

Landlords have stated that there are at least 20 proposed changes to the current code, with some just geared toward aesthetics. They stated that, as owners of houses for rent, they understand the need for better looking properties, but they are worried about the costs these improvements will entail.

The Pottstown borough in Pennsylvania is on the verge of implementing new home rentals rules. The rules are still being considered and are reportedly patterned after the guidelines that are in place in Gettysburg. However, some borough residents and landlords have argued that the new rules will drive good landlords from the town and will result in a decline of property values.

In response, some code officers from Gettysburg have stated that this will not be the case. They claim that years of having the same rules in place at Gettysburg have not resulted in declining home values and landlords leaving town. As a matter of fact, officers have claimed that the rules have contributed to landlords' ability to attract good tenants and have actually led to property value increases.

The proposed new rules will be discussed by the Borough Council within the week and a vote is expected to be called a few days after council deliberation. The rules were reportedly introduced by Borough Manager Jason Bobst in June.

Under the proposed new home rentals regulations, absentee landlords would have to have a manager who resides within a five-mile radius of the borough. Landlords would also be required to have annual licenses for each unit being rented, with renewals available only to those with good records. In addition, yearly inspections will be held and a deposit for each unit designed to cover abandonment and non-maintenance costs would be paid to the borough.

Pottstown borough officials have stated that the rules will be effective in improving rental property situations in the area as proven by Gettysburg which already has the same guidelines in place. However, critics of the proposed rules have stated that officials have not canvassed the public's opinion about the rules.

Meanwhile, a number of landlords have opposed the new regulations, claiming that they are oppressive and can lead to abuse of power. They added that the current rules in place are standard regulations and have served the area well so they should not be changed or modified.

The debate surrounding the proposed new rules on home rentals will soon be resolved as the council is set to deliberate within the week. The final decision on whether these rules would be implemented or not will be known to all residents in the coming weeks.

Some of the private universities and colleges in Massachusetts offer luxury homes for rent to their presidents as part of their compensation packages. The estimated monthly rent for the homes of college presidents were revealed following the Internal Revenue Service’s request to higher education institutions to include nontaxable perks in reporting the compensations received by their executives.

A protest was held by advocacy groups for tenants’ rights after the Los Angeles City Council prevented a proposed ordinance from being implemented which would have frozen property for rent payment increases for a period of four months. The protest, which happened at City Hall, led to several arrests.

A number of homeowner associations in Tampa Bay are now allowing more homes for rent in their deed-restricted communities because of the need for foreclosed houses to be occupied and because of the increase in real estate investors owning properties in these communities.

Properties for rent in Tampa, Florida will still face rental and occupancy challenges in 2010 despite expected declines in rental inventory because of continuing job losses, according to analysts working for Marcus & Millichap.

Homes for rent in Albany are being neglected by landlords and banks as they lay on each other the responsibility of maintaining the rental properties.

Houses for rent in Northern San Joaquin Valley in California are being offered at discounted rental rates and with lots of move-in incentives because of fierce competition among landlords. A lot of apartment rentals in Modesto are being offered at only $400 per month, with the first months free for renters signing one-year lease agreements. [...]

If you have been considering properties for rent as alternative to buying a home, you should know that there are other fees that you might need to consider aside from the monthly rental fee alone. By doing so, you get a clear picture of the total cost involved. Considering the situation in the housing industry [...]