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As landlords we are always looking for trends in the market place, to assist in good business decisions.
I thought this month I would write about the trends we are seeing in Central Oregon. First, many present and former homeowners are transitioning to becoming tenants. As we go through the housing crunch and houses are lost to foreclosure, these people will be renting homes for six to seven years until their credit score will allow them to once again own a home.
In reality many have good credit, other than the mortgage related issues, and will be good stable tenants. When renting to this group, be sure to look at the whole picture, and caution is the word if the non–mortgage credit is marginal.
For prospective tenants that have “short sold” their homes, in other words sold the home but the lender wrote off or forgave a portion of the mortgage debt, they may be a better risk. They are people who had a problem for whatever reason, and stepped up to the plate and handled it the best they could. This is a responsible decision and indicative of someone who takes responsibility for their actions. For this reason, I would strongly consider this group as prospective tenants.
For the landlord with single family home investments, I think you will continue to see stabilizing of the market and increasing rental rates.
On September 18th, 2010 the Oregon Rental Housing Association will be holding their quarterly meeting here in Bend at the Phoenix Inn. This is a privilege and honor for COROA and we welcome our out of town guests. For more information on this meeting, please contact me.
Sincerely,
Lawnae Hunter
lhunter@hunterproperties.info
541-389-7910
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