Yeah, I think there are a lot of condos for rent for cheap. Especially downtown where people were buying little POS places and renovating them to flip. From what I have been told by a few people looking to rent, if you look hard enough you can find new condos where the owner is renting for less than his cost (they're losing money) because they can't sell, and they need to stop the bleeding. There are still a lot of people trying to cover cost on places they overpaid on, and they're the ones sitting empty right now.
I bought a house almost 14 months ago as a rental, and I have no problem covering my cost. I actually make a few bucks every month, which is fine by me, as I'm not looking to make a living on rental income. I just found it strange how easy it was to find a tenant. Either there are a lot of people still trying to sell their houses and the glut of rentals is still yet to happen (they all hit the rental pool when the houses don't move), I'm underpricing my rental, or the new house market isn't as bad as the condo market. Yet.
|