In summing up 2007’s rental housing market for apartments and single family residences, the final numbers are up. While the actual number of properties rented remained fairly constant when compared to last year, there was a considerable increase in rents. There were 144 properties that rented this year versus 141 in 2006, however the average price jumped to $4,105 up from $3,531 in 2006. This increase represents a 16.2% appreciation rate. The median price this year was $3,350 up from $2,800 last year or 19.6%. In addition, the average time it took to rent a property was 88 days. Some of you may want to consider purchasing rental properties as a long term investment as renters delay buying and new households turn to rentals. However, the same rules of real estate apply to rentals………. Location, Location, Location.
