What Happens To The Rental Market When Home Prices Fall?
I am looking at my first duplex. Rents in the area range from 650 to 900 for comparable properties and home prices are falling rapidly because of forclosures/short sales. This property would rent for 800 a year ago, but I am planning on 650 because I believe home prices will depress the rental market as well.
My realtor disagrees with me and says that in this sort of market more people are looking to rent and the price of good rental units will go up, assuring me the 800$.
So what happens to the rental market when home prices are falling rapidly?
Danneskjold
Is there an opportunity to hook up to the sewer? I would seriously consider that see what I have seen flushed down the toliet.
Not sure this is exactly right, just food for though, so check it out.
Missouri passed some laws about septic systems a while back. Seems like our legislators think you need three acres in order to install a septic system, unless you hire a soil scientest to check out the soil. Used to be called a “percolation test” I think.
I now have a property, ¾ acre with mobile home 14X80 with a 14X50 addition, that I may not be able to do anything with. It was all good to go, previous owner lived there several years but since the new 3 acre law not sure I will be able to rent it. Called the county surveyor to do his thing and let me know if I am “grandfathered in”, can I just replace the previous system and what ever else to use the system or do I need to make some more land so I would have 3 acres. (Not sure how I would do that)