Mortgage Rate News

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You may not be quite ready to buy a home, but does your landlord need to know that? With home prices falling, and a number of incentives available for first time homebuyers, it is no surprise that many are making the move from renting to buying. And this is not the only reason that things are getting tough for landlords. MarketWatch reports on a survey amongst landlords — and what it found:

Eighty-eight percent of property owners who participated in a recent Rent.com survey said that job losses are contributing to vacancy rates. Fifty percent said would-be tenants can’t afford rent or are trying to save, and 45% said that the trend of more people doubling up with roommates is causing units to sit vacant. The survey polled owners representing 3,192 apartment communities throughout the country.

Apparently, landlords are now seeing a degree of motivation to fill vacancies. And the pickings can mean that you have the chance to get a lower rent rate. Look around town and see if you can find lower rates elsewhere. Many landlords are lowering prices in order to attract more tenants. Then, go to your current landlord armed with a lower rate.

If your landlord is concerned about mounting vacancies, he or she is likely to re-negotiate your rental rate. If your landlord is not interested in making a change, then you will need to be prepared to move as soon as your lease if up — if you are serious. The fact of the matter is that right now there is a renters’ market, just as there is a buyers’ market for homes. If you look around, you can find some really good deals on rentals.

Just be aware that when the economy improves and more people start renting,  your landlord will likely raise rental rates again.