The Real Estate Dictionary

Archive for March, 2011

When in need of a home to rent, there are many options to consider. Property to rent may be either scarce or plentiful depending on economic conditions, or the number of people moving in or out of an area. The number of houses to rent as opposed to apartments may also affect rental rates.

Institutions of higher learning, such as a sprawling university campus with thousands of students, will also impact the availability of rental units. Rates charged by landlords will also vary between neighbourhoods considerably, sometimes within a small area. The perception of neighbourhood income and safety to prospective renters will determine desirability of rental units.

In resort communities on or near the coast, there may be a constant flow of temporary renters. Many landlords in resort areas will charge by the week, or offer seasonal rentals. Rental units within highly desirable areas may fill up quickly, requiring reservation well in advance. An economic downturn may deter many prospective seasonal renters, which will lower rates on desirable units and offer great deals for bargain hunters.

The expense between houses to rent or to buy is directly related to the amount of affordable housing. If there is a large spread between the cost of renting in comparison to buying, the amount of prospective renters will be large and may continue growing, since many people will not be able to buy a property. Landlords will be able to charge market rates or higher on rental units, being confident of knowing they can rent a unit quickly.

Property to rent may be desirable to many who are able to buy a home of their own, but for whatever reason do not want the responsibility of home ownership. Young college graduates just starting out may not have a good credit record, and need to stay put for a while until their savings, career prospects, and credit rating improve.

Many empty-nesters and retirees no longer want to be tied down to a home of their own, and want to spend more time travelling, visiting family, and pursuing hobbies while they rent a home or apartment.