Kalamazoo Real Estate and Investing – To the extent that Kalamazoo area rentals reflect wider real estate movement, there is good news and bad news for Kalamazoo area tenants. It all depends on how Kalamazoo renters view it (and how they chart their personal housing strategy). The bad news was not unexpected: for the third straight year, rents were up across the nation in 2012, according to apartment housing industry expert MPF Research.
Although rents rose at a slightly slower pace than in 2011, national forecasts are calling for rent increases in 2013 that match last year’s. The research firm said that apartment rents climbed 3.0% in 2012, down from 4.8% in 2011, but again were above the long-term norm of 2.5% registered over the past 20 years.
For tenants currently in Kalamazoo area rentals — both apartments and single-family homes — rents may be heading up and, area tenants have been finding that single family homes to rent are quite challenging to find in the greater Kalamazoo and Portage area.
The combination of rising Kalamazoo area rental rates and relative scarcity of single family homes makes this a great time for are investors. “Most places are starved for new product right now, so properties that will complete over the coming year appear likely to do incredibly well, generally without hurting the results for the existing stock,” according to Greg Willett, MPF’s vice president.
Whether you are looking to buy or sell a rental home in the greater Kalamazoo area, conditions warrant a thorough look at the opportunities available now and those opening this spring. We have owned rental properties for years and are able to provide our investor buyer clients with the tenant-landlord documents they need to get started with a Kalamazoo rental!
If you are looking for Kalamazoo homes to rent, it is a great time to consider purchasing. Even with housing prices on the rebound, first-time homebuyers who decide to leave the world of Kalamazoo area rentals to buy a home now will still benefit from the record low interest rates and distressed property bargains that result in historically affordable home prices. Your monthly costs for purchasing a house (including mortgage, insurance and taxes) is almost always significantly lower than for renting the same house. There is even a $3000-$5000 first time home buyer’s grant available in Michigan again right now.
If you are a tenant looking for a better alternative to a Kalamazoo or Portage rental, let us help you become a Kalamazoo area home owner! Our number is 269-350-5514.