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The good news is there’s good news

The goodnews is there’s good news    

     It’s a new year and we all know what thatmeans; time for those boring statistics. But the good news is there’s good news. According to local MLS statistics, the Charleston area rental market forthe entire year of 2010 was better than that of 2009.  The 4th quarter of 2010 was alsobetter than it was for 2009.  Withoutgoing into the numbers, which put most of us to sleep, the number of homesrented and the average monthly rental amount both increased, while the averagedays on market decreased.  What morecould we ask for; more properties rented for more money in less time! 

     But this wasn’t really a surprise.  Talking with other property managers, theword was that November and December, typically the slowest months, were prettyactive.  People weren’t just looking;they were actually filling out applications and getting approved. 

     It seems that the slowdown in the new homeand resale markets has helped the rental market.  While there was an increase of 277 in numberof units rented, there were 250 fewer homes sold in the 4th quarterof 2010 than in 2009.  With thetightening of mortgage money and credit, plus the uncertainty of whether or nothome prices have stabilized, people are still reluctant to purchase homes.  They would rather rent for a year or two thantake a chance on buying a home and losing money, even if they couldqualify.  While that may not be good newsfor the economy as a whole, it certainly is a silver lining for those who ownrental properties.  

Published Thursday, February 17, 2011 11:43 AM by R&B Properties, Inc.

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