Strong Rental Markets in a Weak Economy
Michael Rodriguez planted a “For Rent” sign one Sunday morning in the yard of a three-bedroom, two-bath house he owns in Salinas, Calif., a farming community 10 miles inland from the Monterey Bay beaches and about an hour from Silicon Valley.
That day, Rodriguez received 34 calls from prospective tenants. “The next day, I was talking to somebody, and I looked over and the sign was gone,” said Rodriguez, the broker/owner of Platinum Capital Mortgage & Estate in Salinas. “Somebody was trying to eliminate the competition.”
Salinas, like much of California, is facing a housing slump and a surge in foreclosures. But the rental market is humming along thanks to its relatively affordable housing costs and proximity to Silicon Valley, where high-paying tech jobs are plentiful. Salinas metro area apartment rents increased 5.6% in the third quarter, compared with the same period last year, and the vacancy rate has fallen to 2.4%, one of the nation’s lowest.
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Check out this video titled “Boring Apartment Decoration Video”
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Comments are off for this post Digg thisRenters To Avoid When Leasing Apartments
For instance, have they consistently moved from one apartment building to another? This isn’t necessarily a bad sign as sometimes people move when their lease is up because they can’t afford the ensuing rent increase, but you might double-check how long they stayed at any one apartment building. Addresses that are just a few months at a time might signal that they skip out on rent or terminate their lease early, which is not good for any prospective landlord.
Apartment renters also know that frequent moves is a red flag to apartment owners and managers so they have come up with a new trick to hide there poor rental history. Renters that skip out on rent or have been evicted will often state that they have been living with friends or family for the last couple of years. Unless the prospective renter is very young and it is obvious that this is there first apartment I will put extra time in checking out there rental history.
You can also ask for a referral from previous landlords when looking for prospective tenants for your apartment building. While there’s a limit to what they can say, they can certainly tell you if the person paid their rent on time and how often they were late. They can also share if there were complaints from others in the same apartment building when it comes to noise and so on.
And of course any tenant needs to respect the apartment building they live in and other tenants. Most landlords have clauses in the lease that address noise, trash removal, common areas, and things such as this. Anyone in your apartment building that violates these terms of the lease can be evicted just as well as anyone that is late on the rent. You can also charge a security deposit in case there is damage to your apartment building when the person leaves.
With new laws being passed every day to protect deadbeat renters many landlords are very hesitant to give any information out about pasted renters other than the renter did live at the address stated on the rental application. For this reason you will need to develop a good relationship with all of the other apartment managers in your area. You do not want to break any laws when giving or getting information but you do want to get all of the information you are entitled to.
There are more and more websites being devoted to landlords sharing information about prospective tenants to their apartment building; those with problems with past tenants may post information and even pictures of damages. Of course there may be some legal concerns with what you post and say on these sites, but if you own an apartment building there’s nothing to stop you from checking them for information!
David Cowley has created numerous articles on real estate investing. He has also created a Web Site dedicated to real estate investing. Visit http://www.rgvre-team.com
Article Source: 101 Apartment Living Resources
Apartment rents in West increase slightly
From Mercury News:
Apartment rents in the western United States are barely climbing¡ªgood news for renters but actually a sign of a weakening economy, according to a new report released Thursday.
The good news for renters is that while homeowners have watched the value of their houses drop, and subprime loan holders have seen their mortgages double, even triple, many apartment renters are paying just a few dollars more than they did a year ago, according to the report by RealFacts Inc.
Of the 19 major Western metropolitan markets covered in the analysis, 14 experienced quarterly rent growth, but none more than 1.7 percent,and four actually declined.
That’s consistent with national trends, which found average rents across the nation increase by only 0.6 percent since March 2008 and only 2.5 percent in the last year, the report said. Relative to other items in the household budget, apartment rent is lagging behind inflation, which was 5.2 percent in June 2008.
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The Rise of the Panama Apartment Rental Industry
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With a progression from the late 1990’s into early 2000, the Republic of Panama began to realize it’s potential for tourism and real estate as viable economically sustainable industries. Up until that point, Panama had relied, unswervingly albeit, on trade, banking and agriculture: but with the rush of a new century and timely changes in international investment and travel patterns, Panamanians found themselves sitting on a proverbial goldmine.
The first real thrust was the real estate boom which anchored itself in Panama City and the rural eco-town of Boquete. This boom came to be symbolized by radical changes in skylines, giant increases in building materials and labor, as well as a need to draw people to the isthmus.
Enter the resulting tourism roar, characterized by the nation’s tourism board (IPAT), spending millions of dollars throughout the world to promote Panama as a tropical vacation destination. This campaign saw TV commercials, magazine ads, and an overall buzz about a Panama, which so few people even knew.
The original goal in Panama, as was in similar destinations like Costa Rica and Mexico, was to use tourism to drive real estate sales. But with the investment sector already so well underway in 2007, tourists found themselves arriving in Panama to an oversupply of real estate and an undersupply of hotels, especially in the capital city.
The obvious way to cope with this imbalance was to utilize that which Panama City had plenty of (condominiums) and use them to fill the void (hotel rooms). As a result a number of property management companies arose, offering both short and long term stays to tourists in apartments.
Fully furnished apartments were welcomed warmly by tourists, who truthfully preferred living like a local as opposed to the generic hotel room they’d become accustomed to over the years. Condo hotspots like Punta Pacifica, Avenida Balboa, El Cangrejo, and Casco Viejo (the old quarter) began to see clients flock to their product, offering maid service, cable TV, wireless internet, and full kitchens: all the luxuries of a hotel but more space and more privacy.
In 2008, a record number of new hotels were announced to fill the supposed void. But many tourists found themselves liking too much the lifestyle that an Panama apartments for rent provided. Further, businessmen and businesswomen in town for weeks to months at a time, decided to stick with the model of rental apartments, thus keeping the industry healthy and alive.
What the future will bring to Panama no one knows. But over the past decade, trends and voids have seemed to even themselves out impressively, allowing the now-booming tourism industry to do what it does best: show off a beautiful country.
Sam is a professional writer with years of experience in the tourism and hotel industry. His articles also feature a lot of information on panama apartment rentals.
Comments are off for this post Digg thisWhat is a Condominium?
This article is provided by 101 Apartment Living Guide.
An agreement condominium is not the best choice for every potential homeowner. There can be a notable lack of privacy in public areas - the pool should be shared with all other owners of condominiums, for example. Those who prefer to own all their facilities and maintain its own garden and lawn may want to continue solo home ownership options instead of a condominium. It may also be harder to sell a condominium unit, compared to a house surfaced. Condo only the owners of their own units, not the land beneath them.
Those who can benefit most condominiums are veterans who live in apartments that tenants do not mind having close neighbors. Others may not want to be bothered with the outside retaining or responsibility for lawn care. The total price of a condominium home can be much less than the equivalent of a single unit of origin. The purchase of a condominium building permits equity, unlike paying monthly rent on an apartment complex.
One thing to be aware of when I lived in a condominium setting is the political reality of the owners of an association. Decisions can be made at the monthly meetings that individual owners will cost more money, but not necessarily offer the same benefits for all. It can be almost impossible to avoid being hit by at least one condo board decision, so that active participation in meetings and discussions can be more mandatory that can be expected. Condo life can be more economically advantageous for apartment rentals, but it requires more active participation in community events.
for more info please visit www.condoblog.org
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Apartment Deco Delight (Video)
This Japanese architect-designed brick apartment building graces Manhattan’s upper west side neighborhood.
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Comments are off for this post Digg thisBeijing Apartment For Rent
To see the full description: Beijing 3-bedroom Apartment For Rent.
China Central Place (Hua-Mao International Apartments), 3bedroom/2bathroom, 164sqm, extremely convenient location in downtown Beijing’s CBD area, bright and sunny rooms with open views. Fully furnished with top branded electronics, furniture and kitchen supplies.
Comments are off for this post Digg thisGetting Your Security Deposit Back
For many renters the subject of the security deposit is somewhat of a touchy subject. Most renters assume they should receive their security deposit back in its entirety as long as there is no significant damage done to the apartment. However, this is rarely true as there are number of factors which contribute to whether or not the security deposit or a portion of the deposit will be returned to the renter when they vacate the premises.
Did You Do Any Major Damage?
Certainly doing major damage to the apartment such as putting holes in the walls, breaking appliances or tearing up the flooring may warrant the security deposit being kept but even in these cases the leasing agent must justify these costs. In other words the leasing agent cannot use one damaged item to justify keeping the whole security deposit. Rather the leasing agent is obliged to determine a cost to repair the item. If this estimate is large enough to justify not returning the security deposit the renter should be informed of the estimated cost of repairing the apartment.
Is Your Apartment Clean Enough?
All apartments should be cleaned thoroughly before the tenant vacates the property. This should include extensive cleaning of all rooms of the apartment including the bedrooms, bathrooms and any common areas. A cleaning should also include cleaning of all of the blinds in the apartment. Blinds can be rather difficult to clean and many leasing agents charge approximately $10 per blind if they deem there is a need to clean these items. This can add up rather quickly if there are a number of windows in the apartment.
Many leasing agents also perform a number of standard cleaning functions when any resident vacates the property. This may include items such as cleaning out the refrigerator, shampooing the carpet or repainting the walls. When these items are required, there is typically a fee associated with each item. In many cases, adding up these required fees results in a number which is likely already approaching the sum of the security deposit. Additionally, leasing agents often only allow for one hour of cleaning services to prepare an apartment for the next residents. This is rarely enough time to complete the work and therefore renters wind up being charged an additional fee at an hourly rate.
Have You Read Your Contract Documents?
Renters who want to have the greatest chance of having a large portion of their security deposit refunded to them should be very familiar with their contract documents. This is important while living in the apartment as well as while getting ready to vacate the apartment. It is important to be familiar with the contract terms while living in the apartment because it can prevent the renter from making decorating choices which are explicitly prohibited by the rental agreement. These types of decisions can be costly in the long run because they may result in the renter being assessed for perceived damages by the leasing agent.
Renters should also carefully review the contract documents as they are preparing to vacate the property. This is important because it may help the renter to clean and make repairs to the apartment in accordance to guidelines set forth by the leasing agent. Doing this will make it much more likely the renter will not be assessed exorbitant fees at the conclusion of the rental agreement.
Comments are off for this post Digg thisHow to Choose Between a Portable Air Conditioner and a Swamp Cooler
This article is provided by 101 Apartment Living Resources.
It is ideal to use a portable air conditioner when you can’t use a window or wall air conditioner or when you need to supplement existing central air conditioners. Some apartment complexes do not allow window units or a home may have a window that isn’t appropriate for permanently installed window air conditioning units. Portable air conditioners are great in those situations as well. These units do not need to be permanently installed. Most portable air conditioners have casters so that they can be moved to whatever room in your home is in the most need of cooling. An exhaust hose does run from the unit to the outside, so you will need a window nearby.
Swamp coolers (or evaporative coolers) are simple devices that use the evaporation of water in the air. This method of cooling has been used throughout history to beat the heat. A box-like frame containing a fan that is walled in by moistened pads is what comprises a swamp cooler. The hot air from your room is taken in, sent through the moist pads, and cooled up to twenty degrees. This is a lot like when you splash your face with water on a hot day. Once the heat from the air evaporates the water on your skin, a sensation of coolness is created.
Portable air conditioners are great because they can be moved from room to room. They are also excellent supplements to central air conditioning and help dehumidify the air. They do need to be vented to work properly. Swamp coolers are compact and portable and use a lot less energy than an air conditioner. They are cost effective in terms of purchasing, installing, and maintaining. They also add moisture to the air and prevent furniture and fabrics from becoming too dry. They are only to be used in dry, hot climates. If there is high humidity, the unit will not perform properly and perhaps make you more uncomfortable because of the added humidity. You must also keep adding water to these units for it to create a cooling effect.
Portable air conditioners and swamp coolers are effective alternatives to central air conditioning, but you must be sure to choose the correct solution for your application.
About the Author
Erin Lynn is a product specialist with vast knowledge of portable air conditioners and swamp coolers. For more information visit http://www.air-conditioner-home/AC-Information/ .
Article provided by http://www.101apartmentforrent.com.
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