Developers are kicking tenants out so they can rebuild
As the market heats up, landlords want their properties back. They can evict under certain circumstances. Landlords are flattening the building or converting to condos. Cities are becoming stricter about rent control so its easier to evict.
Can i say my 4 words? I said this years ago.
Not only is Detroit auctioning off homes for $1000, CNN Money says its the best place in the country for rental returns.
Many people are renting their homes instead of selling
Because of the big run up in prices in the last few years, many people are moving out of the area to a more affordable city and putting their home up for rent instead of selling. If they bought right, and then were able to refi or do a loan mod, they are able to make a positive cash flow and reduce their own costs.
Many people don’t have a long term look back and so they are jaded about interest rates. This is historical and not typical. I enclosed a chart. It looks to be that the norm is about 8%. It was this rate as ;ate as 2000. Folks don’t get used to this,