As a property manager I see a few things that are happening. One is that investors are buying about half the homes that are listed. This is taking those properties that are maybe vacant or in disrepair and getting them either for sale(as a flip) or as a rental.
Second, our city has been hit hard with double digit unemployment, massive layoffs, and a construction industry that all but folded. Most high paying union workers have left the city. With that came people that a) lost there home due to layoffs B) could not afford there mortgage C) filed a bankruptcy to get out from hundreds of thousands of debt.
Now those people that stayed and have worked through this need a place to live. So they rent until there credit is repaired or enough time has passed to qualify for a loan. We are seeing people that where early in the process that are now eligible for home loans.
Several years ago when this started, many streets had multiple vacant homes. Now we dont see that happening as much. Even though we can say that renters dont care and the values go down, I see it as a transition. Better to have some one in the property than vacant. With the HOAs in town, it is still on the owner to make sure the property is taken care of.
As property values increase, the investors will start to sell(maybe to the tenants), and walk away with a nice profit.
I see it with many of our renters that lost there house and are doing what they need to do to buy again. These people are HOMEOWNERS that are just renting. For us, they take great care and pride of where they live.
8625 S Eastern Ave
Las Vegas NV 89123