What do you guys see happening to the housing rental market over next 3 years?
My house is for rent, and my asking price is $1450 for a 1 year lease...I have an "offer" from a possible tenant to rent @ $1250/month with a 3 year lease... I'm struggling with the positives/negatives... Tenant is known by neighbors and probably fantastic in terms of being able to afford it (they are just tight with their money supposedly) and going to take care of the place...single no kids/pets...
Obviously situations vary, so you're getting shot-in-the-dark advise here.
Can't speak much to pricing. Sounds like a quality renter, though. That's key.
We were offered a nice sum for use of our vacation place this summer. No go. We've not rented previously, and in this case, the renter was an unknown. Previous owner had rented it to celeb/high-end clients and sustained some damage -- accidental, but damage nonetheless. Obviously weekly rental is a different ballgame, but concept is the same. PITA.
Known tenant can
certainly make a difference. Security deposits notwithstanding, they still often won't treat your property as well as they would if they owned it. At least there probability that they won't leave a bunch of damage, though. Assuming profitability, I'd be inclined to negotiate a deal with quality tenants. Otherwise you might find you were penny-wise, but pound-foolish in the long-run.
This post was edited on 8/8 at 1:25 am