Tougher times for renters, landlords
We all hear that layoffs and salary reductions are bad for homeowners and will probably keep foreclosure numbers from dropping anytime soon. But the cuts aren't good for renters, either. And what's not good for renters -- in this case -- is bad news for landlords.
Half of U.S. property managers are having more trouble filling their units with "qualified renters," according to a new TransUnion survey. Eight out of 10 say they're worried about how the rest of the year will go. (TransUnion, a credit-information company that sells renter-screening services, said it surveyed more than 870 property managers last month.)
But what about the people who got foreclosed on? Aren't they in need of a place to rent? As it happens, only half the surveyed property managers reported an increase over last year in applicants leaving foreclosed properties. TransUnion speculates that "many consumers coming from these circumstances are moving in with family members or friends to share expenses."
Local landlords, how are things going for you? (Come on, now. I know some of you are reading. Well -- maybe not on the Fourth of July, but I'll wait.)
Renters, have you needed to make a change -- moving to a cheaper apartment, bringing in a roommate, going back to live with parents -- to deal with tighter finances? (Or are things going so well that you're moving to a nicer place?)