As sales of residential properties slow down, home rentals became even more popular, particularly in the state of Georgia. According to rental firms, almost all of the rental properties in the state are fully occupied, showing that most people prefer to rent homes during difficult economic times.
As foreclosure house listings in various areas of the U.S. continue to expand, more and more families and individuals are opting to rent residences instead of shelling out money to purchase homes that are usually valued less than the mortgage attached to them. In some cases, people just find it hard to raise money for home purchases due to bad credit and tighter lending rules and are opting for the relatively easier process of renting a property.
Rental companies from South Georgia have revealed that they only have a few duplexes and single family dwellings available, while some reported that they have none at all. One local rental firm has revealed that among the 350 units for rent offered by their company, only five remain vacant, with the vacant premises being some of the highest priced among the company's offerings.
Home rentals agents have stated that a lot of their tenants are unable to purchase houses because they do not qualify for a mortgage, while others just lost their properties to foreclosure and are in that period when they are not yet sure what to do next and have opted to rent homes for the mean time.
Some have lost their jobs and are experiencing income losses, which makes it hard for them to buy a home. According to real estate agents, majority of their renters have been through foreclosures and are unable to afford monthly mortgage payments of over $1,000.
Agents have added that a big number of these tenants are looking for a place to stay that will cost them a monthly fee of $900 or even less. Most real property agents have pointed to unemployment as the primary reason for the surge in home rentals demand, stating that most of these tenants are just trying to get by day by day until help comes along or they find another job that can support their families.
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