Although there are thousands of cheap residential properties in Texas, including very low-priced bank owned REO homes, majority of local communities in the state are seeing escalating numbers of apartment renters rather than home purchasers. In North Texas in particular, demand for apartment housing increased in 2010 compared with previous periods.
With Houston bank owned foreclosures and distressed properties in various areas of the state being offered at prices that are way below their actual values, most people expected homeownership to thrive in the area. However, majority of local residents and people who have recently moved to the state prefer to rent apartments rather than buy cheap houses.
For North Texas, over 23,000 apartment units were in demand in 2010, posting the highest level in the region within a decade. According to residential property analysts, the boom in apartment living is buoyed by more jobs being added in the region and the effective methods used by apartment managers to retain tenants. The difference between apartment renters and buyers of Texas bank owned homes for sale and other residential properties is at an all time low, analysts have stated.
They claimed that, as opposed to the dwindling number of buyers of bank owned REO homes and other residential properties, apartment tenant population is increasing as old tenants stay where they are and new residents further expand their numbers. Before, new tenants mostly serve as replacements for old renters who usually move out after a time to purchase their own homes. However, 2010 saw most people preferring to stay in apartments and keep their units.
According to analysts, one of the areas benefiting from increased demand in apartments is the Dallas-Fort Worth region. They reported that apartment occupancy in the area was at 91.3% in 2010. They revealed that a lot more people are renting dwellings in the region instead of putting their money on a bank owned foreclosure property as the area posted a 2.3% occupancy improvement during the year compared with 2009.
Rents also climbed in North Texas during the year by 0.9%, bringing monthly rent to an average of $763. Despite the increase, people still prefer to rent rather than purchase bank owned REO homes, analysts have revealed.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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