Is There a Shortage of Homes for Rent in Your Neighborhood?

By
Real Estate Broker/Owner with Real Estate Cafe LLC

Is There a Shortage of Homes for Rent in Your Neighborhood?Is There a Shortage of Homes for Rent in Your Neighborhood?  Apparently there is in Medford, Oregon.  KDRV.com is reporting that Jackson and Josephine County renters have drastically fewer housing options than they did a year ago, according to numbers from the Southern Oregon Rental Owners Association.
 
The Southern Oregon Rental Owners Association estimates there will be less than 175 rental vacancies in May, down from just under 400 in the same month in 2009.  Realtors say one reason for the drop is that some landlords are actively trying to sell their properties, and others have lost their properties due to foreclosure.  Experts also expect the number of renters to go up, with those who have lost their homes now forced to rent.
 
Meanwhile, a new report finds that the housing wage for Jackson County Oregon is $14.73 an hour.  This is the hourly wage a family of four must earn in order to afford rent and utilities in the private housing market. The average rent for a two-bedroom apartment in Jackson County is $766.  That number has increased over 31 percent since the year 2000.  (Article written by Tove Tupper at KDRV.com).  Is There a Shortage of Homes for Rent in Your Neighborhood?

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  1. Charles Stallions 04/24/2010 05:48 PM
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Rainmaker
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Jane Peters
Power Brokers Int'l - Los Angeles, CA
Connecting you to the L.A. real estate scene

There was another post today about rentals and in their area the rents were high and there were few of them.  Not down here.  There is a glut of rentals and the rents are going down.  Where is everyone who is losing their home going we wonder?

Apr 24, 2010 05:08 PM #1
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Well - I don't know if there is technically a 'shortage' in my area (Loudoun County, VA). That being said, there are very few GOOD rental options, and by that I mean value for money. They are either overpriced, or outdated with a poor layout... or a combination of the two. Rentals are fun...

Apr 24, 2010 05:18 PM #2
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Melinda (Mel) Peterson

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