Daily Real Estate News March 27, 2008
Multifamily Housing Lures Investors
The shifting housing market is making multifamily housing more attractive for investors.During the property boom, the rental market soured and landlords had to offer expensive incentives to get and keep tenants. With rising mortgage rates and tighter credit, landlords are able to raise rents and attract tenants. But this change didn’t come quickly enough to save landlords who had to mortgage their properties during the bad times and are now facing foreclosure."There will be a lot of product hitting the street in the coming months and it should be pretty cheap," says Mike Bacza, a carpenter and potential investor. "This year I expect I'll buy at least two multifamily units in a decent neighborhood."Likewise, building contractor Chad Blankenbaker is planning his strategy. "I'm shocked at how low the prices are," he says. "There's so much inventory that no one has to fight to buy anything."Source: Reuters News (03/16/08)
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