New wave of renters entering market?

Oct 01 2012

Happy homeowners becoming reluctant renters

If you've been a landlord for any appreciable amount of time, looking for tenants, or are just looking into renting your house, you've seen renters come and go.  You have  seen or will see horrible, migratory renters try to camp in your property and you've seen renters you'd actually like to invite into your home and miss when they leave, making the thought of renting your house appalling.

Since I've been "landlording", I've seen far more of the former type of renters and not enough of the latter.  Even worse, when the economy went to pot I saw a surge of, for lack of better word, scum renters coming to my door making my task of looking for tenants even more difficult. I won't go into how to screen for these type of renters as you can find that information on this site.  What I do suspect is you'll soon start seeing fewer of them and more of the types mentioned in this article which could actually make the task of looking for tenants in the future less painful and may make your reconsider renting your house!

But John lost his job three years ago in the construction industry. "What happened to all the jobs?" John asked. "Where did they go?"

Now they face losing their house to foreclosure, and for them an unplanned transition from homeowner to renter.

I haven't met the couple mentioned in this article but I'm willing to wager they are far more responsible than even your average renters and these are the ones that you will see soon.  When the economy went down, the people barely hanging on got affected first and hard.  Many of those people were already in some sort of jeopardy with their homes and finances.  When the economy went down, they were the first to be knocking on your door looking for a place to roost for a few months before moving on.

The couple mentioned in this article either were affected by the economy the least until it caught up or managed to hold on until now.  These are respectable people who tried their best to hold onto their homes but eventually lost the battle.  They may lost their homes but they haven't lost their integrity, honesty, and responsibility. These are the renters you'll want to court when you begin looking for tenants.

Several years ago I ran into a couple in a similar situation.  They were interested in a 2 bed room unit.  They were respectful, articulate, and sincere.  They explained they lost their home and suffered a bankruptcy as well.  They were trying to rebuild but needed to rent for awhile and asked if "I would consider renting your house to us."

Eventually they declined to take the house but inquired in some financial sources that could possibly help them purchase another home.  I lost track of this couple but wish them best.  However, I'm pretty sure if I stay in this business long enough I'll see more of them and less of the undesirables, once again making my task of looking for tenants less painful.

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