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Originally Posted by onewhippedpuppy
Hey Rick, out of curiousity, are these houses being rented because they aren't selling? I know Phoenix was a housing bubble market, are these just desperate sellers renting their home because they can't afford to sell? Around here it's very rare to choose between renting or buying a home, usually it's one or the other.
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My guess is a lot of the houses were bought when still relatively cheap, so the current mortgage payment isn't too far off from the rent they want. But buying the same house at current prices would be crazy expensive relative to the rent for the same place. I think most of the signs I saw in front of houses in Phoenix were for realtors, a few non-realtor "FOR RENT" signs. Where I live, I just put an ad on Craigslist and have had probably 10 couples come by to see the place. If I don't have it rented out by the end of this week, I'll probably drop the rent $50-$100, as I can afford that a lot more than having it sit vacant when I go to Phoenix and then have to have a neighbor handle it all for me.