Property Rental in Greater Cincinnati on the Rise

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The deep unease experienced over more than a year of turmoil in the economy had taken its toll on the rental market in Greater Cincinnati and Northern Kentucky. Early signs of recovery are now bringing some cheer for apartment owners around Cincinnati area real estate with the latest figures pegged at less than 10 percent apartments remaining vacant in July in comparison to 12 percent at the end of 2009.

CB Richard Ellis, renowned for their real estate services, has found that rentals are showing an upswing of an average of 3 percent raking in approx. $696 per month for the proprietors. Greater Cincinnati encompassing Hyde Park and portions of Clermont County are striking it rich with increase in rentals averaging 9.6 percent more than last year. Northern Kentucky has a mixed bag with occupancy levels on the increase but rentals showing a decrease of 2.1 percent over the same time last year.

David P. Lockard, the Vice President of CB Richard Ellis, mentions that new construction has not been shown a positive growth despite rentals of multi-family housing coming back into demand. The number of new projects coming up is far and between each other with only local projects getting their hands into development of these apartment communities. Reason being, getting financing is a big hurdle with banks still dealing with their woes and not wanting to take on any unwarranted burdens upon themselves. Only by 2012 are there some expectations of stability pegged with an average 600 units being constructed to meet the increased demand versus 2008 or 2009 when it was just 400 units. This is still a far cry from 1999 to 2002 when developers were handing over 2300 multi-family apartments units per year.

Some large projects coming up backed by Atlanta based real estate developers Carters and the Dawson Co. are underway. Current @ The Banks the largest project that is ongoing with a price tag of $80 million will increase the supply of apartments by 300 units in between the area starting at the Reds stadium and finishing at the National Underground Railroad Freedom Center in downtown. The rentals that this community is expected to fetch start from $800 and signs are good since 20 percent of these are already pre-leased for delivery by spring. Fred Burns & Associates who hail from Burlington are ready to dip their fingers in the multi-family community pie adding on 144 units at a cost of $10 million dollars.

Job creation should fuel demand for rentals as people will be weary about getting back into a self-owned home concept until they have overcome their jitters regarding the Cincinnati real estate market.

(c) 2011 Taxes.

Companies That Offer Cash for Houses: Vital Information Everyone Should Know

In the current real estate market, it may be tempting to consider contacting one of the companies that offer to buy your home and pay you quick cash.  However, there are some things you should consider before you “bite” at one of these offers.

Why Would Anyone Sell Their House for Fast Cash?

Most people sell for cash because they cannot afford to leave their house on the market while waiting for the right buyer.  Here are some reasons why you might consider selling a house directly to a business for cash instead of through a conventional sale:

  • You are behind in mortgage payments and facing foreclosure.
  • Your rental property has been vacant, it is not in shape for new tenants, and you cannot afford the renovations.
  • A crime or death has occurred in your home.
  • You are getting divorced.
  • Your real estate listing has expired.
  • Your house has experienced some type of damage.
  • You need to relocate quickly (perhaps because of a job transfer).
  • You are filing for bankruptcy.
  • You are evicting bad tenants who have trashed your house.

If you find yourself in one of these situations, you are eager to make the sale, and walk away from your burden with some money in your pocket to put toward starting over.  The companies that offer to buy your house know that you are desperate, and they have specific marketing pitches aimed at people in your shoes.  While they may make it sound like they are “helping” you, in reality they are seeking to gain from your loss.

Tactics Used by Fast-Cash Companies to Lure You

When you sell something quickly for cash, especially to a business, you are receiving only a fraction of the item’s worth.  Just like pawn shops, or car dealers who buy your trade-in vehicle, fast-cash companies intend on reselling your home and reaping the profit.  Unlike you, they have the time, money, and know-how to get your house sold for top dollar.

Companies who pay cash for houses do not have your best interests in mind.  They are looking to make money, which means they are not going to pay you the full market value of your home.  They know that you are desperate to sell and are taking advantage of your situation.

Only Sell for Fast Cash as a Last Resort

If you cannot afford to keep your home and need to get rid of it quickly, there are alternatives to fast-cash sales.  You might consider remortgaging your home to lower the payments, or you may want to be more diligent about finding trustworthy tenants to whom you can rent your property.  Even by lowering the rent payments to less than the mortgage payments, you are probably losing less money than you would by selling the house for cash.  There may be other options available to you.

Any time you are interested in making a real estate transaction, whether it is a fast-cash sale or a commercial property investment, you should talk to a knowledgeable real estate professional or attorney before proceeding.