Renters See Prices Skyrocket.

Sorry renters, but the days of low rents and lenient landlords are over — at least for now.

Nationwide, the average rate for apartment and home rentals is up 6.7% from June 2010, according to a new report from housing search engine HotPads.com. Prices for studio apartments are up 14.3%, and a five-bedroom home is 12.1% more. One- and two-bedrooms got off relatively easy, with average increases of 2.3% and 2%, respectively. Tenants will see the bulk of rent increases this year, predicts listing site Rent.com, but can expect another 3% jump when it’s time to renew in 2012.

At the heart of the increases: vacancy rates have dropped from about 8% to 6.2% nationwide over the past year. “That’s a really steep decline in a 12-month period,” says Christina Aragon, a spokeswoman for Rent.com. The drop indicates pent-up demand from people who made-do with roommates or stayed with family during the recession. Nearly half of property managers say they have also seen an increase in applicants moving from a foreclosed property, according to a recent survey from credit bureau TransUnion. “Landlords have the power right now,” Aragon says.

In past years, renters could negotiate a lower rent or other concessions, like a waived pet fee or free parking. That’s largely disappeared, leaving consumers little recourse but hunting around.

Renters have a glimmer of hope for better deals in coming years. Landlords are so thrilled with the market that they’re starting to take out permits to build new multi-family buildings, Aragon says. Prices may loosen somewhat once those properties come in the market, as early as 2013.

By Kelli B. Grant, Smart Money

http://blogs.smartmoney.com/paydirt/2011/07/05/renters-see-prices-skyrocket/

Average Security Deposit Refund

Have you ever wondered how much of the security deposit your competition is refunding, or what the average refund amount is in your state… wonder no more!

We have compiled a simple list of all 50 states and the average amount of the security deposit refund as it relates to the entire deposit.

You can download the entire Security Deposit Refund PDF (http://www.propertymanagementexecutive.com/wp-content/uploads/2011/05/RefundPercent1.pdf), but some of the notables are below.

Topping the list of most refunded is South Dakota at 97.5% and WV, VT, ME, and VA all refunding over 90% of the initial deposit.

Trailing at the end of the list for least refunded is Hawaii at 64% and MD, OR, WA, and CT all refunding less than 70% on average.

Article posted by Thomas Fanelli, Propertyware News, Industry Statistics

Carbon Monoxide Detector now required in rental properties.

Effective July 1, all single family houses, condos, townhomes and multi-family up to 4 units rentals are required to have a carbon monoxide detector installed in the home. You can purchase the carbon monixide detector at any home improvement store or even Target and Walmart.

New Listing. Available Mid-July. 18 Abrigo, Rancho Santa Margarita, $1695/mo.

Best of Los Portillos! Clean and neat ground level with direct access garage plus a carport. No Neighbors behind! Newer carpet and paint, mirrored wardrobes, tile in entry, kitchen and bathrooms. 2 patios, separate dining area, plenty of windows. Fireplace too. Don't miss this one!