Tuesday, June 19, 2007
Downtown Renting
There has been a lot of chatter on blogs and forums regarding the downtown rental market lately. While the benefits to home ownership are well extolled, there are certainly benefits to renting as well, especially in this market. That's why I found recent conversations I've had with downtown property managers rather interesting, as it seems the rental market has been contracting lately with generally less inventory available leaving much less to choose from. It seems everyone - not just owners - have been feeling the pain lately.
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I'm pretty happy with my rental payments. I live in a high end 2 bed 2 bath (1300 sq feet, beautiful harbor/water view) for $2500 per month. To me, that is a good deal. It's a lot better than the cost of ownership (paying massive $$ to the bank). I'm going to sit out till the housing slump/crash ends and buy when it seems the bottom has been reached. I'm thinking late 2008.
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