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Jan 16, 2007 -- Vacant condos are renter's dream
The rental market is not going where people thought it was going. Owners of apartment complexes thought theyd be sitting pretty, with apartment construction slowing down and conversions to condominiums. But vacancies are actually rising, and landlords have found that incentives may be needed again. Why? According to the National Association of Realtors, the inventory of condominiums is up 38 percent in one year. Thats how many condos people are trying to sell and cant. People who own condos are stuck in a tough bind right now. So, many condominium owners have become reluctant landlords. Some of these are converted apartments, while others are brand new high-rise type condos. So, if youre a renter, you should consider renting a condo. Just remember that the landlord probably didnt want to become a landlord. And reluctant landlords dont care about the property. They also may have trouble paying the mortgage, so you could be evicted in a hurry if that happens. But you can make lemonade out of these lemons. Maybe suggest that youll keep the home in great shape and pay for maintenance issues if you get a cut in rent. Work it to your advantage.
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