I would say “tank” is a bit harsh based on the information cited in the article. Hasn’t most of the Midwest, in general, experienced real estate declines in the past 5 or so years? Regardless, I believe we will see a drop in real estate prices across the country during the next few years.
I think “tank” is appropriate. A landlord was telling us that a house he was renting for $2000 a few years ago is now renting for $1000. Wait until Ava Maria moves to Florida and the Leforge apartments open. 2006 should be a great year to buy a house in Ypsi.
Landlords may be willing to give a discount on rentals to get them filled. Too bad most renters are trapped in the school year renting cycle. We don’t have the ability to just have no where to live for a month or two and hope that the rental prices get discounted.
Oversupply of rental housing is not going to cause rental rates to drop significatly. Small time landlords usual can’t afford to not have tenants and might drop their rents to insure they get can pay the morgage. Big time landlords like Issa with 178 units in Ann Arbor would rather keep their rentals empty then give a discount.
That’s interesting, given that the incoming freshman class is the U’s largest ever. Are incoming freshman required to live on-campus?
posted by tom on September 2nd, 2004 at 3:46 pmNo, but 90-some percent do.
posted by James on September 2nd, 2004 at 4:48 pmI would say “tank” is a bit harsh based on the information cited in the article. Hasn’t most of the Midwest, in general, experienced real estate declines in the past 5 or so years? Regardless, I believe we will see a drop in real estate prices across the country during the next few years.
posted by bleen on September 2nd, 2004 at 9:46 pmI think “tank” is appropriate. A landlord was telling us that a house he was renting for $2000 a few years ago is now renting for $1000. Wait until Ava Maria moves to Florida and the Leforge apartments open. 2006 should be a great year to buy a house in Ypsi.
posted by Hillary on September 2nd, 2004 at 11:56 pmBleen, I live in a suburb of Chicago and our prices have done nothing but go up steadily over the past several years.
posted by Anonymous on September 3rd, 2004 at 6:46 pmLandlords may be willing to give a discount on rentals to get them filled. Too bad most renters are trapped in the school year renting cycle. We don’t have the ability to just have no where to live for a month or two and hope that the rental prices get discounted.
posted by greedkills on September 7th, 2004 at 10:44 pmOversupply of rental housing is not going to cause rental rates to drop significatly. Small time landlords usual can’t afford to not have tenants and might drop their rents to insure they get can pay the morgage. Big time landlords like Issa with 178 units in Ann Arbor would rather keep their rentals empty then give a discount.