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  • November 4, 2008 at 11:36 AM #298695
    peterb
    Participant

    It may be a seasonal thing, but I have been closely following rentals in NorCal and the volume is growing while the prices are coming down. This has been evident in the last 3 months.
    Foreclosures and unemployment will probably cause the “substitution effect” to come into play as demand destruction is starting to gain speed. In other words, people may go from homes to apartments or start sharing homes and apartments as a substitute for what they were doing before the problems happened. This will probably cause downward pressure on the rental markets as this trend continues.

    November 4, 2008 at 3:08 PM #298908
    The OC Scam
    Participant

    I have been to Oahu three times in the last two months for a client. I can’t tell you that rental market appears to be hurting first hand but the economy is not in good shape over there. I have talked with many homeowners/business owners at the airport that were traveling there to deal with foreclosures of homes they could not find renters on Oahu and Maui. While eating at my favorite local vegan/raw food place/store (Down to Earth) I was looking at the local paper for rentals and the paper was full of 1 beds and 2 bedrooms for 1600 – 1800 a month. Recently last Friday local fish markets Uncles over at pier 38 are closing around 3pm now with signs in the windows that make reference to the economy being the main reason. We ate at a couple nice places and the parking lots and restaurants were very empty. I was assuming it is because of the season but the local news says tourist spending is down 20 percent compared to last year.

    November 4, 2008 at 3:08 PM #298935
    The OC Scam
    Participant

    I have been to Oahu three times in the last two months for a client. I can’t tell you that rental market appears to be hurting first hand but the economy is not in good shape over there. I have talked with many homeowners/business owners at the airport that were traveling there to deal with foreclosures of homes they could not find renters on Oahu and Maui. While eating at my favorite local vegan/raw food place/store (Down to Earth) I was looking at the local paper for rentals and the paper was full of 1 beds and 2 bedrooms for 1600 – 1800 a month. Recently last Friday local fish markets Uncles over at pier 38 are closing around 3pm now with signs in the windows that make reference to the economy being the main reason. We ate at a couple nice places and the parking lots and restaurants were very empty. I was assuming it is because of the season but the local news says tourist spending is down 20 percent compared to last year.

    November 4, 2008 at 3:08 PM #298982
    The OC Scam
    Participant

    I have been to Oahu three times in the last two months for a client. I can’t tell you that rental market appears to be hurting first hand but the economy is not in good shape over there. I have talked with many homeowners/business owners at the airport that were traveling there to deal with foreclosures of homes they could not find renters on Oahu and Maui. While eating at my favorite local vegan/raw food place/store (Down to Earth) I was looking at the local paper for rentals and the paper was full of 1 beds and 2 bedrooms for 1600 – 1800 a month. Recently last Friday local fish markets Uncles over at pier 38 are closing around 3pm now with signs in the windows that make reference to the economy being the main reason. We ate at a couple nice places and the parking lots and restaurants were very empty. I was assuming it is because of the season but the local news says tourist spending is down 20 percent compared to last year.

    November 4, 2008 at 3:08 PM #298558
    The OC Scam
    Participant

    I have been to Oahu three times in the last two months for a client. I can’t tell you that rental market appears to be hurting first hand but the economy is not in good shape over there. I have talked with many homeowners/business owners at the airport that were traveling there to deal with foreclosures of homes they could not find renters on Oahu and Maui. While eating at my favorite local vegan/raw food place/store (Down to Earth) I was looking at the local paper for rentals and the paper was full of 1 beds and 2 bedrooms for 1600 – 1800 a month. Recently last Friday local fish markets Uncles over at pier 38 are closing around 3pm now with signs in the windows that make reference to the economy being the main reason. We ate at a couple nice places and the parking lots and restaurants were very empty. I was assuming it is because of the season but the local news says tourist spending is down 20 percent compared to last year.

    November 4, 2008 at 3:08 PM #298919
    The OC Scam
    Participant

    I have been to Oahu three times in the last two months for a client. I can’t tell you that rental market appears to be hurting first hand but the economy is not in good shape over there. I have talked with many homeowners/business owners at the airport that were traveling there to deal with foreclosures of homes they could not find renters on Oahu and Maui. While eating at my favorite local vegan/raw food place/store (Down to Earth) I was looking at the local paper for rentals and the paper was full of 1 beds and 2 bedrooms for 1600 – 1800 a month. Recently last Friday local fish markets Uncles over at pier 38 are closing around 3pm now with signs in the windows that make reference to the economy being the main reason. We ate at a couple nice places and the parking lots and restaurants were very empty. I was assuming it is because of the season but the local news says tourist spending is down 20 percent compared to last year.

    November 4, 2008 at 4:37 PM #298648
    DWCAP
    Participant

    I have noticed a few places lowering rents alittle in the areas I watch here in SD. Nothing really great, and certainly not on the nicer places, but A few. I have a feeling the rental market is kinda like the stock market right now. All over the place on a whim.

    November 4, 2008 at 4:37 PM #298998
    DWCAP
    Participant

    I have noticed a few places lowering rents alittle in the areas I watch here in SD. Nothing really great, and certainly not on the nicer places, but A few. I have a feeling the rental market is kinda like the stock market right now. All over the place on a whim.

    November 4, 2008 at 4:37 PM #299009
    DWCAP
    Participant

    I have noticed a few places lowering rents alittle in the areas I watch here in SD. Nothing really great, and certainly not on the nicer places, but A few. I have a feeling the rental market is kinda like the stock market right now. All over the place on a whim.

    November 4, 2008 at 4:37 PM #299025
    DWCAP
    Participant

    I have noticed a few places lowering rents alittle in the areas I watch here in SD. Nothing really great, and certainly not on the nicer places, but A few. I have a feeling the rental market is kinda like the stock market right now. All over the place on a whim.

    November 4, 2008 at 4:37 PM #299072
    DWCAP
    Participant

    I have noticed a few places lowering rents alittle in the areas I watch here in SD. Nothing really great, and certainly not on the nicer places, but A few. I have a feeling the rental market is kinda like the stock market right now. All over the place on a whim.

    November 4, 2008 at 9:16 PM #298936
    stansd
    Participant

    I have a friend who just rented a nice 3BR in carmel mountain for 2,600, and could have gotten 2,800 if he wasn’t so picky on tenants.

    Those are huge numbers for around here. Tells me the rental market is still plenty strong. I expected he’d rent it closer to 2,300.

    Stan

    November 4, 2008 at 9:16 PM #299288
    stansd
    Participant

    I have a friend who just rented a nice 3BR in carmel mountain for 2,600, and could have gotten 2,800 if he wasn’t so picky on tenants.

    Those are huge numbers for around here. Tells me the rental market is still plenty strong. I expected he’d rent it closer to 2,300.

    Stan

    November 4, 2008 at 9:16 PM #299299
    stansd
    Participant

    I have a friend who just rented a nice 3BR in carmel mountain for 2,600, and could have gotten 2,800 if he wasn’t so picky on tenants.

    Those are huge numbers for around here. Tells me the rental market is still plenty strong. I expected he’d rent it closer to 2,300.

    Stan

    November 4, 2008 at 9:16 PM #299315
    stansd
    Participant

    I have a friend who just rented a nice 3BR in carmel mountain for 2,600, and could have gotten 2,800 if he wasn’t so picky on tenants.

    Those are huge numbers for around here. Tells me the rental market is still plenty strong. I expected he’d rent it closer to 2,300.

    Stan

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