Monday, September 26, 2011

Livingston County Rental Market Is ‘Robust’

At Preview Properties, we get a lot of calls about rental properties in Livingston County. Many apartments in the Brighton and Howell areas are running at a higher capacity now, presumably due to the number of people who have lost their homes to foreclosure. But some are also potential first-time buyers who are not convinced this is the right economic time to enter the housing market as a homeowner.


In Livingston County right now, our MLS has 17 properties for lease at or under $1500/mo. Twelve are detached homes, the other five are condos. If you look at the $1000 and under market, we only see three homes and two condos. Of course, not every rental property is placed into the MLS.

Apartments are an option for some people, and you can expect to spend around $800 or more to live in a newer community with some amenities. Things like a washer and dryer in your unit, perhaps a pool and clubhouse, with or without a fitness center. There is also a higher end apartment that has a few three bedroom units, two car attached garage, private entrances, and pool/clubhouse, but they start at $1350/mo, with two bed units starting around $1200/mo. Some communities have waiting lists, too, and it’s not unheard of to leave a deposit if you want to be placed on the waiting list.

Some apartment complexes will let you enter into a six month lease rather than the usual twelve month lease, but expect to pay at least an additional $100/mo to do that. Do you have pets? Expect to pay an extra security deposit (damage) fee as well as a few extra bucks per month. I know that many people I talk to absolutely won’t consider a condo or an apartment. For those folks, if they can’t find what they want through a property listed in the MLS, there is always rent dot com, or good old craigslist.

If you want the amenities like a pool and clubhouse/fitness center, an apartment community is not a bad choice. Of course you won’t have covered parking (unless there are carports-for which you’ll pay extra), but you can forget that $30/month you’re paying to the gym. Also the convenience of a washer/dryer that come with the apartment is good, and repairs are normally handled pretty quickly in a well run community, too. Not terribly important for some things, but it makes a difference if your refrigerator, water heater, furnace or air conditioning goes out.

The tried and true method of looking at the Sunday newspaper ads may work, too, but a lot of landlords are going the electronic advertising route these days. No matter what your housing choice is, be sure to call quickly because the feedback I’m hearing is that affordable units ($1200 and under) are going very fast. If I can be of service with your home search, feel free to contact me.

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