Housing Rental Market Stays Strong

Have you noticed more “For Rent” signs hanging outside Fairfield County homes? Real estate agents say there’s an increase in clients looking for rental properties.  And more homeowners are offering their houses for rent.

“One trend we are seeing is that people who have experienced a foreclosure are now renting,” says Tammy Felenstein of Stamford’s Halstead. “Every situation is different, but my experience has been dealing with good people who, through no fault of their own, got in over their head as their home value depreciated. They now make excellent tenants.” Stamford has always had a strong rental market, in part because of the large corporations in town and the frequent relocation of executives. But what’s happening in other Fairfield County towns?

Cliff Juleson of PrudentialCT in Wilton says some people are renting while they wait for market conditions to improve. Deb Halsey, an agent with Raveis in Greenwich, finds that people from out of town often rent before committing to buy. “The two leases I did in 2010 were with people who were new to Greenwich,” she says. Dorothy Curran, with Weichert in Westport, has heard of some people renting while they wait for house prices to drop but adds, “I think their time is running out.”

Few renters seem interested in furnished properties, unless it is a very temporary situation. Dorothy Curran notes that in Westport “the only renters looking for a furnished home are short-term executives, summer renters or the newly divorced.”

In Greenwich there are high-end rentals available, according to Julianne Ward of Prudential CT. “Some landlords are renting while they wait for prices to go up before they sell,” she says. “Or they put their homes on for sale and rent, and take whichever one comes sooner, or whichever one they like better.” She also points out that all rental situations are unique. “Some renters rent while they wait for the perfect house,” she says, going on to say that other renters are waiting for their financial situation to improve so that they can purchase. Dan Raposo with Higgins in  South Norwalk rents mostly condos to young people who are just starting in the work force. "They're not ready to buy yet, but I hope they'll come back to me when they are," he says.

Are you renting a home? Are you waiting for prices to drop further? I’d love to hear what you think about the real estate market. Please email me at fpearson@mainstreetconnect.us.

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