On June 17, 2014, Les Christie of CNN Money reported an article titled "More homeowners becoming landlords" The article states in part that low mortgage rates and soaring rents have convinced a growing number of homeowners to hang onto their former homes and become landlords instead.
Reports show that 19% of current homeowners either purchased or refinanced homes between 2011 and 2013, when rates were historically low falling just below 3.4%. The math works in most landlords' favor these days. Rents have risen by about 20% nationwide since mid-2006, the housing bubble peak, while home prices are still about 21% below what they were at that time. For people who are still underwater on their mortgages and unable to profit from a sale, renting helps soften the blow.
Thinking about becoming a Landlord? Contact Bradford Miller Law to discuss the options that are available to you when it comes to your real estate property. Every situation is different. Bradford Miller Law, P.C. focuses on real estate law, landlord tenant law, building code violations and estate planning. We are committed to providing you with expert legal support and approach every client with a focus on integrity, advocacy, and understanding. To discuss your pending or potential real estate transaction, your ongoing legal needs as a property owner or landlord, call us at 312-238-9298 for a free 15-minute consultation.
Posted by Bradford Miller Law, P.C.
Practicing in Real Estate Law, Landlord Tenant Law, and Estate Planning
134 N. LaSalle, Suite 1040
Chicago, IL 60602
http://www.bradfordmillerlaw.com
Offering free legal representation to homeowners seeking a short sale
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