National apartment vacancy rate

The nationwide apartment vacancy rate is at 7.5%. The highest rate was 7.8% in 1986.

Security deposit

For unfurnished rentals:

State, Security Deposit Amt (months of rent), Days to return after move out

AZ/1.5/14
CA/2/21
CO/no limit/30
DC/1/45
FL/no limit/up to 45
IL/no limit/30-45
IN/no limit/45
ME/2/21 or 30
MD/2/30-45
NJ/1.5(*)/30
NY/?/?(reasonable time)
PA/Two months' rent for first year of renting; one month's rent during second and subsequent years of renting/30
TX/no limit30

Property buying now?

Pros:
. Inventory level is high.
. Property price in many area is at 10 year low.
. Interest rate is at historical low.
. In 2009, there is $8000 tax credit for first time home buyer.

Cons:
. Unemployment rate is high. Need to consider job security.
. Loan qualification requirements are high.
. Home price in certain area may go lower.

Home sales down

The National Association of Realtors said that existing home sales fell last month to a seasonally adjusted annual rate of 4.57 million units, 3% lower than the downwardly revised rate of 4.71 million in February.

March sales were down 7.1% year over year, and came in weaker than the 4.65 million rate forecast by analysts surveyed by Briefing.com.

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Best place to find job, low unemployment means good rental?

Boulder, CO
Madison, WI
D.C.
Salt Lake, UT
Lafayette, AL
Huntsville, AL

CA renter's credit is back in 2008

What is and how do I qualify for the Nonrefundable Renter's Credit?

The Nonrefundable Renter's Credit is a personal income tax credit that can only be used to offset your tax liability; therefore, you must have a tax liability to claim the credit.

You qualify for the Nonrefundable Renter's Credit if you meet all of the following:

• You were a resident of California in 2008.
• Your California adjusted gross income (AGI) is $34,936 or less if your filing status is single or married/registered domestic partner filing a separate return; or $69,872 or less if you are married/registered domestic partner filing jointly, head of household, or qualified widow(er).
• You paid rent for at least half of 2008 for property in California that was your principal residence.
• You did not live with another person for more than half the year (such as a parent) who claimed you as a dependent in 2008.
• You are not a minor living with and under the care of a parent, foster parent, or legal guardian.
• You rented property for more than half the year that was not exempt from California property tax in 2008.
• If you are married, neither you nor your spouse/registered domestic partner was granted a homeowner's property tax exemption during 2008. (You can still qualify for the credit, even though your spouse/registered domestic partner claimed a homeowner's exemption, as long as each of you maintained a separate residence for the entire year in 2008).

Related information: Also see Homeowners and Renters Assistance. This is an assistance program available to qualifying senior and disabled individuals.

Multi-unit properties foreclosure rate is up

In 2008, bank repossessions of multi-unit homes with two to four apartments jumped 150% to 22,386 through the end of October, up from 8,955. And these statistics don't cover every case of renter eviction; many single-family homes facing foreclosure are also rentals.

Many tenants with good rent payment standing may get evicted unexpectedly.

Fannie will sign new leases for the approximately 4,000 renters in its foreclosed properties, said spokesman Brian Faith. These tenants would otherwise face eviction, even if they had been paying their rent on time, because of the owners' failure to pay the mortgage on the property.

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Questions to ask for buying a rental property

1. Is this real estate in a growing area?

2. Can I make money on this investment each month, or do I have to pay money each month to have this property?

3. Do I ever want to live in this house?