Coldwell Banker Chicora Advantage Blog

Rental Inventory Shrinking


Posted: July 02, 2012 by Deborah Hensel

Chicora’s Long Term Rental department in Myrtle Beach is currently experiencing an obstacle in growing its available property inventory to offer to renters. The lack of investment property being bought in today’s sales market has greatly limited the addition of new units for Chicora Long Term Rentals. The constant wave of foreclosures has properties going off of our program monthly and at the same time is increasing the number of people needing to rent until their own financial position improves.

Rental rates have dropped in the past to be at a place where single family homes were being rented at the same price as some condos and townhomes a few years ago. The homes are being rented as fast as they come available. In Chicora Long Term Rentals’ experience, most of the homes foreclosed on by banks with existing tenants are asking for property management companies like us to move those tenants out. They feel it is easier to turn the units over and sell them quicker as vacant properties. All of this together has our company, Chicora Long Term Rentals, limited in adding a tremendous amount of new property yet at the same time renting what does come available in a very short time. It’s very common that before the previous tenant has even vacated their unit we have the next renter in place ready to take over.

Quite simply in Chicora’s experience, the demand of people looking to rent in Myrtle Beach is exceeding the growth of adding new properties to our inventory due to foreclosures, the public’s financial situation and general housing market as it stands today. 

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