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WDAZ: Your Home Team

Published September 01, 2010, 08:47 PM

Increase of Homeowners in GF Renting Out Houses In Tough Economy

Property management officials say more people are choosing to rent out their houses because of a sluggish housing economy

By: Brady Mallory, WDAZ

Property management officials say more people are choosing to rent out their houses because of a sluggish housing economy.

In Grand Forks there are a few reasons why families choose this alternative.

"We've lived in this house for 14 years," said homeowner Mindy Mathews.

Mathews and her husband will not be making it 15 years. They are planning on moving to Wisconsin.

" We're moving at the end of September. And there are A LOT of houses in our neighborhood for sale. We decided renting it would the best option," said Mathews.

She said they did not even think about selling. With an unstable economy, renting the home out until it sells will help ease the pressure of paying two mortgages.

"We run into someone selling a property and they say..we've had no offers, we don't know where to turn to, my new job in Texas starts next month," said Darrin Kuenzel of Elite Property Management

It is something more homeowners are doing to bring in money while they wait for their homes to sell during a time when the housing market keeps dropping.

" In Las Vegas they have tour busses so people can drive by foreclosed homes and take their pick," said Kuenzel.

Places like Elite Property Management in Grand Forks help sellers find renters. Elite provides maintenance, and collects rent money. They take a ten percent fee for the services until the house sells.

" We come in, sit down and offer property management and rent it out. They could then make a profit."

Kuenzel said a sluggish housing market is only one of the reasons more people are turning to renting their unsold homes. Some military families rent their homes before they sell because they have to relocate fast.

" They get orders to move wherever. They're not wanting to be obligated to both payments. I'm simply another avenue for them to avoid foreclosure."

For Mathews, bringing in some money until the house sells is one less thing to worry about.

" Everything's in place. We just need to find a renter for it now!"

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