I have noted recently that the inventory of upper end rentals in Sacramento, Natomas, Elk Grove, Folsom, Roseville, (the Greater Sacramento Region) is seeing fewer rental homes on the market.
I think what is happening is that owners no longer want to hold those properties for long term appreciation. Appreciation may be on hold for awhile so the decision may be to keep the high end homes for personal use or sell the property.
Investors don't want to buy them as they can now buy houses from the banks and make a decent cash on cash return by sticking to under $150,000 purchases.
I am talking about rentals above $1500.00 a month up to $3,000.00 in the Sacramento region.
If you have one of those high end properties to rent you may find a ready market as you will have less competition. They still don't pencil out too good, but who knows what the next 5 years might bring. If you are coming back to the area at a later time, that would be a good reason to hold onto such a property.
If you need help locatiing a tenant for any property in the Sacramento area give me a call.
