The rental market is busy in Westport this summer, with about 122 homes and units available for rent ranging from a small cottage for $1,200 a month to a large five bedroom, 9,950 square-foot residence for $16,000 a month.
In the past two months, 68 homes rented in Westport from $995 to $14,000 a month with most having a market time of less than 70 days.
Who is the average renter these days?
First there are clients coming from out of town, taking on a new job in this area. They have not sold their home where they currently live because they either have a very tough market in their town or they want to make sure they are happy in their new job and surroundings here before they sell their home. So they decide to rent here and their own home too.
Then there are those who have sold their home and are waiting for the bottom of the market to buy. When is that happening? None of us has a crystal ball, but I would say all indicators are that when the press tells you it is the bottom. You have already missed it. Mortgage rates are so low and the inventory to buy is fabulous, so why wait?
Another category of renters are those who need to retrench to buy in the future. These clients have sold their homes with large mortgages and need a relief from all the expenses of a large home and property. Many have taken out so much money from their homes to live, that there is no longer any equity in the home. They have sold so they do not get into any more financial trouble.
Then there are the short sales. This means there are more in-loans on the property than what the property is worth in this market. The homeowners have fallen a few months behind in their mortgage payments and have listed their homes for sale. After the sale occurs, many go on to rent but because of the short sales their credit has suffered. This is unfortunate because this all will come up in a credit report that will be needed to rent a home.
If you are selling your home and having trouble, many homeowners are listing their homes for rent.
This is a way for you to continue to own the property, especially if you are unhappy with what the market can bear right now for your home. Of course you are still responsible for the major maintenance of the home, taxes and mortgage, so crunch your numbers — maybe renting is the way to go!
Some great homes available for rent now are:
397 Riverside Avenue — a 1 bedroom, 1 bath cape listed at $1,200 a month
37 Imperial Ave — a 4 bedroom, 2 bath antique for $4,600 a month
68 Partrick — 3 bedrooms, 3 ½ bath colonial antique for $6,500 a month
282 North Avenue — a 7 bedroom, 7 ½ bath colonial with pool for $12,000 a month
So if buying and selling is not for you right now, renting is definitely a great option for Westport.