Palm Springs, Calif., has been a redoubt for snowbirds and show business royalty at least since the 1930s.
Investors Benefitting from Rental Shortage
December 23, 2014
Due to the undersupply of single-family homes and apartments for rent for the first time since 2001, institutional investors now have the upper hand.
The rental-vacancy rate in the U.S. dropped in the third quarter to 7.4 percent, which means that rents are also expected to rise by 3.5 percent in the coming year while home prices are only expected to increase by 2.5 percent. Areas that saw the highest increase in rental rates include Las Vegas and Orlando where rents rose by more than 3 percent and 5 percent, respectively.
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