Rental homes getting expensive, harder to find
If you've been looking for a rental home in northern Michigan, you may have noticed that there are not a lot of options on the market.
Marsha Minervini has been selling houses for years, but most of the calls she now receives are from people looking to rent.
â??I bet we get 15-20 calls a day from people looking for rentals. We sell homes, we are realtors, but we get more calls for rentals then homes for sale,â?? said Minervini.
Realtors with the Traverse Area Association of Realtors tell 7&4 News there are several reasons rentals are in such high demand.
Home foreclosures have contributed greatly, according to Minervini. â??Probably one of the bigger factors isâ?¦as there are more and more foreclosures, these people still live in a certain areas and they work in a certain area and they need to live there, so the rentals that are available are taken up by people who still need homes after they lost theirs.â??
Rentals are not only hard to find, they are also getting more expensive. Click on the video above to view our full report.