Monday, November 17, 2008

When Did Become a Rental Site?

We're not the brightest blog on the block, and what with the election and upcoming holidays and worldwide financial meltdown, we've been distracted like crows to the shiny.

So we must have missed the announcement that the property search website of CAAR, the Charlottesville Area Association of Realtors, is now listing rentals.

We first saw the pictured property in this ad from Craigslist, which offers an "adorable...built in 2004" 1,000 sq ft cottage for rent, near Foxfield, fully furnished, $1,350/month.

There's one picture in the ad, and then the reader is directed to and given MLS #457826 to access further pictures and contact info.

At the CAAR site, you'll find realtor info, many fetching pictures, and the rental price.

The shadow inventory continues to grow: every day, more bubble-priced, unsold houses become rentals. See this and this and this and...we could go on (or go sideways: see our sidebar for "Accidental Landlords" posts).

But advertising a house for rent on a REALTOR website devoted to selling?

Who knew.


Jim Duncan said...

I'm pretty sure that mycaar has always had rentals - just now there are probably more of 'em.

Realtors do rentals, too.

Mmmm ... shadow inventory. I have a post coming up about that.

Real C'ville - The Bubble Blog said...

Like we said, we're not the brightest blog...and we miss things....

We'll be interested in seeing a "shadow inventory" post. We've noticed that on the CAAR site the stated number of properties for sale has dropped, but think this probably isn't due to transactions. This unscientific observation is supported by knowing of a few particular properties that have been pulled from the market w/out changing hands. And of course there are coming foreclosures to contribute to the "shadow inventory"....

Mark said...

Yeah, MyCAAR has had rentals since at least summer 2007.

Anonymous said...

Here's a question:

Who is coming to the Hook to buy (or rent) these properties? NGIC isn't sending the droves of cash-flushed professionals as local Realies had hoped for, UVa's budget is in crisis (hiring freeze maybe? certainly wage freezes), and now recent news of LexisNexis layoffs (with many more to come I'm sure).

Anonymous said...

Very few people are buying right now. Why would you? You'd have to be a dope not to sit on your hands a few more months to see what happens to the economy AND how prices drop around here.

So adding all these "rentals" creates a glut of its own. The DP had a recent article about how rents have risen 8% in the last year.

Guess what? Rents are on their way down. If you put in a particular address or neighborhood on craigslist you can track how individual houses or apts have price drops because the posters don't bother to remove older posts.

And right now EVERYTHING is negotiable. I just "hegotiated" a new washing machine at Best Buy.

With so many houses to choose from for rent, the average renter isn't going to be willing to pay somebody's mortgage.

mycaar would be more useful to more people if it had more rentals.

go dog go said...

uva = hiring and wage freeze
plus 7% budget cut

NGIC influx isn't "creating" jobs. NGIC transferring people down here. I read on the realcentralva blog that many will be renters because they can't afford to sell nova houses at a loss. anyway this doesn't happen until 2011.

There are the local chain businesses that will cut jobs besides Circuit City. Then some local boutiques and restaurants will let people go. Some will close.

You might think droves of students will keep the rental market going. Reality is more and more students spend their first two years of college at home going to community colleges, because its much cheaper. This is a national trend.

Mark said...

Gotta take issue with the "more and more students staying home for two years." This may be true in the aggregate but a school like UVA is not going to see its rolls contract unless it wants them to.

RvR said...

Yeah, MyCAAR has had rentals since at least summer 2007.

I recall that they had residential rental listings in Summer 06.

Anonymous said...

PVCC has record attendance this fall, fwiw, due to the economy. And it now has a transfer agreement with UVA, as do many other of the 2 yr colleges in VA.

No college/U is immune to the rising costs of tuition and the falling $ of money in parents' pocketbooks and in the financial aid coffers and in available loans....

dana said...

jim, mark, rvr,

trying to search for rentals but it's not working.
specifically looking for an unsold house that's now for rent on assumption (hope) that it will be better condition than a house that's always an annual rental.

please advise on how to search the site for rentals.

Jim Duncan said...

Dana -

Go to and search for Property tab. Under category, select "Rental".

It could be that the property is no longer for sale or rent ... feel free to email me the address and I'll look it up for you.

Montpellier said...

Meh - they have planned to do rentals in the MLS for well over a decade...the MLS software (going back at least an interation) has included this capability...but no REALTORs ever wanted to fool with 'em.

As much or more work is involved in renting out a property as selling one (still have do run those credit reports, show houses, etc.) but not nearly the profit margin. I would suggest this is a sign (bright red flashing light) about the true state of our local market and how well things are "moving". Jim, IIRC, you had some nice posts up earlier this fall about the vacancy rate in c'ville. It's quite high - at some point, the carrying costs start to weigh on the owners.

Anonymous said...

price of the cottage has dropped to $1200/month.

dana said...

jim, thanks for the instructions. didn't find anything to suit, but glad to have the option. --dana