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Much of the Davenport area has been well known for the "short-term" rental vacation communities and homes.  But with the changes in the economy, there seems to be a gradual shift to more residential and less vacation homes - a change from short term to "long-term" rentals.  This has been a positive move for both tenants and homeowners alike.

Tenants are finding themselves misplaced from so many homes going into foreclosure.   Where once there was stability, there is now the stress of not knowing when they will be forced to move or where they will find a comparable home.  They are seeking properties with reputable homeowners that they can trust.

Sellers are taking notice of the huge demand this has brought for a residential rental market.  With prices at rock bottom, those with second homes who can wait out the economic downturn, the long term rental market offers a solution for immediate income and more security for the home itself.

Long term rental basically means a 12 month lease.  There are some tenants who do require furnished homes for various reasons, but most  prefer an unfurnished home.  For those with furniture packages, in addition to a garage sale or  private sales, there are local furniture consignment shops who will pick up quality furnishings and take them to sell, giving the owners at least 50% of the sales price.  For those whose ultimate goal is to sell, it does not matter if the home is not furnished, as most lenders perfer it that way and no appraisal will include home furnishings.

A long term rental will perhaps provide less monthly gross income than some short term bookings, but there are so few monthly costs, that the net result is in many cases much more.  There is no property management fee, no cleaning fees, lawn & pool care in most cases are done by the tenant, as is pest control and other monthly maintenance.  All utilities (water, electric, cable & phone) are paid by the tenant.   There is no license needed to rent and there are no taxes to pay on the monthly rent.   There is much more security in a home that is lived in, than one that sits vacant.

We have been listing and renting long term since January of this year,  and have been extremely busy matching tenants with homeowners.  The best way to list OR rent a home is through a realtor.  It is the safest possible way for both parties to know that there will be quality people in a financially solid home. 

In time, many of these current tenants will become home buyers and in some cases will want to even purchase the home they have been renting.  The long term rental market has blossomed through necessity, but the future rewards for both individuals and communities make this a very positive change.