One of the many people who have found themselves in this situation is Sheryl Strauch. After 14 years years of renting the same home, it is about to belong to someone else. The housing market in Sacramento is booming and landlords are looking to cash in. Because of that, an increasing number of rental homes are being sold and tenants are being asked to leave.
The owners are getting out of the home rental business and selling the home to move closer to family. “The landlord has been awesome to us. We pay a lot less than anybody probably in Sacramento, honestly,” Strauch said.
Strauch has been paying $1,420 a month for her three-bedroom, two-bathroom home. She told KCRA 3 Investigates that the property owner has been generous and has kept her rent on the lower end for more than a decade.
“It seems like the worst time to have to try and come up with something fast,” Strauch said. The owners have given Strauch and her daughter 60 days to find a new place to live.
“I just never imagined how terrible the rental market was,” she said. But now that she’s in the market for a new home, the price to rent is a bit of a shock.
Zillow Group found rent for single-family homes in the Sacramento Metro area is up 8.1% since the start of the year. “First off, the rents are high, but oddly enough, they get so many applications for each rental,” Strauch said in disbelief. Strauch is entering the market at a time that rent in Sacramento is growing at double the national average.
News Highlights Business
- More and more sack rental houses are being sold. Finding a replacement for the same money is almost impossible
- Check all news and articles from the Business news updates.