*Corporate Asset Management - in Identifying which are the 10 best cities to buy rental property?

June 27, 2011 - PRLog -- The American dream of homeownership has vanished into the daydream of a decent rental, and some cities are making it very easy on their month-to-month newcomers. Vacancies among the nation's rental properties dropped from 6.6% last year to 6.2% last quarter as 45,000 more units found renters during that period than during the same period a year earlier, according to Javier Zelaya, CEO of Corporate Asset Management.

Few improvements in job growth and employment figures are driving demand for housing again, but even the 4.5% rate on a 30-year fixed-rate mortgage quoted by Fannie Mae in June, hasn’t kept year-to-date existing-home sales from collapsing to 13% of what they were just before the first-time homebuyer credit expired during the same period last year, according to the National Association of Realtors.

In the United States the median existing-home price dropped 5% lower than last year, but potential homebuyers facing 9.1% national unemployment and tight credit requiring a 20% down payment on home purchases are willing to wait it out in a rental.

Potential property owners love to hear that. Average asking prices are up roughly 2% as 79 cities reported rent increases and shrinking rental stock. Zelaya noted that home owners who were offering incentive packages a year ago gave tenants three to four months free on 12- to 15-month leases have cut those concessions to a month or less.

Discover the best 10 places recommended by Zelaya to buy a rental property and cash in on rising rents and dropping supplies.

Las Vegas at least one in every 89 homes in Las Vegas is being foreclosed upon. The prices of those homes have tanked as a result of that 3.21% foreclosure rate, the highest in the country with the average price of existing homes dropping.

Orlando, FL rents have risen only 0.2% since last year. The city's 0.68% foreclosure rate still ranks among the country's top 50.

Colorado Springs, Colo., rents have risen only 0.8% within the past year and slowed to 0.1% growth last fall.

Memphis, Tenn., and few cities can match its average rent. Knoxville is even less expensive, but only 5.8% of its rental properties are vacant.

Jacksonville, Fla.'s, other city in America where rents declined last year. Average rent is down only 0.3% over the last year.

Houston represents a potential rental-property buyer. Not only does the city have adequate room to expand, which explains its second-highest-in-the-nation vacancy rate, but a growing economy drives both demand and prices. Houston rental rates have risen 2.1% within the past year.

Atlanta is saddled with one of the highest vacancy rates and lowest rental growth rates in the country.

Columbus, Ohio., has a lot to offer, it happens to be home of state universities, Columbus is separated from economic turmoil by government jobs and a stable employer at Ohio State University. Unemployment is 7.3%, well below the national average.

Phoenix has a perfect blend: a capital city's state jobs, college town job security thanks to Arizona State University and a military presence at nearby Luke Air Force Base. Good News is that housing sales are actually up 1.2% over a year ago.

Tulsa still stay behind Oklahoma City's  4.5% unemployment rate, but its own 5.3% jobless rate is nothing to snatch at; especially considering it prevails at 8.6% as recently as last month. Tulsa's rentals are cheap, available and growing in value.

Corporate Asset Management, LLC
http://www.camreo.com
Miami, FL
Tel. (305) 428-4130

# # #

Corporate Asset Management, LLC offers real estate lenders and investors a complete solution to REO Management and Disposition nationwide.