Unbelievable Demand for Residential Rental Units

It happened again today! I posted a newly available Gatlinburg residential rental home this morning and it was leased today by the very first couple that saw it. There is currently a seemingly unquenchable demand for residential rental properties in our Gatlinburg/Pigeon Forge/Sevierville area. In fact, the strong appetite for these rentals is present all across Sevier County, including the northern areas of the county such as Boyd's Creek, Kodak, and Seymour.

Savvy investors have for some time been purchasing properties suitable for renting to tenants who are looking for reasonably affordable places to live. The very tight rental market has caused the supply of entry level real estate properties to also constrict dramatically. In fact, it is amazing what $100,000 will no longer buy in Sevier County. To illustrate better what I am describing, take a look at this VERY short list of three bedroom, two bath site built homes with at least 1100 square feet and a two car garage or carport in Sevier County priced at or below $100,000. In fact, as of today only this one termite infested and water damaged short sale satisfies all of the above specifications.

Even dropping the square footage and garage/carport requirements doesn't yield many more 3 bedroom, 2 bath Sevier County site built properties. The first property in this link is in a very unattractive location on the back side of English Mountain, in a community of mainly mobile homes. All but one of the others are new construction homes that have yet to be built and will certainly have mandatory additional expenses like appliances, upgrades, etc.

To sum it up, there just aren't many decent homes to be had in Sevier County priced under $100,000. Why this shortage of affordable houses? The answer is quite simply demand. The under $100,000 market in Sevier County during 2014 was extremely active and that continues to be the case. Because the rental market is so tight, these relatively modest homes can rent for as much as $1,000/month. If you do the math, the return on investment for these properties is still exceptional, if you can find one...






Comments

Post a Comment

Popular posts from this blog

Everything You Always Wanted to Know about Smoky Mountain Water Wells but were Afraid to Ask!

Unlike more urban communities, many Smoky Mountain homes still have water supplied by individual underground wells. The fact is that only a relatively small (but ever growing) portion of our area is served by municipal utility water. This is rarely a problem as wells here in the Gatlinburg and surrounding area usually produce clear and good tasting water for significantly less cost than utility water once the one-time expense of drilling the well is covered. In fact, while there are certainly exceptions, our area is known for exceptionally clean and good tasting well water. More than one brand of bottled water is actually drawn from underground sources right here in the Smokies. What can go wrong you ask? Unfortunately, plenty! In those relatively rare cases where a well’s iron or sulfur content causes the water to be unsuitable, a water filtration system can generally be installed to remedy the situation. Water filtration can be as basic as a very inexpensive cotton string filter th
Read more

Comments Please!

I have had this blog since 2003 but didn't really get serious about regularly writing here until the beginning of 2007. I do truly enjoy the opportunity to share my thoughts about our local Gatlinburg area real estate market including the surrounding communities of Pigeon Forge, Sevierville, Seymour, Kodak, and Cosby. The only problem with writing any type of blog is that you really aren't sure just how many people are reading much less care about what you are pontificating about. If you are reading this blog, regularly or for the very first time, PLEASE comment me. It's easy, painless, and won't leave any sort of mark. In fact, you can even remain totally anonymous but yet let me know that you are out there. Like the age old question of "If a tree falls in the forest with nobody there to hear, does it make a noise?", a blog writer could wonder "If I write something meaningful but nobody reads it, does it matter?". If you like, you can even tel
Read more

Comments Please!!

Just wondering how many folks are out there reading this Gatlinburg real estate blog.  Please comment with your home town - You can even stay anonymous if you wish. If you want, tell me more about yourself (if you already own property in Sevier County or are just considering doing so, what you would like me to write about in the future, etc.).  Thanks in advance for your comments, whatever they might be!!
Read more