Daily Real Estate News  |  April 15, 2009  |   Landlords Wooing Back Foreclosed Tenants
Prior to the current rash of foreclosures, losing a home because of a loan default would make renting difficult.

Today, owners of apartment communities are wooing potential tenants who have just been through a foreclosure.

Companies like Camden Property Trust, which leases 181 properties with 62,903 units, many of them in the Las Vegas area, buys lists of owners' names about to lose their homes and markets directly to them.

Associated Estate Realty Corp., which owns more than 13,000 units in nine states, doesn’t even require tenants leaving behind foreclosures to put up an additional security deposit if their record of paying their other bills is good.

One reason why landlords feel so comfortable with this group of tenants is because many of the same people facing foreclosure were renters with them before being lured away by the no-money-down, creative financing deals that fueled the current crisis.

Source: The Wall Street Journal, Dawn Wotapka (04/14/2009)