Where are the tenants?

[Kel S]

I'd love to hear some feedback on this topic. In this forum and another I'm on I'm starting to hear more and more investors say that they have more vacant units these days than previously.

So my question is where are the tenants? Are the folks that have gone through foreclosure moving in with family instead? Are renters choosing apartments over houses? Maybe they are moving out of the area instead?

I noticed here in MI/Ohio area there are a number of for rent signs and some have been there since summer! It's a little un-nerving to say the least especially since our plans are to invest and hold in property to rent. Granted Ohio and MI are both starts that are suffering significantly from lack of jobs, etc., and heaven help us if the Big 3 don't get their bail out loan.

Are any of you noticing a decline in tenants for your rental units? Is it any different than say a couple years ago or do you just see it as going in cycles or perhaps it's because of the time of year?