LANDLORDS WOO FORECLOSED TENANTS

Prior to the current wave of foreclosures, losing a home because of a loan default made renting difficult. But today, owners of apartment communities woo potential tenants who went through a foreclosure. Companies like Camden Property Trust, which leases 181 properties with 62,903 units, buys lists of owners about to lose their homes and market directly to them. Associated Estate Realty Corp., which owns more than 13,000 units in nine states, doesn’t even require post-foreclosure tenants to put up a security deposit if their record of paying other bills is good. Landlords feel comfortable with this group because many of the people facing foreclosure rented from them before 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)
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