Rental guide fall 2015

Serving Southeastern Wisconsin & Northern Illinois • FALL 2015

At The Lake House

A Vacation Home For The Entire Family or Just the Two of You.

www.atthelakehouse.com

To Reserve Call Mary

262-903-6636

maryking@wi.rr.com AtTheLakehouse.com

On Beautiful Lake Como

Fully Furnished 1 Bedroom Condo For RentLAKE GEN $ FULLY 1 BED 900FURNISHED a Week $900 a week.

Sleeps 5, ne • Sleeps 6 • Near Pool &Seasonal view

GENEVA

Tennis Courts

262-90

GENEVA RIDGE

Lake Geneva • 262-903-6636 Seasonal Views of the Lake

213952

Page 2

RENTAL GUIDE

FALL 2015

SAXONY MANOR AFFORDABLE HOUSING FOR PERSONS 55 AND OLDER

Ask about our move in specials!

Pay only 30% of your adjusted gross income • Carpeted 1 Bedroom Apartments • Appliances, Heat & Air Conditioner Included • Public Transportation On Site • Close to Shopping • Small Pets Welcome Call Today to Schedule a Personal Tour

262-551-9005

www.fm-inc.org/saxony-manor.html A subsidiary of Fransiscan Ministries 215313

FALL 2015

RENTAL GUIDE

APARTMENT RENTALS DISCOUNTED PRICE* EVERGREEN APARTMENTS

2 BR, 1 BA apts. with central air, dishwasher, on-site laundry, secured entry.

$527/mo. + utilities PARKSIDE APARTMENTS Large 2 BR apts. Next to Sunset Park

$600/mo. + utilities FAIRFIELD APARTMENTS

2 BR units with central air, dishwasher, laundry & detached garages.

Rent starts at $645/mo. + utilities STONERIDGE APARTMENTS 2 BR, 2 BA apts. with attached garage, central air, washer & dryer, walk-in closet.

Rent starts at $780/mo. + utilities

SUMMIT DEVELOPMENT GROUP Elkhorn, WI (262) 723-2881 • 866-APR-TMNT www.summitdg.com *With qualified credit. Call for availability.

215641

Page 3

Page 4

RENTAL GUIDE

FALL 2015

For rent...

e c i r p a At

JENNIFER EISENBART Rental Guide

The Fox Crossing apartments (foreground) and the Board- ready. A second phase of the Fox Crossing development is walk apartments (in the background) are two of Burlington’s already in planning. newest apartment complexes, but both are near capacity al-

Demand for rental properties is up WITH DEMAND, COMES RISING PRICES

By Vicky Wedig STAFF WRITER

The demand for rental properties has increased so much that the multiple listing service for real estate has added a search option for rentals to home-search websites, said Keefe real estate agent Ryan Simons.

MLS, a service that allows users to search properties listed by multiple real estate companies, had options to search for single-family and two-family homes, condominiums and vacant lots. With the past year, because of demand, rentals were added to the list, said Simons, of Delavan, who specializes in lake-home sales.

He said the reasons for the increased demand are multiple. One is that when people saw home prices dropping with the economic downturn, they believed real estate was not a good investment, he said.

The poor economy of 2008 to 2010 also forced homeowners into foreclosure or

short sales, which make them ineligible to take out a mortgage for three to five years, thereby forcing them to rent, he said.

Other people rent when they’re initially moving to the area and aren’t sure specifically where they want to live yet, Simons said.

“All those things built up the demand for rental,” he said.

Prices Simons estimates rent prices have increased 10 to 15 percent over the past four to five years. A two- to three-bedroom home – in demand by families unable to purchase a home because of a foreclosure or short sale – have gone up from about $900 to $1,000 to $1,200 to $1,300, Simons said.

He said rental prices vary substantially • SEE FOR

RENT ON PAGE 6

FALL 2015

RENTAL GUIDE

Rent an efficiency at Elkhorn’s historic downtown rooming house.

Rent starts at $360 per week 00

**

And include: • Water/Sewer Paid • Electricity Paid • Cable TV Paid • Heat Paid

• • • •

On-Site Manager Walk to Shopping Walk to Restaurants Storage Available

Phone (262) 723-4935 Kim, Manager

**$5000 security deposit due prior to occupancy.

213966

Page 5

Page 6

RENTAL GUIDE

FALL 2015

• FOR RENT FROM PAGE 4 and in Delavan range from $500 to $600 for a onebedroom apartment downtown to $2,500 to $3,500 for a threeto four-bedroom home.

Rents are higher in the city than in the country and are higher in the City of Lake Geneva than other parts of the county, Simons said. On the high end of the spectrum is a $650,000 home in Lake Geneva that rents for $4,200 a month, he said.

Barb Stasierowski, the director of property management for Bear Property Management in Kenosha County, said she expects the rental market to stay strong over the next few years.

“Real estate is a cycle; it has it’s ups and downs,” she said.

“Right now, it’s on a rise.”

The average for a twobedroom apartment in the Twin Lakes and Salem area is between $730 and $750, and a one-bedroom is about $675, Stasierowski said – but Bear Realty doesn’t have single bedroom apartment vacancies often.

Some factors that could be having an effect on the rental market are new businesses in the area bringing more people in, creating a better job market, Stasierowski said.

“This is the first time in probably quite a few years that rent has been on the rise,” she said. “We’re really busy.”

Stasierowski said some people are renting rather than buying because of various situations such as potential relocation for work and not wanting to be tied down in one place.

“The rental market is really hot, it’s unbelievable,” she said.

Cost factors Location and amenities influence the cost of rent, which began to climb in the area around 2012 when the economy began to recover,

to $1,325 for a 1,700-square foot unit with 2 1/2 bathrooms and three bedrooms.

With the more stringent requirements financial institutions have adopted for issuing home loans, Schoeninger said people are renting until they can save a large enough down payment to purchase a home.

People who move out of Teronomy units typically do so because they’ve purchased a house or are experiencing a job transfer, she said.

Schoeninger said the demographic of Teronomy renters encompasses students at the Whitewater facilities, young couples renting for the first time, young professionals, families, retirees and the elderly.

“We pretty much cover the full gamut of the local demographics,” she said, with the exception of lower-income residents.

Teronomy’s facilities are Lakeside, a new townhome TRACY OUELLETTE Rental Guide community, and Waters Edge Teronomy’s Honey Creek Apartments in East Troy are Apartments in Whitewater; considered “high-end” units and offer amenities such as inHoney Creek and Wildwood ternet and cable services, underground parking, swimming apartments in East Troy and pool, clubhouse and fitness center.

Hawk’s Ridge Apartments in said Ariel Schoeninger, vice cost of living that has impacted Beloit. president of of operations for the local economy,” she said.

Teronomy developers, builders Teronomy offers higher-end Urban sprawl Burlington realtor Brad Lois and real estate agents in the apartments and townhouses can look at the economy, look Town of Lafayette. with amenities typically at apartment rentals – and see a Teronomy operates found closer to Madison and apartments and townhouses Milwaukee – internet and cable cycle.

With rent costs reaching in Whitewater, East Troy and services, in-ground swimming Beloit. pools, underground parking and a prohibitive level in urban areas – and with home Schoeninger said more fitness centers, Schoeninger ownership having declined people began to rent when the said. over the last several years due economy forced them from “We’re the only option for to the economy – Lois can see home ownership, but they those amenities,” she said.

Burlington near capacity, both couldn’t afford substantial rent Rent at Teronomy’s units with rented units and units for during the economic downturn. also is affected by convenient rent.

When the economy started to freeway access for commuters “I think you’ll see an recovery, management groups to Milwaukee, Beloit and increase in population from began to reinvest in their Rockford, she said. outside communities,” Lois properties – adding curb appeal The price range for explained. “I think there are and amenities – and reassess Teronomy’s apartments is more people coming from their rents, she said. $730 to $1,115 a month for east of the I coming into the “Yes, the price of rent has one-, two- and three-bedroom increased, but it’s increased in units, Schoeninger said. For • SEE FOR RENT ON PAGE 9 conjunction with the general townhomes, the range is 1,275

The rental market is really hot, it’s unbelievable.”

– Barb Stasierowski, Bear Property Management

FALL 2015

RENTAL GUIDE

Elkhorn

Meadow Blossom Apartments • Rent starting at $830 per month • Luxurious, large 2/3 bedroom (den/loft) • 2 bath apartments • Upper apartments with cathedral ceilings • Attached garage • Separate entry • All appliances including washer and dryer • Gas heat • Central air • Some with fireplaces.

Call for an appointment 723-6786 www.meadowblossom.com 215304

Page 7

Page 8

RENTAL GUIDE

FALL 2015

FOR RENT Stunning Lake Views!

105 feet of deep water swim frontage on 850 acre Whitewater Lake. 3 bedroom, 3 bath home featuring 2 fireplaces, hardwood floors, whirlpool, granite countertops, washer and dryer.

$1395 per month Call Fieldview Property Management

(262) 949-6997 213964

FALL 2015

RENTAL GUIDE

Page 9

• FOR RENT FROM PAGE 6 Burlington market, looking to rent.”

Lois, who is a realtor at Bear Realty and also a property manager for Fox River Property Management, said that he would estimate about 90 percent of the city’s residential rentals are full.

“I would think that it’s pretty close,” he said.

The reason, he explained, is that when the housing market imploded, the large number of foreclosures forced many into apartment rentals.

When rental units in the cities – such as Racine – filled up, people looked westward. “(They) started to find that Burlington is a nice community for them as well,” he said.

Lois did concede Burlington’s rent are high, following a nationwide trend.

But he also said they are higher elsewhere.

“I would say that it’s expensive,” he said. “I don’t think that it’s inhibitively expensive.

“We’re not a major metro market, where I think that is happening more,” Lois added. “But it isn’t easy to rent in Burlington, because the inventory is low.”

However, Lois cautioned that building more rental units isn’t precisely the answer.

“I think that what we’re seeing right now is part of a cycle,” Lois said. “I think they’re a little reluctant to throw up more apartments because I don’t think we need that many more, if any, units.”

That, Lois explained, has to do with the cost of building apartments, the general cost of real estate right now – and the potential return on that investment.

“At a certain point, if an investor is going to go and build a new property, and spend the money … to be able to generate the return the investor requires, they’re going to have to charge higher rents,” he said.

“It’s cost-inhibitive at this point to build a new unit.”

BETHE CROY Rental Guide

A two-bedroom unit in Twin Lake’s Lakewood Village Apartments is $735 a month. The apartments have fully equipped kitchens, onsite laundry areas, window treatments and a patio or balconies. Garages are also available for an additional $60 a month.

Seasonal rent Keefe’s Simons said vacation rentals are in demand in the lakes area as well. Vacationers are seeking homes to rent for one to three months with lake access.

“Demand for those is very

strong,” he said.

Monthly rent can range from $1,500 to $20,000 for a furnished lake home, he said.

Staff writers Jennifer Eisenbart and Bethe Croy contributed to this report.

TO RESERVE YOUR SPACE IN THE 15 n & Northern Illinois • FALL 20 Serving Southeastern Wisconsi

SLN SPRING RENTAL GUIDE, CALL KAREN AT (262) 725-7701 X135 215665

Page 10

RENTAL GUIDE

FALL 2015

Southern Lakes Publishing LLC Printing and Mailing

262.728.3411 • Randy ext.119 1102 Ann Street – Delavan, WI

What makes you stand out from your competition?

• GRAphIc DeSIGn • neWSletteRS • FlIeRS • neWSpApeRS • cAtAloGS • MAGAzIneS one Stop Shop: DeSIGn – pRInt – DIStRIbute 213969

Across the spectrum While rental prices vary throughout region, FALL 2015

RENTAL GUIDE

Page 11

the numbers alone don’t tell the true story

By Kellen Olshefski

Twin Lakes falls at the high end of the spectrum with $795 each month. The lowest rent for a two-bedroom comes from When it comes to apartment hunting, East Troy, coming in at about $540 each rental rates, the number itself, can be month. deceiving, with amenities, utilities and A quick internet search, however, can location playing a driving role in the value deliver varying results of all different kinds. of the rent.

For example, searching apartments.com Whether it’s proximity to a job, major yields a low of $745 for a two-bedroom urban area, the aesthetic appeal of a apartment in Elkhorn and a high of $1,100. community, amenities included or local However, a quick search on craigslist.com retail options, everyone has his or her own delivers a result of $518 each month for reason behind choosing a location to live. a two-bedroom, with a high of $705 for a However, rental rates in certain areas might two-bedroom. just become a driving force behind one’s Overall, a search on craigslist.com final decision. delivers results throughout the area for two In looking at Southern Lakes bedroom apartments ranging from about Newspapers publications alone, the average $650 to $750, not including higher priced monthly rent for an advertised one-bedroom apartments in Walworth and Burlington, apartment falls at about $570 throughout costing between $865 and $895 and twothe region. bedrooms in Lake Geneva upwards of Based on Wisconsin Hi-Liter and $1,300 a month.

Business Section advertisements, the To top it all off, none of this includes highest rent for a one bedroom comes what some rentors consider “luxury” or from Twin Lakes, $675 each month. This “executive” apartments, coming in at doesn’t include a $705 one-bedroom duplex more than $1,000 each month in most in Burlington. The lowest rent comes communities and often including amenities from Burlington at $450 each month, not such as a private entrance, attached garage, including an efficiency apartment at $300 multiple baths and bedrooms and in some each month. cases, even a fireplace.

As for two bedrooms, the average However, numbers alone don’t dictate monthly rent falls around $715 each month. what might be the biggest bang for a Again, based on newspaper advertisements, buck. For instance, one advertisement for STAFF WRITER

apartments in Burlington, one and twobedrooms starting at $675 a month, include both heat and water in the rent, a cost that can add up quickly, especially with the brutally cold winters Wisconsin has had in past years. Another in Union Grove, a onebedroom at $495 a month, doesn’t include utilities, however, is furnished.

Other amenities that might sway the cost of rent include on-site parking, underground parking, on-premise laundry, in-unit laundry and central air-conditioning.

Some higher end apartment complexes, such as the Wildwood and Honey Creek Apartments in East Troy, ranging in cost from $730 a month for a one-bedroom to $1,125 a month for a two-bedroom, include in-ground pools for their residents and in some cases, even fitness centers.

Additionally, several of the apartments surveyed include rental specials. For instance, the Tan Oak apartments in Twin Lakes is advertising on craigslist.com a rental special equating to a savings of $200 off the first and second months rent of a two-bedroom apartment, with a rent of $655 a month. Others offer deals such as two-months rent free with qualifying credit. While the renter might have to sign a 14-month lease rather than a 12-month lease, savings are spread out over the course of the lease term, bringing the monthly rent down nearly $100.

IS IT TIME TO BUY A HOME? Programs available to put renters in their own home

By Rumasa Noor STAFF WRITER

With rent prices going up in several places, some find it cheaper to purchase a home than rent an apartment. While lowincome renters might think homeownership is out of their reach, area lenders say there are programs out there to help them obtain a mortgage.

Shakil Haider, vice-president and mortgage lender at Community State Bank said paying mortgage for a house is often less expensive than paying rent for a place.

“We did a loan for a buyer, a USDA loan with zero down, same 6 grade competitive

rate, and their mortgage payment was almost a $100 less,” he said.

Haider said most of the renters fall into that category.

Haider joined the Community State Bank last year, and has been a part of the banking industry for several years. He said the mortgage prices have been very steady and haven’t increased very much in the past few years.

“The home prices obviously took a dive four, five years ago, but now the (purchase) prices are finally turning around and (going) back up,” Haider said.

He said while interest rates raised slightly in recent years, he expected them to stay

competitive for the foreseeable future.

USDA loans According to the Community State Bank’s website, USDA loans are mortgage loans, which are guaranteed by the U.S. Department of Agriculture. Homebuyers who buy a home in a qualified USDA area, and who meet USDA income eligibility requirements, can take advantage of the USDA’s low mortgage rates and a program, which requires no down payment.

With a USDA Loan homebuyers can finance up to 100 percent of the purchase • SEE PROGRAMS ON PAGE 13

Page 12

RENTAL GUIDE

FALL 2015

213967

FALL 2015

RENTAL GUIDE

Page 13

Hispanics represent over half of all renters in the U.S., yet most are uninsured Only twenty-nine percent of Hispanics who rent their homes report having renters insurance, according to a new survey by State Farm. In fact, among respondents without renters insurance more than one-third (34 percent) said they had never heard of renters insurance.

Further, most overestimated the cost of coverage and underestimated the value of their property.

Not having renters insurance could leave Hispanic families

vulnerable to a financial catastrophe especially during the holiday season.

The study comprised of over 500 renters was designed to gauge awareness and understanding of renters insurance in the Hispanic community. Results indicated that almost half (43 percent) of survey respondents without renters insurance think they cannot afford it.

However, 88 percent of respondents overestimated what a typical renters policy costs per

month, with over half thinking it costs $50 or more a month, when in many cases renters insurance can cost as little as $12 a month.

“There seem to be some misconceptions when it comes to renters insurance,” said Stephanie Colegrove, Operations Vice President –Underwriting.

“We want everyone to know that if their possessions are stolen during a break-in, or damaged by a fire or another covered loss, a

• PROGRAMS FROM PAGE 11 price of a property.

USDA mortgages are structured just like conventional ones. However, unlike conventional loans, USDA mortgages have no down payment requirement, which allows a homebuyer to finance a home for 100 percent of its purchase price.

Loans insured by the U.S. Department of Agriculture are

available as 30-year fixed rate mortgages only.

The program helps lenders like Community State Bank work with low and moderate income families living in rural areas to make homeownership a reality. Providing affordable homeownership opportunities promotes prosperity, which in turn creates thriving communities and improves the

quality of life in rural areas, the website states.

Community State Bank has offices in Union Grove, Waterford, Rochester, Burlington, Paddock Lake, Kansasville, Sturtevant, Salem and Racine.

To learn more, visit communitystatebank.net.

Staff writer Tracy Ouellette contributed to this report.

renters insurance policy can help them replace their valuables.”

Over 50 percent of respondents also believe their belongings are worth less than $10,000. In fact, personal belongings – including clothes, furniture and electronics – can cost much more to replace.

Replacing those belongings could create a significant financial burden.

According to a 2013 State of Hispanic Homeownership report the number of Hispanic households has grown from 9.2 million in 2000 to 14.7 million in 2013, representing a growth rate of 60 percent with Hispanic households representing over half of all renters.

As more Hispanic families rent their primary residences, understanding the benefit of having renters insurance will become increasingly important. Renters insurance can be a great gift for the family this holiday providing the security of being able to recover from the unexpected. For more information on the misconceptions about renters insurance go to statefarm.com.

Get ConneCted with myracinecounty.com mywalworthcounty.com mykenoshacounty.com

Place your ad in the Hi-Liter and it will also appear on our websites.

Don’t wait, call today

(262) 728-3411 215664

Page 14

RENTAL GUIDE

FALL 2015

ELKHORN

FREE GARAGE Big 2 bedroom apartments, great residential location, all appliances included, washers and dryers on each level, garage with storage shelf included.

$645 per month (262) 903-0566

Fieldview Apartment Partnership 213965

FALL 2015

RENTAL GUIDE

Page 15

Now Available Online! www. spiritofgenevalakes .com

AU G U S

COMP

L

T 2 0 15

19 8 9 S in c e OPY • A RY C IM E N T

No. 8 Vo l. 2 7

ING! M O C S FAIR I music and a E H T , N ... at HANG O , funnel cakes, great the County Fair es tap Wild rid ountry are on ot of c whole l

For More Information Contact:

Vicki Vanderwerff

262.728.3411

vicki@southernlakesnewspapers.com

215666

Page 16

RENTAL GUIDE

FALL 2015

cheap storage Storage rateS for private Storage unitS Size

5x10 5x15 (Wave runner size) 10x15 (Wave runner or boat) 10x20 (boat or car) 10x24 (boat or car) 10x30 (boat and wave runner) 20x24 (2 boats or 2 cars)

Del ava n

Monthly Rate

$29.00 35.00 55.00 69.00 75.00 90.00 135.00

6 Month Rate (prepaid one month free)

$145.00 175.00 275.00 345.00 375.00 450.00 675.00

elkhorn

You Store It, LLC Sure LoCk Storage 1034 ann Street

814 n. Wisconsin (across from Sentry Foods)

262.903.0566

262.949.6997

213963