Condo Developers Stuck Holding Excess Inventory Turning To Renters For "Bailout"?

In Las Vegas, Nevada, KLAS-TV Channel 8 reports:

• The condo craze exploded in the Las Vegas valley just a few years back, but now with the foreclosure crises, people aren't buying into condos when housing prices are so low. It leaves condos floundering with too much inventory.

• When you look at big condo projects like Loft 5, it probably does not occur to you that there is any option other than to buy. But with the condo sales market at a standstill, some big developers are shifting strategy and going after renters.

***

• "Developers have excess inventory, they need to do something with it, and how do they survive or what do they do between today and whenever things improve? And certainly one of the alternatives is to rent them out," said David Krantz with RMI Management. Krantz's company has been retained by the Loft 5 developer to lease about 200 units.

For more, see Condo Developers Turn to Renters for Relief.