Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1900-01-13
REAL ESTATE
AND RENTING
Conditions of the Market for
Sale of Properties, City
aud Country.
SMALL HOUSES ARE SCARCE

REAL ESTATE MEN WILL EN-
DEAvoR TO RAISE RENTS TO
THE PRICES FORMERLY Sc
CURED-RENTERs WILL RESENT
SINCE THERE IS NO WAGE IN
CREASE.
The conditions for real estate deal
ings in this city have a much better
outlook than for several years. There
are few sales, however. The reason isl
that during the panic in 1893 rents
were lowered. Because of this the
earnings from real estate investments
were ~cut-down. The yield from such
an investment has been insufficient for
the owner to make a profit after pay
ing the city, county and water taxes.
insurance and for repairs.
The renting prices have not, up toI
the present time, recovered from the
slump, and consequently the investors
look to other means Of earning interest
on their money. So long as the rents
are low no great number Of sales will
be made.
The general prosperity that has over
taken Wilmington puts the renter in
better position to pay the rents for
merly obtained. To the former figuresI
all the real estate agents will make an
attempt to increase the rents, but in mo-
case will they make an effort to make
a property yield more than 1t did for
merly. Being the middlemen, they
deem 1t best for the owner to secure
as high rents as possible, but on the
other hand they believe it would be
working an injustice to the renter to
make too marked raise. Then, again,
many renters are paying as much as
they can afford, since no important
raises have been made in the wages
paid to the working classes.
This year there is a demand in
renting houses. Many persons call.
daily on the real estate agents and
examine their for rent" boards, but
in almost every case the kind Of house,
at the rent which applicant desires to
pay, cannot be had.
There is a dearth of small houses in
the city. The scarcity is greatest on
the East Side. Several agents have
no houses TO rent in that portion OF
the city. Five, six and seven-roomed
houses cannot be secured at any price
On the West Side the condition is
slightly better, since many small new
houses have been built during the past
Summer and Fall months. The renters
are loath to give up small houses. They
have no desire to move this year, be-
cause the scarcity is so great that in
the exchange they may be compelled to
rent houses that in no way suit their
conveniences. AS a result there will be
few changes Of residence.
In conversation yesterday, one real
estate agent said that for the first time
in long while he would have all Of
his houses, large and small. rented
weeks before moving day." March %.
An idea of the prospective advances
IN rents may be had in these figures:
A house of five rooms that has been
renting for 81 month, will be increas-
ed to IS; a six roomed house and bath
will be advanced to SO: and the seven
roomed house with bath. that has been
renting for $40 and $11, will be ad-
vanced to s12 and s13. There will, Of
course, be many instances where no
advance will be made.
All of these conditions tend to make
the suburban properties more valuable,
and to cause the building of dwellings
Just outside Of the city. Those points
now reached by the trolley lines are
the most desirable and therefore in
greatest demand
The sales of properties during the
past week have been few. With the
prospective advance in renting there
will likely be a more active state of af-
fairs in the selling line during this
year. There was an inducement few
years ago for an investor to buy real
estate, and should the old prices be
reached there is no doubt that many
more sales will be recorded during 1900
than were during 1899.
The agents who have been turning
their attention TO farm properties dc
not SEQ such bright prospect for this
year. There is no particular circum-
stance that tends to make the condition
of the farmer or farming better. Taxes
remain at the high figures at which
they have been for years, and save fol
the growth of the city the farms about
Wilmington are not enhanced in value
The prices obtained for the product:
do not show an increase and the guam
tity Of the production remains as here
tofore,