An entire community of brand new homesin Bakersfield has become a renters paradise, as the developers come up with creative solutions to keep afloat.
   

  Silverado Ranch is a subdivision of new single-family homes. After the real estate market crash, the developers came up with a creative solution to the soft market for new homes. Renting!

There are 53 homes in total, with 100 percent as rental properties. Eager families are lining up to move-in. Many of the renters ar former homeowners who have lost their homes. In May 2010, there were 660 foreclosures in Kern County, California. Half of the Bakersfield-area mortgage borrowers owe more than their homes are worth, according toJustin Eccleston, the property manager of Professional Realty Management. "These people need a place to live, and because their credit histories are marred, they can't get a loan to purchase again.

Houses in Silverado Ranch range in size from 1,200 to 1,600 square feet. Rents are priced from $1150 to 1350 and the units come with granite countertops, landscaping and a brand new neighborhood. With the subdivision completely rented, this has allowed the developers to finance the rest of the construction.

Silverado Ranch in Bakersfield