Rental Market Booming along side sale market
The real estate market in general is on fire here in Southwest Florida – and that doesn’t just include sales. The rental market has heated up and demand for rentals have increased in the last few months.
With over a 1,000 people per day moving to Florida, and a lot to Southwest Florida, they all need a place to stay. Talking with potential tenants on the phone, a lot them cited the still affordable cost of living near the beach compared to the East coast of Florida – and also the slower pace and friendlier atmosphere.
The people relocating from out of state are wanting to rent for a year to get settled, understand the area better and not be rushed into buying a house. On the other side of things for the locals, the sale market is seeing the lowest inventory in over a decade so many families are deciding to go the new construction route. However, as more and more people build their new home the builders have been getting backlogged and the usual 3-4 month completion time has increased to 8-9+ months.
These and several other factors have made the rental side of the market absolutely boom, increasing the rent by up to 20% from two years ago. Southwest Florida Property Management just took on a home in Cape Coral that closed a day prior and had multiple applicants (all well qualified) within three days and rented it for 14% higher than what the owners thought they could get when they bought it.
Now is a great time to buy an investment home and take advantage of the amazing market we are in, and are predicted to be in for multiple years in the future. If you would like a free consultation to see if the numbers for an investment home will work for you, please reach out to us and we’d be happy to work with you at Southwest Florida Property Management.