There is a big problem occuring these days in the rental market. As we all know foreclosures are popping up right and left. An alarming 1/13 homes are going into some stage of foreclosure in Florida. So you ask how this affect rentals/tenants.  We'll a large amount of these homes that are going into foreclosure are tenant occupied.

A good tenant, pays their rent on time, keeps the house up and all of a sudden there is a knock at the door and the bank says they need to be out within 30 days. Confusion sets in....the tenant has been paying the rent, why is he getting kicked out! Well the case is that many landlords are falling on hard times just like the rest of us. They take the rental money and pay the bills that they currently have, neglecting their investment property.

Why you need to know this.  With home prices being so aggressivly priced right now it truly is cheaper to own then rent in most neighborhoods!! So, renting may not be your best option if you are qualified to own a home.  If you choose not to purchase and continue to rent, be careful. Rent from a property manager, make sure that the property manager is in good communication with the landlord. Lastly, check the public records often for a Lis Pendens (notice of foreclosure) filing.

Its a crazy market out there right now......... be sure to safeguard yourself by working with qualified professionals.