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Rent rates are going down?

A few months ago I wrote an article about my own observations of the Central Florida rental market being soft. At that time, many people reacted sort of surprised at this. They figured that because of the credit crunch and problems in the housing and mortgage industry that there would be more demand for rental properties and thus this would push rent prices upward.

I just read an online article today via the Florida Association of Realtors that mirrored what I was saying then. The rental market is soft not just in metro Orlando, but in many areas around the country. The main reason is that so many of the people that cannot sell their houses are being forced to dump their properties into the rental pool. Also lots of would-be condo conversions are being turned back into apartment complexes. Thus the inventory of available rental properties has skyrocketed. High supply with little change in demand equals a price drop.

This makes yet another interesting twist on this crazy market that we are dealing with.

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Rob Arnold, ABR, CPL, CRB, GRI, Managing real estate broker, Licensed mortgage broker, Notary Public

407-389-7318 / 1-877-389-7318 www.SDRhouses.com www.WeBuyHousesFlorida.com

Your full service and investor friendly Realtor in Orlando. Learn to invest in Central Florida real estate and Orlando real estate. Investor mentoring and counseling available. I also provide flat fee MLS listings, For Sale By Owner, and menu-based services in most parts of Central & South Florida, the Space Coast, and the Treasure Coast including Orlando, Tampa, Miami-Dade, Fort Lauderdale, West Palm Beach, Ocala, Volusia, and Brevard.

We buy houses cash, sell properties, and list properties in Central Florida including Orlando, Winter Park, Maitland, College Park, Ocoee, Winter Garden, Apopka, Pine Hills, Altamonte Springs, Casselberry, Longwood, Winter Springs, Oviedo, Lake Mary, Sanford, Deltona, Debary, Deland, Daytona Beach, Melbourne, Mount Dora, Eustis, Leesburg, Clermont, Kissimmee, Saint Cloud, Davenport, Winter Haven, Lakeland, and more.

Posted by Rob Arnold, Florida Realtor / Investor on 02/15/2008 08:34 AM

Comments (4)

rental properties, for rent, rental market, central florida rental, central florida real estate, orlando real estate, for sale by owner florida

4 Comments on Rent rates are going down?

It is the opposite here. The rates are really going up, because people here are not qualifying for a home as easily.

02/15/2008 08:43 AM

by Jeff Kessler ABR,GRI, Texas 512.801.5666 (Austin Homes Realtors)

This puts continued pressure on the market, especially for investors (of course).

Your Friend in Charlottesville!

02/15/2008 10:07 AM

by Charles McDonald / Your Trusted Broker for Charlottesville Real Estate (RE/MAX Assured Properties)

Rob, The rental market in Poinciana is as bad as the sales market. Rentals every where!!! Any thing over $800 a month will just sit on the market. But if you are a tenant it's a pretty good time to rent a brand new 2100+ sq ft home for less than a $1,000 a month. Of course the problem is the guy that owns it is paying about $2,000 a month. Make sure they are paying their mortgage and not just pocketing the rent while they wait for the inevitable foreclosure.

02/15/2008 03:49 PM

by Bryant Tutas-Tutas Towne Realty, Inc

Jeff - Be thankful if they are going up. Very thankful. I have heard from a few people that Texas is doing much better than a lot of the country.

Charles - It makes things hard on all the people that can't sell and therefore are trying to rent it out.

BB - I can only imagine how tough your market must be. You are a Go-Getter though so things will work out for you. Some of the other Realtors in your area, I wonder how they will ever survive. Pretty scary.

02/15/2008 04:43 PM

by Rob Arnold, Florida Realtor / Investor (Sand Dollar Realty Group, Inc.)

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