Real Property Management of Sarasota & Manatee, representing the nation’s leading property management company throughout the greater Bradenton - Sarasota - North Port market area, forecasts that owners of single-family rental houses and condominiums can expect strong renter demand in 2015. The forecast is based on an economic analysis of a multitude of leading-indicators that are known to impact the rental market, and was conducted by Real Property Management.
Following the recession, many families have turned to renting as a way of preserving the home-ownership lifestyle, without taking on the financial commitment that comes with buying. According to the U.S. Census Bureau, the number of renter-occupied, single-family homes and condominiums has increased 31% since 2006 -- a change that has not gone unnoticed by savvy real estate investors.
Underscoring the strength of the house and condo rental market, last year Real Property Management added thousands of new properties nationwide, and significantly increased its management base locally, as rental owners and investors sought the company’s help in overseeing day-to-day operations, maintenance, leasing, and collections for their residential rental portfolios. According to Real Property Management of Sarasota & Manatee's, John Michailidis, "Market conditions that made single-family house and condominium investments attractive in our area during 2014 will almost certainly continue throughout 2015, as the Bradenton - Sarasota - North Port corridor continues to attract real estate buyers and investors from around the country and around the world, and as the demand from prospective tenants remains strong." He adds that, "It is almost a given that one of our new rentals is leased up within a month of signing a management agreement with an owner who embraces our system."
In support of the forecast, the rental property experts at Real Property Management analyzed a host of economic conditions from the perspective of landlords. Key trends signaling the health of the rental market include:
Housing market shifts to renting – Home ownership rates reached a 19-year low in 2014. This dip in home ownership rates translates into an increased demand for rental houses and condos.
Stagnant incomes push home ownership out of reach – With median household incomes remaining flat in 2014, the economic reality for many families is not improving significantly, which translates into continued demand for rental housing as families defer their buying decisions.
Lowered supply of rental homes boosts profits for rental owners – According to the U.S. Census Bureau, the nationwide residential vacancy rate fell to 7.4% in 2014, thus indicating a smaller pool of quality, single-family houses for rent. The lack of available rental houses has allowed property managers to raise average rents in many areas, increasing owners' return-on-investments -- this is certainly true in the greater Bradenton - Sarasota - North Port market area where rental rates have appreciated steadily over the past couple of years.
About Real Property Management
Real Property Management, the leading property management company in the nation, is an "Inc.500" company, with over 260 offices in 44 states, and over 60,000 units under management. The company specializes in managing single-family homes, townhomes, condos, multiplexes and small to medium sized apartment buildings. Real Property Management of Sarasota & Manatee serves residential property owners in Sarasota, Bradenton, Venice, North Port, Siesta Key, Lakewood Ranch, Ellenton, Parrish, Palmetto, Englewood, Osprey, and Nokomis, FL. Our services include acquiring and screening tenants, completing lease agreements, collecting rent, maintaining and repairing buildings and grounds on a 24/7, 365 day-a-year basis, and eviction processing when necessary. Real Property Management also manages legal compliance on behalf of owners for local, state and federal laws and ordinances.