Rents on the Rise in Tampa and Orlando

By
Home Builder with Highland Homes #CBC060256

National Average Rent Rates via RENTCafe

How many of your clients are tired of paying rent? Or maybe they are looking for more space, want to get away from loud upstairs neighbors, or wish they had a yard for their dog? (Sidenote, a July 2017 SunTrust survey showed that Millennials are more likely to buy a home because of their dog than they are to buy one because of marriage or a first child!)

You probably hear it from first-time home buyers on a frequent basis – the cost of renting just keeps increasing. Nationwide, the average rent is up 3.1% year-over-year, with rents increasing in a shocking 89% of the nation’s biggest cities. This means that on average, renters nationwide are paying $1,412 a month, according to RENTCafé’s Apartment Market Report for August 2018. This is the fastest annual increase in rent costs in 18 months! Talk about making a case for buying versus renting.

Looking specifically at the cost of renting in Florida, two Central Florida cities were at the top of the report for having some of the fastest-rising rental costs in the nation, with rent prices rising at more than twice the rate of the national average.

In Orlando, rent costs are rising faster than in any of the other 20 cities included in the report. Orlando renters saw a 7.7% increase in rent prices over the last year, with average rent reaching $1,393 in August. And, Tampa saw the third-highest rent cost increases nationwide, with the average cost of rent rising 6.4% in the past year. As of August, the average rent in Tampa was $1,287.

We need to educate renters that now is a great time to buy! With mortgage rates still at historic lows, low down payment mortgage options (as well as Florida down payment assistance programs), and Orlando and Tampa new homes available with prices starting from the $180’s, they can own a new home in Orlando or Tampa for less than the cost of renting!

For example, for a home priced at $180,000 with an FHA 30-year fixed mortgage with a 3.5% down payment and 4.90% interest rate, the monthly mortgage payment totals less than $1,300, including principal, interest, property taxes, homeowner’s insurance, and FHA-required PMI. +

The sales team at Highland Homes would love to work with you and your buyers to help them make the move from renting to owning the new home of their dreams. We build homes in Orlando and Tampa in desirable communities with amenities which make the transition from renting to owning a breeze!

In metro Orlando, Gramercy Farms offers new homes in St. Cloud with prices starting from the $220’s. Located just moments away from the Florida Turnpike and Highway 192, your buyers will enjoy a desirable location, community amenities, and beautiful lake views, plus they can choose from more than 10 home plans designed for their life!

For those looking to call Tampa home, we build in four unique communities with distinct home designs and sought-after locations. Low-maintenance townhomes are priced from the $180's, with single-family home communities starting in the $210's. Browse Tampa new home communities available for your first-time buyers!

Highland Homes has been building quality new homes in Orlando and Tampa Bay since 1996 and appreciates providing value to Florida REALTORS® and your clients. To discover the benefits of selling with Highland Homes and to pre-register your clients, visit www.HighlandHomes.org/Realtors or call 863-797-4999.

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Rainmaker
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Highland Homes

Building Quality New Homes in Florida Since 1996
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