THE FLORIDA RENTAL MARKET CRASH CONTINUES
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- čas přidán 20. 10. 2023
- The Florida Rental market continues to stagnate.
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Nationally it appears the data is trending in the same direction and may only get worse.
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I'm leaving my 2/2 rental which is charging just under 2700 a month for one that's at 1600. The rental market needs to crash
As long as the housing shortage continues which it will until like 2027/2028. There will continue to be a high demand on housing. Things will only continue to go up. Just like they did during the 1970’s and 80’s.
@@buildingbuildercip8292This is possible. However, I think it's just as likely that we see a market crash that causes mass layoffs. Once people can't afford their mortgages or rents, something will have to give. I have trouble imagining widespread payment deferral or forgiveness, but maybe I'm too cynical. There may be more properties available than anybody ever imagined possible.
@buildingbuildercip8292 well if ppl are dumb enough to pay ...
…hope Larry Fink et al takes it in the shorts 🤣😂😆🤣ESG my a$$!
There isn’t a housing shortage. There’s a shortage of critical thing by consumers
We are in Winter Garden a suburb of Orlando. We are close to Disney. We pay $2,450 a month for 2,000 sq ft house 3 bedrooms 3 baths . Our lease is up next June. People are moving out weekly here. Teachers are getting laid off due low enrollment. Wages for teachers are under $50,000. There is a house for sale for 5 months and they have open houses weekly and they still cannot sell it. Market is crashing.
I am renting in WaterLeigh. Where are you. My kids go to Horizon. I surely hope it crashes. Its not worth thia money and nothing around here. You have to go to the Villlage for everything 10 miles away
@@DanoInOrlando I am in Independence and Summer Port area. Schools here are horrible. I am 3 miles from the Villages. There is a house in my area for sale for 5 months and no buyers. They paid $360K in 2016 and are asking $755K with no pool. They say you need an income of $120K with 20% down and your mortgage payment is $3K a month.
I relocated to Orlando from Miami two years ago. Most rents there were 2k+ even for one bedrooms. It actually isn't much better in Orlando, but I was able to make it work better.
And the headlines keep pushing the narrative that we're fine😂
@@masterofceremony3728that's exactly what you want. The crash has to catch most people off guard..
Landlords are never happy with just good tenants that pay rent on time and don’t wreck the place. Nope gotta squeeze every dollar they can outta the tenants.
That’s why I don’t feel sorry for them when their place sits vacant or gets trashed.
I know I'm that person always on time or early with rent not a single issue from me,no pets or kids or loud music but last month was busy and paid rent a day late and $250 fine. This week I forgot to bring in my valet trash can in until mid day and got a photo of it outside my door and a $25 fine. SMH my 1 bedroom is $2k a month
I wish this was true. Rents here in Florida are just insane. It is close to immoral ...
Just say it how it really is: actually immoral. People who bought properties in the past few years with the aim to rent simply made bad investments-or at least if they haven't yet discovered that they're bad investments, they will. Their arguments that they have to raise their rents just to break even doesn't pull on my heartstrings. It's the same thing that happens anytime someone makes a bad investment. In real estate, some can hold off losses for a while, similar to retaining a stock that has lost value, by holding a property and finding people desperate for housing, but unlike real estate eventually those people disappear and they're left with an expensive mortgage to pay for straight from their own funds.
Dropping in my area
@macd7743 So you are saying Capitalism is immoral?
GREED!!!!!!!!!
@@BluePrecious77 If you have an item to sell do you sell it for the highest price you can get or the lowest ?
Landlords just got too greedy 😮 All of these new apartments are just unaffordable. Wake up to reality please 😮😡
Greed is the problem with all of us.
Insurance rates have gone to the moon. I had to cancel my insurance on my house. Property taxes are up. Then the cost of living is way up, so I can only raise my rents.
@@Julez60 If it was real capitalism then people could stop paying and force down the insurance costs. But when the banks require it then the sky is the limit. We are headed towards a disaster.
One problem is the wages are low in Florida. I don’t know how anyone could afford the cost of living in Florida on the wages they pay. This started with northerners moving here willing to overpay for apartments in desirable areas and it just took off. They were bragging about working remotely making mire money and being able to afford the rent. $2000 for a 2/1 765 sq ft is insane
1/1 bedroom starts around $2300, water not included, plantation Fl. Yes, wages here have always been low. Lots of new builds apts, sitting empty. This will not last.
Absolutely true. Now they all got called back to work or bought homes and the landlords are wondering where they all went.
here in naples My neighbor turned his house into 3 unit. garage is a studio now. he built a steele storage into an apartment in backyard. also he put two camping trailer in backyard. he has 6 families live in that house. while rich northeners renting 2 bedroom apart for 3k. we are turning into 2 tier society. the slaves and the haves. not to worry bullets are still cheap
I got out a year and half ago. The pandemic was hard and it was too difficult to get my unemployment checks. Your state government is garbage. Much happier here in GA.
I think this makes sense. My home shot up 40% in 2 years for absolutely no reason that I could see. It might very well be that remote workers could come down here, making NY money and causing prices to rise. But I don't think it's worked out quite as planned.
In South Florida there is a lot of newer "luxury" developments and a lot of them have many units available for rent but no one willing or able to pay the rates.
Wages in Florida do not match the cost of living. Rent is ridiculous. Most rentals are of poor quality and charging high rent. Where I lived it was $1,020 for one bedroom and it went up close to $3,000
It’s ridiculous
All this get rich quick mentality from the investors reminds me of the roaring twenties. 🎉😢
And then came 1929 depression!!! Pathetic behavior today!!
Also, similarities to the run up in 2093-2006, with the Great Recession following in 2007-2010…houses went down 25% to 50%, in some areas even more. Now, we have far more corporate buyers/owners of homes and apartment buildings, so who knows what they will do if the crash comes.,.
You are one of the only people who covers the rental market in such in depth details. Great video as usual!
Thank you!
Funny story here. In 2021, I got denied to rent a home by so many landlord “investors”
Always passed us up for someone with higher credit score etc.
I got sick and tired and in 2022 build me a nice home on a premium lot in Saint Augustine, FL. Had zero issues qualifying and had to put zero money down and the builder paid the closing costs. My mortgage with all taxes included is much less than the going rate for rent.
Most of them are being turned into Air BnBs. Florida doesn’t pay well enough to charge CA or NYC prices.
This is not sustainable.
Now half the homes around me are sitting empty. Some have never been lived in. One needs to make 120k plus in order to qualify to even rent a home.
Wow which builder? Would love to know more if you can kindly share details
And any issues with the homeowners insurance now in Florida?
@@AmandaGuglionni You believe that bullshit ?
My salary since being here in florida has grown from 60s to 115k. I've not moved since the pandemic and my rent has grown from $1600 to $2800. In addition they have snuck in other fees, they now charge us for internet/cable, parking, and trash all of which used to be included in the $1600.
In addition college loans just came back, not sure how most are juggling that.
Currently falling into severely cost burdened, my rent + utilities are over 50% income at over 100k income! Am in the Boynton area.
Crazy times.
That is wild. I hope you get some relief soon. Its terrible how any bump on income the rent followed.
@@bensellinI got something worse yet- no bump in income!!! Could be much much worse!
I’m in the same county as you and it’s crazy how $100,000 isn’t shit anymore.
Yeah people who make that 100k+ a year much don't want to rent... The problem with these "property management companies" is people really think it's okay to ask a renter for what you previously needed to BUY A house including your credit score your bank account information and your job information to RENT SOMEONE ELSES house (that your paying off for them) that's what you would need to buy a house ..
The point of renting used to be you didn't have to do all of that the OWNERS had that stuff so you were able to rent their house if you had all of that why would you want to rent a flippin house ?? Not sure what they expected ...😂😂😂
Biggest scam EVER !! I hope you selfish people lose everything that they had and or were smart enough to invest their money in something other than real estate that someone else paid off for you by the way...
I moved to Florida in 2016, I got a 3 bed 2 bath with garage for 1125 a month in Celebration florida. That same apartment (I moved) is currently 3400 a month.
Rental rates decreasing is a major sign of a real estate crash. It confirms that affordability it the problem, not inventory. Inventory for rentals us up big time in Sarasota, yet rates are going down. Slightly, but give it time.
All markets go up and down on the regular… just what it does.
No crash coming. This market is nothing like 2008. It’s more like 1980. As a builder…we will continue to have a shortage until at least 2027.
Prices will climb til then.
@@buildingbuildercip8292 I'm thinking the same. From what I have seen the inventory is down to 3 months instead of 6 months it should be. Folks having current mortgages at lower percentage will not sell and jump into 7%. Fewer people afford 7% so not much house buying which comes at somewhat equilibrium with low inventory. So as you said is mixed, will go down, will come up depending on the stage. Here in TX DFW prices fluctuates up and down in the few percentages range
Some people just will not except the fact a blood bath is coming. Been shorting real estate for a month now and it’s definitely not going up according to my account
If i put 100k cash down on the home I'm presently renting, my payment would be $2500 more per month than renting. Rent on my home doubled in the last 4 years. Groceries are up, gas is up, insurances on all fronts up, utilities up ... America is going to witness things that make the great depression look like a kindergarten road trip. What we have is a corrupt Government like we've never seen including manipulation of economic data.
Great comments....
Miami Dade is completely insane. 2/2 new construction apartments are now $3000+ 1 HOUR east inland of the beach. Pure insanity! An area was under $2000
How are these guys able to charge so much ??? It’s price gauging omg most people don’t even make that ina month omg
My mother-in-law rents a townhouse here in Tampa and it's gone up. We looked around for a cheaper place but found NOTHING.
When the 5% of the population realizes that the other 95% has no more money to rent nor buy from them, they start to panic. Even the apt complexes are asking way too much rent. Are homeowners really that surprised their insurance doubled in most cases? Bidding wars led to a snowball affect doubling, even trippling home values artificially. How are the insurance companies gonna cover the cost of insuring your over valued home by not doubling your insurance costs. Its like the difference of insuring a hyundia and a mercedez.
RE investors-flippers-agents are the most greedy people I have ever seen in my life.
I'm not crying for the greedy. It's time for the market to readjust so average people can afford to live again. However, Florida is no longer the oasis for retirement it once was because of the cost of living increases going through the roof for homeowners. House insurance is a major issue - companies demanding people replace perfectly good roofs just because they are over 7 years old or any other demand they want to make with threat of cancellation. And premiums increase by 20-50% a year. With so many companies fleeing the state, there's not a lot of choice either. They hold homeowners hostage. I personally want to leave Florida now but my spouse has a few more years in the job before retirement but I don't foresee this as sustainable. Sad part is I'm a Florida native but greed has ruined it here.
Fingers crossed that it crashes completely. I know a few people who had enough and decided to leave Miami. I'm hoping to leave Miami as well, my health permitting. I did accompany someone to view an apartment in one of these newer constructions about a month ago, and the rent was high, but they were offering two months free rent if you signed a lease right away. I figure, if they're willing to give away two months rent, things must not be going well.
Good breakdown. As a landlord in the Sarasota area, I can confirm rents are coming down a bit. But remember, we landlord have pressure also. My insurance went up 400%. Property tax is up 40% over the last three years. I went from making a little money two years ago to having to raise rents just to pay my bills.
Soon sell 😂
So? Income to rent is 3 to 1. Lower your prices. No one cares about the costs. It is who can rent it at 33% of their income. The only answer is you sell at a loss. A reset is coming.
The pressure will be for landlords to start selling because it no longer makes sense to hold on to these homes if you're not even breaking even anymore.
I get that, but if no one is renting, how are you going to pay your bills? 1-1 in ocala was 900, now 1700. Cant do it
The whole industry is messed up. Florida needs to start raising wages and charging income tax to off set the high insurance and property tax increases.
Informative and well researched video with friendly presentation. You are the go-to guy for what is happening in Florida real estate.
Appreciate it as always!
Yep. And pretty soon people will be moving out FL as well.
Don't move to TN we have enough assholes from FL and CA
As a landlord and full time realtor in broward county I can confirm rents prices are decreasing in the county.
Many Palm Beach County Rental Apartment Communities have pulled out the availability on their web page . Some apartment communities have 15-35 apartments available. Most of these complexes will be Bankrupt or selling the communities as real estate by end of 2024. The ship is sinking for them , greed got them .
I rented a 1400sq ft 3/2 in Lehigh for 1950 for 1 year. The renewal just wanted to raise rent to 2150. I negotiated to 2050 but feel like its still overpriced. The house is owned by a reit and managed by a national management company.
Its tough for sure, but last year no one could even negotiate. Glad you got them to work with you.
South Florida, super small apartment Went from 1300 to 1700 lease 2024 in February. With no dishwasher!! Clean place but it's to much 1300 was to much. But what can you do.
Love your content. Feels like you’re talking about my tiny rental house I bought in 2008 and rented for $950. Now Trying to figure out how much rent it for. I’m excited about the crash, ready to buy at rock bottom!!
Thank you so much for an update on the rental market. The rents for SFH topped out back in ~February 2023. Up in Parrish rents have fallen from 3,300 mo. Now 2500. 4/2/2 House 2200 sq ft. With community pool, work out room etc.
Thanks for sharing! My pleasure!
well that rent decrease hasn't showed up here in Sarasota County, its $1800 & up for a one bedroom dump , absolute pure greed here, people that have lived here for years have had to move, : (
Love those cabinets! Surely can’t find them in most quick move ins.
Palm beach county is starting to see it too. A crappy house 2 doors down from me rented for 5k and it rented within a few days. The renters stayed 1 year and its been sitting empty for 6 months at $4,500 and cant rent it. The owners are out of state investors and bought for top dollar. it has to be squeezing them.
Your video just popped up while I was looking to see what videos are new and you're absolutely correct. I'm in los Angeles and have been looking for an apartment for a fixed income couple for the last month. Many places want way too much and people just can't afford it. They can ask for insane rents and absurd income requirements but if you can't afford it, it's not gonna get rented. I am seeing many empty apartments for this very reason. Not to mention some "affordable" apartments have some stupid double or triple income to qualify for a low income rent which it's stupid if you're already looking for something you can actually afford. This is not going to be a crash this is going to a meteor shower because many places don't realize that people aren't making anything even close to be able to rent anything. And everything is about solving the homeless problem when a lot of this has to do with the rent problem. In any case thanks for the video. You hot the nail on the head and I'm just looking for a rental and saw this first hand. It's not looking good if this doesn't change course.
Thanks for watching I really appreciate it and the info. A lot don't believe it. We have landlords selling off rentals like crazy here and the clueless just list for 15-30% higher than similar properties that are sitting vacant. Meanwhile inventory is rising and you are so right this in a national problem not just Florida. Time will tell!
Im on the space coast Florida, rents are not coming down here. I own but monitor the market
Great video thank you!
We don’t make that much here. Charlotte county is putting up all these apartment complexes saying that they’re for low income and they’re going to charge 2000 a month really I hope they sit there vacant.
Yup disgusting
Yay!!!!!❤ This is the best news yet! I hope rent continues to go down. Everyone is greedy. Banks Landlords. I’m in south Florida
yay do you to live for free yay
Florida renters realized that if their homes and rentals cost more the more money they have tp pay for insurance and taxes.4 years ago a shitty un renovated home used to be 60k to 80k and now they tripled same house no renovations was going for 250k or 300k
Investors will be buying, and renters are not going to pay. They have options, and landlords will get burned.
Also need to be considering that for apartments the hoa are going to the roof and taxes too... this system is not sustainable.. insurances are killing the market
My property manager in Sarasota said the rental market is extremely slow right now. I have had my house up for rent for a week and a half, for 10 percent below market value. Luckily it's in a good neighborhood but still, someone has to make north of 90 thousand dollars per year with good credit just to qualify.
Thanks for sharing! At least those wages are possible in Sarasota.
Yeah people who make that much don't want to rent... the problem is people really think it's okay to ask a renter for what you need to BUY A house including your credit score and your bank account information and your job information to RENT SOMEONE ELSES house (that your paying off for them) that's what you would need to buy a house ..
The point of renting used to be you didn't have to do all of that the OWNERS had that stuff so you were able to rent their house if you had all of that why would you want to rent a flippin house😂😂😂
@@rhipotter6191👍
@@rhipotter6191 it's a difficult situation all the way around. With the increases in property taxes and insurance, a lot of times a mortgage payment on a house is going to be almost twice the amount of the rent being asked.
Sad to say but many many people that bought houses for rent during the pandemic are now realizing the big problem coming in. next year will be a crazy time for home business owners, I truly believe will be thousands of houses back in the market very soon
My Homie! Go Middies!! SUBSCRIBED
No crash in Sunny Isles Beach, Florida. I guess we live here in our own reality bubble!....rent went from $2100 to $3300!!!....
There is one unit here in my subdivision Plantation Fl that has been vacant for months since mt friends moved out. The llc that owns it wanted 3k a month.
Tough to ask that kind of money.
The reality is after buying at all cash and/or such low rates, they can afford to keep it vacant and hold until sale and or offered as Rent to own. The down payment alone can make up for holding costs. Any way we look at it, Its hedge fund $ now into the lending game. Borrowers will be paying premium to borrow from the same hedge fund /ibuyers owners that own the property. Caught in the cycle.
I’m a property manager and I’ll tell you that my phone isn’t ringing for people looking for rentals. Luckily, my owners are long time landlords and keep their prices under market so I have no vacancies.
I appreciate the insight. Seeing the same here. Very strange times in the rental market.
I’m in Ocala and new apartment construction is everywhere.
My 2/1 is now up to 950. Can't buy now interest rates are up and insurance is up and property taxes are up, so I don't see rent coming down much
Great video 👍👍👍
Yeah, these rental prices are getting outrageous! What are people going to do? It's ridiculous!
After three annual increases of $125, $150, & $110….just signed a 12 month lease with ZERO INCREASE! YES🙏🙏🙏
The tide is turning. Fingers crossed you get a decrease next year!
@@bensellinThat would be AMAZING!
For us, property taxes have gone crazy and insurance rates are nuts. We cannot eat that cost and must pass it on to the renter unfortunately.
If the people who were renting try to buy they will face the same issues….high interest rates - so high mortgage cost, high property tax, and high insurance, plus depending on area an increase in HOA fees. Buying is actually worse than renting now. I wouldn’t buy or rent. If I were in this situation I would try to move in with family for a while.
Unfortunate especially when you have hedge fund buyers using all cash with other people’s money (hard working people’s retirement funds). That will be the next issue if timing is not on their side
A landlord has to consider what the average income is. Last I checked the average income for a single person is 35,000 and a family 70,000. And that is across the US except for places like NY, CA, WA, and other high expense places. The workers wages have risen to meet the high cost of living. So if you calculate 1/3 of 35,000 then you get 11,667, divided by 12 is around 973 per month. So the price of 1,300 per month is in line with what a person can charge in rent and keep it occupied. It is still stretching the budget of the average person, especially seniors who are great renters. But it keeps your units occupied. The outrageous rents being charged are not sustainable! In fact there are homeless camps in many major cities with families in them! There will be units sitting empty and that will increase as more people move away or start "sleeping rough".
There might a typo there but you have "The workers wages have risen to meet the high cost of living" and I completely disagree.
@@jann1717It's definitely a typo. The entire comment was written to the premise that wages have not risen to keep up. Only someone who is self serving and ignoring the data would agree otherwise.
a landlord has to consider what market rents are and how they cover their mortgage and make some profit so its WORTH IT to have ungrateful greedy tenants who have no consideration for other peoples property com into their house and destroy it for a small monthly profit. Your salary isn't the landlords problem. try going to a restaurant or a store and telling them 'well... I only make $15 p/h so you need to give me whatever you are selling for less.'"
why is it the landlords responsibility to provide free housing for you because the big companies are raising prices???
@@stefaniecuadra2582 Of course people can charge whatever they wish for rent. There will always be someone to pay high prices if it is "posh" enough for them. What I was saying is that if you wish to keep a 1 bedroom older home with a carport rented and bringing steady income, then one has to consider who would be willing to rent that and how much they can actually afford. I own property, it doesn't matter to me what anyone is charging. But when buying rental property it's always a good idea to make plenty of room for "hard times prices". rich persons from NY and CA will not keep pouring in. And if they do, then there are luxury high rise buildings they can afford.
But I do understand the burdens of landlords, and yes people do trash your property and skip out on rent.
The apartments they’re building here in California are charging waaaayyyyy more than most mom and pop landlords like myself are charging.
Not seeing it here. I have noticed that there are more adults getting together to share the rent.
One of my 3b/2b homes rents out for $3,400 a month. has 2 couples living in it. That’s the only way they can qualify for it.
People are just doing whatever they gotta do to make it happen
Shame on you scumlord.
We have a rental up for 18 days, going to have to seriously reduce price. We own outright, but is expensive to run now after owning 12 yrs. 6k, insurance, 4.5k taxes, 3k property, maintenance, yard etc. Wouldn't want to try and get into the game now. Sarasota.
Not trying to be a jerk but what's the point of keeping it? It sounds like you'll barely break even rather than offer passive income. Maybe it would be better to sell while the market is still fairly high and invest in something else or a rental property in a less expensive state. Florida is insane - and I'm a native Floridian so I've watched this craziness evolve and it's disheartening to say the least.
@@sml0266 3 more years, then retiring and selling. No mortgage so still profit, just a pain dealing with tenants. My point was don't know how people can do it with a mortgage.
California cost of living on crap Florida wages won’t sustain. It’s starting to buckle now.
Florida is a right to work state...wages have never kept up with the cost of housing or rent....plus people are still moving here and employers know it ...for them it's a numbers game....they will find people willing to work low wage jobs...
@@MichaelForte-jn5pnthat’s it. It’s starting to buckle now though.
Florida is a very rural state. I just sold and moved back to Miami with my mom.
So many apartments are being built in Winter Garden and they have pools and exercise rooms. The apartments have a lifestyle for renters. Houses in Winter Garden have no lifestyles. You have community pools filled with screaming kids who are not supervised. Theses kids are out at night riding their scooters and no supervision
These statistics do not tell the whole story of course. The cost to create new rental properties is higher today than it was in years past so rents will ultimately have to rise. It is just like housing. And of course the supply and demand in different areas will vary. One thing I don't understand in Florida is what happened
to developing mobile home parks? The town I live in now used to be known for there mobile home communities.
I held a real estate license back in the mid 90s. Used to be 1/4 of your income would suffice for housing. Now its 1/3.
A lot of folks who bought at the height will find themselves facing forclosure soon. Cant even Re-fi, due to the rates.
My knowledge is dated, but fundamental principles still apply.
(Edit) Newburgh/Poughkeepsie is a sewer now, one of the highest crime rates in the state. Far cry from the area I knew at Marist back in the olden days.
The government has been staying foreclosure for 3 years. That helicopter is no long coming.
Tampa rents keep going up every month and inventory is very shallow. Hard to find a good rental property in popular areas like East Tampa, Downtown Area and South Tampa. Seems to be going up consistently 5% per month for the last 6 months.
I'm in tampa.. it's going back down.
Landlords are getting greedy. People can’t afford that rent.
Rents sky high and homes for sale at rediculous prices as well. $400.000 and you have to remodel kitchen and bathrooms , floors . That were 190.000 over a year ago . Apt. Complex tell you its market rate with out consideration apt. Is 50 yrs. Old and not remodled since the 80's
Crazy your in Charlotte county I’m in desoto and was wondering when rent was gonna come down
Who is renting to people with a rent rate over 33% of income?
Alarmist
'Reduction' is not a 'crash'
Depends on your area. My area had 400 units up for rent 6 months ago. Now they have 1,400.
Yeah maybe in other parts of Florida but not here in Naples
we are paying $ 2,720 for 1 bedroom apart in miami lakes!!!! luxury apartment is crazy!!! we are moving next year to another area far away, florida is crazy expensive!!! salaries the same
I am in Lehigh Acres, just south of you and the rents here are still high. They are coming down slightly though. A 3/2 1100 sq townhome with a 1 car garage rent range is $1400-$1700 now. 4 years ago they were a dime a dozen at $1,050 mo.
That is still a good price for that size of an apartment plus the bonus garage! My daughter is facing paying more than $1700 for a very small 650 square foot 1 bedroom that is in safe area of Orlando that allows a small dog. Plus every little amenity that used to be included in the rent fee is now an extra fee monthly. Also she faces paying $ 400 non-refundable application fees everywhere which is ridiculous if you don't get approved for some stupid reason (like she has enough income but is young with very little credit history so...they could be using those fees as side income generator!!)
@@user-sd5ow2lz9o Lehigh Acres is not Orlando. Huge difference. Sooner or later things will come down.
Great video! Just sub,d!! Nothing is changing here in Fort Myers, FL. Even after Ian and with the insurance crisis. We moved into our apartment in Jan 2022 2/2 at $1628. Renewed in January 2022 at $1881. Just received renewal for January 2024 and it will now be $2088! I feel like it’s greed bit who knows. 😔
Thank you! Yes city areas seem to be holding up on rents better than areas like Cape Coral. All depends on how many other vacant properties are available in that price range and area. Hope you get some relief ahead!
The thing is once your locked into an already high rent rate, it will not go down in price. Only can negotiate but your rent rate will only stay high and/or increase. The landlord would have to be willing to decrease which is rare or be willing to lose a, long term paying renter. Otherwise you’d have to reset rent rate by moving end of lease. Factoring in moving expense vs rent increase. Wish you the best
The places where they didn’t fake price hike are stable.
But places where it’s hyped up then yes but not crazy like that.
It’s going down here in Orlando.
I pay 3200 for rent plus utilities for a 2/2 in Jupiter FL. It’s ridiculous 😢
D damn
IDK... Here in southeast Florida rents are still sky-high
To me this is a reaction to the foreclosure and eviction stoppages back during covid along with the higher house prices. The landlords need to make up for the lost rent during covid and buying and covering costs like tax's and insurance. Insurance has tripled in most places in Florida.
BS. It’s pure greed.
I agree. In addition to hedge fund, corporate iBuyer companies who have jumped on the all cash buying trend. Using “OPM- other people money ” while interest rates were at the lowest made sense. Now these same investors will turn around and sell properties to targeted dumb $, 1st time homebuyers unfortunately at the highest rates. With lots of moving parts, I believe a few things will have to align before a shift. bank lending ease up, govt put into home buying programs, 2 year taxes can show job stability, improved credit and tax incentives for sellers and back to the cycle of unaffordable. Hedge fund foreclosure on property and on to the next renter or buyer depending on the market. We may also see the growing trend of, rent to own homes following the same vicious cycle of long term unaffordable. While rents decrease
Update:
33% up foreclosures nationwide ~ It will be a bloodbath in 2025 ~ It will be worse than 2010 because the mortgage rates were 4.5% in 2009 ~ Now you can not get a mortgage at 9%. Also, the medium price is $420,000 on a house in the USA.
Lo, baloney!
@@Jack-russell103 You got that right! Sorry to say, but I hope this happens because I made a lot of money back in 2010. 20% on my money and I am still making 20% on my money from 2010.
Yeah, prices are unreal in many places. There are some new apartments in my town, 1 bedroom is going for $2,100 a month. You got to be kidding me, most people can't afford it. Agreed, eventually it will catch up because most people won't have the money. This location is about 25 miles from Chicago.
My 35 yo g-son pays $1600.00 in St Pete, one bedroom one bath apartment, rent went up $20.00 landlord blames insurance co...thankfully I own my home in Jax, but he doesn't want to live here....moved here 10 years ago from Iowa, couldn't take the weather and no sun.
I still don't know why there aren't protections in place for renters. Either rent stays cheap or we move out. It's that simple. Landlords are going to lose regardless. People are finding alternatives, smaller homes, or living with someone and family, and they are staying put. Tired of the bs.
Property taxes are too high. 1/3 of my mortgage is property taxes. I bought my current home in 2015 for 400K and I thought it was high for 3360SQ ft. My mortgage is 2.875 I feel like a damn genius. Currently homes my size are selling for 780K with ease but I have no desire to move and give up this low rate and great area.
Good video.
Thank you!
Normally 1 family could afford to live in a home. But things will not go back to normal. NOW they have to split the house with another renter. Thus only half of the houses are being rented. These other houses have to lower their prices to be affordable for a single family again. Otherwise they sit empty.
GOOD!! It’s about time! It is beyond ridiculous rent prices, in the radical state of Florida!!
Who can afford these rates when Florida charges New York City rents while paying Mississippi wages?
Here in a Philly suburb a 2br apartment is $26,000 a month! Highway robbery!
Taxes need to go along with this drop then, because the landlord wont make $
Paying 2,165+utilities in land o lakes fl and moving soon to little town an hour from tampa to save at least 700 a month, we have options just look around
problem is house insurance is so expensive
So much new rental inventory in the pipeline to completion in addition to everything else going on-it’s going to be a blood bath for the rental market
Only in those areas with many new rentals being put on the market, which is definitely very localized to certain hot spots.
Nj hasnt gone down..I purchased
it is nothing but "GREED"
Yes the wish pricing stupidity is falling out of the market. No, there is not a crash. The markets that went insane with that wish pricing will feel it. Most areas did not, and will not. Conflating these highly cyclical markets like South Florida, Phoenix, Vegas, etc etc with the rest of the country seems a bit...welp
Miami beach is booming cant relate to all of florida
You look like Billy Magnussen in the big short
Ill take it!
That is National problem…. Independente if is a red. Or blue state.
A lot of FL is wildlife and swamps