The rental market in South Florida continues to show strong demand. According the the Sun-Sentinel, the occupancy rates for apartments in Broward County and Palm Beach County are past 90%.
The article also indicates landlords were able to raise monthly rent rates due to the high demand.
I tell clients to be prepared when making an offer as the rental market moves quickly. Prospective tenants should be prepared to put up an earnest money deposit and security (typically one month's rent each). Also, credit score, work history and related information will most likely need to be shared with prospective landlords and possibly condo/homeowner's associations.
I take an analytical approach to buying, selling and leasing real estate. I work with families, people looking for a rental home, a second home, investors, etc. As a Realtor, I am aware of trends in the domestic market, as well as in the local markets throughout South Florida. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
An Analytical Approach To Buying, Selling and Leasing Real Estate
http://MYsouthFLrealestate.com
The greatest compliment you can give is the referral of your friends and loved ones
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Showing posts with label rental. Show all posts
Showing posts with label rental. Show all posts
Saturday, January 5, 2013
Saturday, June 23, 2012
Could A Rental Bubble Be Forming: Homes For Sale: Homes For Renrt
US News & World Report recently wrote an article with the title, "Stage Could Be Set For a Rental Market Bubble." I do not think we are a "bubble" yet, but we could be at the beginning stages as explained below.
The increase in the number of people moving into rental housing increased 4.0% on a year-over-year basis in March 2012, according to Freddie Mac. Christina Aragon of Rent.com calls this increase "significant." I have been writing about how the rental market is very robust and properties move quickly in the South Florida market.
All the while, homeownership is at its lowest levels in 15 years, at about 65%. Not surprising, given the shift to rentals as noted above.
The reasons have been discussed before and will be briefly touched upon: tight mortgage credit market, increased downpayment requirements to buy a home, the increase in distressed properties have shifted previous homeowners into the renting category, etc.
The supply of rental homes is drying up and the cost of renting is increasing. Trulia reports rents were up 6.0% on a year-over-year basis in May 2012. Some markets have had even bigger increases, such as Miami, which was up more than 10.0%, according to Trulia.
All of this has increased the interest of investors. I have touched upon this in previous posts and I have seen this in the current South Florida market.
The argument for a potential "bubble" is that investors are flooding the market and ramping up potential rental inventory levels. The US federal government has announced plans to convert some foreclosures on its books to rental properties to help ease the current situation. Also, if credit standards are eased and more people can move into the homeownership category, that may ease rental demand. The potential increase in supply by investor properties and government owned foreclosures, coupled with homeownership demand could cause a "bubble" to burst.
I do not foresee this happening during the next two years, atleast. Jed Kolko, chief economist at Trulia claims, "most renters are still two or more years away from homeownership." Also, it will take those who owned distressed properties more than two years to fix their credit and be ready to once again be homeowners, in my opinion.
Also, increased home buying should spur demand and prices, which should mitigate the downside for investors. Those that are renting might be willing to buy the homes they are renting from investors, which would allow investors to enjoy the cash flows for several years (presumably at an acceptable rate of return) and then sell the home at a higher price than when they bought it.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The increase in the number of people moving into rental housing increased 4.0% on a year-over-year basis in March 2012, according to Freddie Mac. Christina Aragon of Rent.com calls this increase "significant." I have been writing about how the rental market is very robust and properties move quickly in the South Florida market.
All the while, homeownership is at its lowest levels in 15 years, at about 65%. Not surprising, given the shift to rentals as noted above.
The reasons have been discussed before and will be briefly touched upon: tight mortgage credit market, increased downpayment requirements to buy a home, the increase in distressed properties have shifted previous homeowners into the renting category, etc.
The supply of rental homes is drying up and the cost of renting is increasing. Trulia reports rents were up 6.0% on a year-over-year basis in May 2012. Some markets have had even bigger increases, such as Miami, which was up more than 10.0%, according to Trulia.
All of this has increased the interest of investors. I have touched upon this in previous posts and I have seen this in the current South Florida market.
The argument for a potential "bubble" is that investors are flooding the market and ramping up potential rental inventory levels. The US federal government has announced plans to convert some foreclosures on its books to rental properties to help ease the current situation. Also, if credit standards are eased and more people can move into the homeownership category, that may ease rental demand. The potential increase in supply by investor properties and government owned foreclosures, coupled with homeownership demand could cause a "bubble" to burst.
I do not foresee this happening during the next two years, atleast. Jed Kolko, chief economist at Trulia claims, "most renters are still two or more years away from homeownership." Also, it will take those who owned distressed properties more than two years to fix their credit and be ready to once again be homeowners, in my opinion.
Also, increased home buying should spur demand and prices, which should mitigate the downside for investors. Those that are renting might be willing to buy the homes they are renting from investors, which would allow investors to enjoy the cash flows for several years (presumably at an acceptable rate of return) and then sell the home at a higher price than when they bought it.
As a local Realtor, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Wednesday, April 18, 2012
Rentals: What Landlords And Tenants Need To Know About South Florida Seasonal "Bed Taxes"
With the seasonal rental period ending here in South Florida, I thought I'd comment on the "bed tax" in Florida. Any and all rentals for six months or less are subject to a tax, just like a hotel pays the same tax. That includes vacation or seasonal stays at townhouses, condominiums, timeshares, single family houses, mobile homes, beach cottages, room houses, etc.
I have been asked by those looking to rent why they need to pay this-- it is the law and the landlord will need to pay this and it is usually passed on to the renter.
Those landlords that are collecting this tax from their tenants need to be sure they are turning over the money to the tax collector's office; those that are not are still subject to the tax.
Palm Beach County Tax Collector Anne Gannon said beginning in June or July, she plans to send staffers to condominiums and vacation rental properties across the county in order enforce the "bed tax" on those who are not in compliance.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
I have been asked by those looking to rent why they need to pay this-- it is the law and the landlord will need to pay this and it is usually passed on to the renter.
Those landlords that are collecting this tax from their tenants need to be sure they are turning over the money to the tax collector's office; those that are not are still subject to the tax.
Palm Beach County Tax Collector Anne Gannon said beginning in June or July, she plans to send staffers to condominiums and vacation rental properties across the county in order enforce the "bed tax" on those who are not in compliance.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Sunday, January 15, 2012
New US Government Plan Could Change The US Housing Market: Homes For Sale: Homes For Rent
We have avocated getting investors more involved in helping to stem the flood of foreclosed properties entering the market. After a dramatic fall in prices, we expect the market to stabilize more quickly with more investor participation in the market.
The Obama administration is very close to announcing a pilot program that would allow the US government to sell foreclosures in bulk to investors as rentals. There are currently a quarter of a million foreclosed properties on the books at Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) and one million more are coming out soon.
The Lender Processing Service recent reported late-stage mortgage delinquencies at close to two million. Investors who can raise large sums of cash (i.e., institutional investors) will be able to buy properties on a large scale. We think this will help reduce the potential glut of inventory from these newly foreclosed homes.
Large investors will be able to buy 50-500 properties in one single deal. These big investors would be able to finance more than $1 billion in these type of transactions. The reduction in fear of a large wholesale of new inventory blowing on the market and the amount of time for absorbtion could be eliminated under this new plan. We think this is a good thing for the US housing market.
The added benefit might be to have rental prices even out a bit. The rental market has heated up with all of the recent problems in the market place. As a result, rent prices have been increasing along with demand. The additional rental units from this plan might also stabilize rental prices and ease the potential for inflation, in our view.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
The Obama administration is very close to announcing a pilot program that would allow the US government to sell foreclosures in bulk to investors as rentals. There are currently a quarter of a million foreclosed properties on the books at Fannie Mae, Freddie Mac and the Federal Housing Administration (FHA) and one million more are coming out soon.
The Lender Processing Service recent reported late-stage mortgage delinquencies at close to two million. Investors who can raise large sums of cash (i.e., institutional investors) will be able to buy properties on a large scale. We think this will help reduce the potential glut of inventory from these newly foreclosed homes.
Large investors will be able to buy 50-500 properties in one single deal. These big investors would be able to finance more than $1 billion in these type of transactions. The reduction in fear of a large wholesale of new inventory blowing on the market and the amount of time for absorbtion could be eliminated under this new plan. We think this is a good thing for the US housing market.
The added benefit might be to have rental prices even out a bit. The rental market has heated up with all of the recent problems in the market place. As a result, rent prices have been increasing along with demand. The additional rental units from this plan might also stabilize rental prices and ease the potential for inflation, in our view.
As a local Relator, I am aware of the trends in the US market as well as in many of the communities in which I specialize. If you are thinking of selling or buying a home, please feel free text me or call me at 561-247-3550.
For free home searches, please text me your name, e-mail address and phone number or visit my Web-site at http://homes.MYsouthFLrealestate.com
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Member of Who's Who in Luxury Real Estate
Lang Realty
561-247-3550
http://MYsouthFLrealestate.com
Referrals are appreciated and welcomed.
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
Wednesday, September 22, 2010
A Delray Beach Rental Listing; Real Estate Search Engine
http://bit.ly/9gpQ67 <--please copy and paste into your Web browser
http://www.viewmylisting.com/property-for-sale/fl/delray-beach/3122-palm-dr/2670399/
Above is a link that will bring you to a listing in Delray Beach, Florida.
Two bedroom, two bathroom single family home offered to be rented on an annual basis-- click link above for pictures and more details.
If the home is not what you are looking for, but you are in the market to buy, sell, rent or lease a home:
The link below will bring you to a Webpage where you can search for listings.
http://bit.ly/aSVDo3 <--please copy and paste into Web browser
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217
Please contact me for futher information
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
http://www.viewmylisting.com/property-for-sale/fl/delray-beach/3122-palm-dr/2670399/
Above is a link that will bring you to a listing in Delray Beach, Florida.
Two bedroom, two bathroom single family home offered to be rented on an annual basis-- click link above for pictures and more details.
If the home is not what you are looking for, but you are in the market to buy, sell, rent or lease a home:
The link below will bring you to a Webpage where you can search for listings.
http://bit.ly/aSVDo3 <--please copy and paste into Web browser
http://michaelfriedman.rmlsfl.mlxchange.com/?Page=7395217
Please contact me for futher information
Michael Friedman
Realtor, Certified Distressed Property Expert (CDPE)
Lang Realty
561-989-2100
Boca Raton FL real estate for sale and surrounding areas including real estate properties for sale in: Belle Glade, Boca Raton, Boynton Beach, Bryant, Canal Point, Dania, Deerfield Beach, Delray Beach, Fort Lauderdale, Hallandale, Hialeah, Hobe Sound, Hollywood, Indiantown, Jupiter, Key Biscayne, Lake Harbor, Lake Worth, Loxahatchee, Miami, Miami Beach, North Miami Beach, North Palm Beach, Opa Locka, Pahokee, Palm Beach, Palm Beach Gardens, Pembroke Pines, Pompano Beach, South Bay, West Palm Beach, Lang Realty
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