Real Estate Affects the Rental Market
For those who follow market trends, you have probably noted the projected price increase in residential and commercial real estate in Destin, South Walton and the surrounding Panhandle areas. The market rebound is great for investors, but what does this mean for rentals and renters?
The truth is that the rental market continues to thrive. Studies indicate that the majority of people who lost their homes to foreclosures during the 2008 crisis, actually prefer to rent single family homes over apartments. Rather than live in the same cookie-cutter complex, these former homeowners-turned tenants prefer the qualities like privacy and space that come with a residential home. This is good news for investors and current homeowners as these tenants often understand the struggles that owners face.
Also, did you know that increased home value correlate with rent? So as prices continue to rise, so does the amount you charge for your home.
If you are still on the fence about owning an income property, or even wondering if you can find the right one, contact our friends at RE/MAX Southern Realty. They will be happy to help you with all of the real estate ins and outs. As far as tenant procurement, financial management and property maintenance goes, our Northwest Florida property managers have got you covered.