Some relief in the South Florida rental market may be in the way!!!
Real Page from Richardson Texas tracks rental properties. They believe that developers are going to complete 15,551 units in South Florida in 2017. That’s a 48 percent increase over 2016.
When we had the mortgage meltdown and the number of foreclosures skyrocketed most people that lost their homes ended up renting here is South Florida. This is different than in earlier times, like the great dust bowl, where people lost their homes and moved away.
The number of displaced people looking for someplace to live along with along with the normal influx of new residents caused a over tightening of the rental market. Prices have generally been going up…and up…and… up.
With the number of rental communities coming on board we should start to see some easing and get into a more normal rental market. Actually usually when there is a shortage of some type of real estate generally the market over corrects so in a couple of more years we might see the tenants get the upper hand. Until then, hang in there renters!
Author:Gary Benson Phone: 561-445-2331 Dated: March 31st 2017 Views: 14 About Gary: ...
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