The rental market in Orlando continues to tighten. If you are looking for a rental, this is not a good thing!
I am seeing multiple applications on every property, and stricter credit requirements. In short, it is at a crisis point, and very few people are addressing it.
What does it mean for you, when you are looking to secure a home or Condo to rent?
Be ready for some challenges in finding the perfect rental home at a good price. Due to the banks and Wall Street firms taking over much of the foreclosure market, many of the management companies are owned by these huge REITs or Hedge Funds.
They are ruthless and care only about how much rent they can charge for the property that you want.
In addition…there are more than a few management companies unfairly capitalizing on the rental frenzy. They work to get multiple applications in and then pick the one with the best credit. In the mean time they have collected application fees from 4-10 potential renters, thus padding their profit margin on each home.
What can you do to reduce the frustration and wasted time looking for a rental?
- Be realistic! This is not the time to be negotiating rental rates or deposits. The management companies will simply move on to the next application.
- Be ready to move quickly, both in viewing prospective properties, putting in the application, and willingness to move in quickly.(within 2-4 weeks.)
- Accept that if you have less than stellar credit, you will probably have to put down an extra month deposit.(Standard is first and last, but depending on how bad your credit is, they could refuse to rent to you, or require 1-2 extra months deposit.)
- Be ready to compromise. You may want a 4 bedroom home for $1300, but if it’s not there, look to settle for a 3 bedroom home, or… up your rent budget by $100-200.
- Have your Real Estate specialist help you to set a plan for ownership. Most of the experts are saying this is just the beginning of a 10-20 year shift to more and more people either losing their homes, or needing to rent, which means demand will continue to increase, as will rental prices.
The only way out of this viscous cycle is to own your own home.
You can read the whole article here!
Landlords Are Taking Over The US Housing Market
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