Let's Get REAL Estate

Yes, the market is an odd one! We have very little inventory AND low prices. Now the rental market is picking up steam (and has been all year). If you're looking for a rental you will probably pay more per month. Reis, Inc. and the Wall Street Journal is reporting that nationwide rental rates have been increasing (2-3%) and vacancy rates are dropping (by about 6%). Out of 82 markets surveyed, 80 saw rents increase while 72 saw a drop in the vacancy rate. This is the perfect situation for landlords who may feel like they haven't been able to raise rates as easily in years past.

So why is this happening? I think there are several factors...The housing market crash was a biggie! All of the people who lost their homes to foreclosure have to live somewhere, so there's a large influx of people to the rental market. Also, people who may have wanted to sell their homes to get out of the ownership market can't sell yet. So you remove some rental prospects. Bottom line is...the rental market is having it's own correction of a sort and you can expect to pay higher rents. This should stabilize once the housing market begins to resemble a more balanced type of market!

Just a quick note...We are now with Atlantic Properties International whose main office is on Galt Ocean Mile. Globally Connected. Locally Respected! This 'slogan' is VERY true. We will still be in the heart of Wilton Manors and look forward to helping you with all of your real estate needs. We think you will love our new company and the amazing network of people associated with Atlantic Properties!