Updated almost 4 years ago on . Most recent reply
Rental market slowing ?
Have a nice little 3/2 on the market for a few weeks, about the lowest price in 5 mile radius. Lots of contacts, 20+ showings, 3 approved applications and yet still not rented. Talked to my leasing coordinator from the PM company on Friday and was told all rentals they manage in the broader Orlando area are at least 2-3 weeks now. Ones in a more remote location are not moving at all. They manage 1000+ properties, mostly blue collar properties I think.
This is very unusual. We should be in the peak season for rentals now and past years we tend to rent higher and faster in the summer than the winter. Also, I just had two other units listed in April and one rented in 3 days (priced below market) the other two weeks (priced higher end of the market).
I'm wondering whether we're seeing the inflection point of the rental market. My guess is people have ran out of pandemic stimulus money and rental assistance, and other savings they may have. With inflation in food and especially gas, they just simply can't afford to move, or maybe even downsizing/downgrading.
Anyone seeing similar trends in your market?
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It took me a month to find a qualified tenant that I thought would be a good fit for my own property in NW Fl. Lot of people are tire kickers, dont meet the income or credit standards