Rental Property Investor · Orlando, FL · Member since 2017 · 34 posts · 8 votes
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.
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
My house is currently rented for $430 below the Zilliw zestinste rent......I think the zestimste may be a couple hundred too high. I am out-of-state, so not an expert.....But, Sanford seems to vary quite a bit from pocket to pocket, and I think in my case, Zillow is picking up some nearby "A" areas and using them in the zestimste. My house is in like a C+ area.
Not around here. If you go on the local FB page, there are people begging for places to live, from studios to rooms to 3BR houses. Nothing available they say. Of course they could be unable to qualify, we don't know.....
I have an exurban property. The price of gas, and fear of it continuing to go up, is probably the most pertinent thing making a difference on this one. Other inflation matters. People living check to check are getting hammered and rents have gone up so much in the last 5 years or so. I think it's too much for many people. I am not willing to lower credit and income standards, the price has to go down most likely, or I have to go sign up for section 8. I'll lower the price.