Is New Construction SFH Lowering the Rental Price of Older Homes

[Chris G.]

This might be a simple answer but would love to hear other thoughts on if new construction sfh rentals are forcing the prices lower for older sfh? I'm based in northern central FL area and there's been a ton of new construction over the past few years. For example we had new construction 3/2 1900sqft and got it rented for $2200. I've seen larger 5/3 basic box looking homes listed for around $2500 recently. We've also seen many owners with older homes like 20+ years not understand this and think their 4/3 2300sqft home that's 35 years old is worth $2500-2600. Maybe we're looking at it wrong but if I were a tenant comparing a brand new home with new appliances and nice features vs a similar sized home but is outdated, older appliances, etc. I feel like most would choose the newer one based on the value. How has others been pricing older homes, imo in order to get some interest it would need to be closer to $2300.