Real Estate Broker · Naples, FL · Member since 2013 · 9k+ posts · 6k+ votes
Every time I had a vacancy I was able to fill it and increase rents. That appears to be over. I had two turnovers in May. I lost 21 days rent on one and a full month on the other with no rental increase. The new properties coming online are dampening the pool of renters IMO. I am leveraged at 15% LTV so no sweat if they sit vacant BUT it still results in less income.
I have a 3/2/2 in San Carlos Park. My lease from last year was $1700/month. I just did a new lease starting August 1st and rent is $1850/month. I understand San Carlos Park is different than Cape Coral. I think San Carlos Park rents still have some upside, but not very much. I expect it to top out around $2000/month in the next 2 years.
Every time I had a vacancy I was able to fill it and increase rents. That appears to be over. I had two turnovers in May. I lost 21 days rent on one and a full month on the other with no rental increase. The new properties coming online are dampening the pool of renters IMO. I am leveraged at 15% LTV so no sweat if they sit vacant BUT it still results in less income.
Good info.
Rental rates in Maricopa County (Phoenix/Mesa) are still going up. Properties are in high demand. Inventory is low.
I filled my May Cape Coral vacancy, but did so at $50 less per month than previous tenant. I was told May is tough time of year because seasonal rental end and often go on market as long term rental.
Yes John, I have been experiencing the same thing. I was successful filling 2 2000 rentals in Cape Fast this month though, usually those take a bit longer. I have a 3 br furnished annual duplex avail 1395 now just off Cape Coral Parkway if you have left:) Coffee soon?
I have a 4-2-2 2143 living area coming in July. This one is TOUGH due to location. My other property identical to it gets $1500/month. This one I had a hard time filling at $1400/month. It may end up sitting vacant a month as well. Blows the heck out of those advocating 99% leverage. This one is debt free which means I won't be scrambling to cover expenses.
On the appraisal side of things, I'm used to inspecting these while tenant occupied. More and more purchase and refinance work has been coming down the pipe where I can get in with a lockbox code. It's unfortunate for the investor, but does make scheduling much easier on my end. :-/
I have a 3/2/2 in San Carlos Park. My lease from last year was $1700/month. I just did a new lease starting August 1st and rent is $1850/month. I understand San Carlos Park is different than Cape Coral. I think San Carlos Park rents still have some upside, but not very much. I expect it to top out around $2000/month in the next 2 years.
Finding out Cape, Lehigh, and Fort Myers units have topped out and plateaued essentially. Not a bad place to be at, but not great news for folks who had hoped to see the include keep going up, up, up.
Also, hi Jeff! Long time no see. I used to work for Mike back in the Zivkovic days and have seen your signs in my neighborhood (Yacht Club Colony) recently. Hope all is well!