As 2012 begins to kick into full gear, the real estate market is already heating up especially If you’re talking about rentals. Renting has become the fastest-growing component of the overall Orlando real estate market over the last year, simply because fewer people are buying homes than they otherwise would in a good year. Falling home prices, incredibly-tight lending standards, and stubborn unemployment rates have all contributed to forcing the would-be buyers to the other side – renting.
This doesn’t mean that renting is inherently “bad” – for many people, renting is the cheaper and wiser option. Especially if you’re renting a house for less than what your neighbor’s mortgage payment is for the same size house. But for those who want to build up equity in a home, break free of a landlord once and for all, and purchase a home at severely-discounted prices, renting just will not do. Fortunately (or unfortunately), renting will have a big impact on buying and selling of Florida homes in 2012, perhaps even more so than in 2011.
The fact is that the rental market across Florida as well as the rest of the nation will continue to improve as it did throughout 2011. In many metropolitan areas in particular, vacancy rates have plummeted and rental prices have risen sharply. This trend may taper off a tad, but more or less will continue throughout the year – meaning people will be paying more money to rent the same apartment in 2012 as they would have in 2011. If you’re looking for a great deal on renting or buying a house in Orlando, Florida contact me at 407-902-7750.