Are you stuck sprinting on the renter’s treadmill?
If you’ve been a renter for a long time, you’ve probably gotten accustomed to certain things. For example, if something in your home breaks, you can call your landlord and it should be taken care of. What you almost surely haven’t gotten used to however, is the increase in your rent. If you’ve seen a significant rise you’re certainly not alone, as it’s skyrocketing all over the United States. Unfortunately, South Florida seems to be feeling the brunt of it.
Why is rent so high in South Florida?
You’ve probably asked this yourself once or twice. Part of the increase is due to the shortage of available rental properties in the area. And because it’s such a desirable place to live, landlords and property managers can almost charge whatever they want. Supply and demand is a big factor here, and the renters are the ones that get hurt the most.
Is anything being done about the high rents?
To meet the needs of all people, there has been a real push by developers to create new properties. The good news here is that availability is on the rise. The bad news is that it will take a while before new projects are completed. In addition, with the influx of new buildings and prospects moving to the area, price ranges may not drop so drastically after all.
How are rent prices affecting property values?
Either because they can’t afford it or they’re just tired of paying it, people in South Florida are beginning to rebel against high rents; and many are doing this by becoming homeowners. In a lot of instances, a mortgage payment will be lower than rent. In addition, buying a home is an excellent investment. It’s much easier to pay a certain amount every month when you know it’s going towards something you own, rather than something somebody else owns.
What’s the solution?
When it comes to home expenses in south Florida, you have several choices. First, you can continue paying rent on your current place. Hopefully, you were able to sign a long lease in attempt to keep your price steady. Second, you can hope those rental properties get built quickly and that new living opportunities will be available soon. Third, you can forget renting and think about buying. Home values in the area are going up, but not as dramatically as rent. This means that you should be able to find a home that suits your needs and budget.
If you’re interested in ditching rental rates and are looking into buying a home, contact us. There are a ton of great properties in south Florida that you may be surprised you can afford. We’ll help you get off the rent treadmill and find a beautiful home that you can call your own.