What Our Crazy Rental Market Means for Landlords & Renters
If you’re still renting, you need to consider buying a home. Here’s why.
Let’s take a moment to talk about rents.
Rent prices are crazy-high and there’s a huge shortage of rentals. We manage a few hundred of them, and the prices landlords are getting are mind boggling. Just one single rental typically attracts up to 10 applicants.
This shortage of supply and high demand is a problem nationwide, but it’s particularly bad here in Pensacola. We just leased a mobile home for $1,000 a month. Two or three years ago, $1,000 mobile homes didn’t exist. We have 700-square-foot apartments renting at $1,000 a month. We get calls from people all over the country who’re moving here and waited until the last minute to find a decent rental, and they’re sticker-shocked and disillusioned to find out how hard it is.
"Rent prices are crazy-high and there’s a huge shortage of rentals."
If you’re a landlord, please give us a call. We’re in desperate need of new rentals and we have the best property management team in the business.
If you’re renting and thinking of renewing a lease, stop and consider buying a home instead. Home payments are typically $250 a month cheaper than rent payments. That $900 monthly rent check you’re writing now could be $1,300 or $1,400 in four, five, or six years. If you buy a house, your monthly payment is the same for 30 years.
On top of high rent costs, homes are appreciating. A $200,000 house is appreciating at a rate of about $800 per month. This means that in about 12 months, that same home will be $10,000 more expensive. If you’re saving for a down payment, there are a plethora of programs we can show you. We can get most of our buyers into a home with almost no money out of pocket.
If you have questions about this or any other real estate topic, don’t hesitate to reach out to me. I’m happy to help.
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