Posted on Saturday, November 12, 2011
We think so. A look at the Sunshine MLS this morning shows only 318 single family residences for rent and last year Naples real estate professionals rented 631 single family residences. It sure feels like we are headed into a strengthening rental market. What is going on here?
1) After the last few years, people are property shy so why not rent for a while and see what happens
2) Newcomers may like to rent here for a while before they buy so they can figure out what part of town they like – not a new thing but more pronounced as prices are perceived as flat or worse so they do not think they will miss anything.
3) Investors see historically depressed property prices and are starting to think about buy-rehab-rent, as opposed to buy and flip.
4) REIT’s are commenting on the attractiveness of multi unit apartments and the rental income over Class A commercial property.
5) An annual rental near the beach is not the easiest thing to find right now.
So what? All of this anecdotal evidence adds up to a strengthening rental market here in Naples. If you are a renter think about renting that place soon. Sure we know, many of you rent a full year in advance, but pay particular attention to these trends this year and be ready. If you are an investor, look for those rental properties, this may be the way forward for a while – but you decide.
What are your thoughts on the rental market? Working here in Naples Real Estate it seems like the rental market may be strengthening.
No legal advice or suggestions are being given in this Blog and the writing of this Blog are intended for the sole use of our clients.
Mark Goebel, PA is a REALTOR with Coldwell Banker on 5th avenue in Naples, Florida with 35+ years of visiting and living in Naples. After 25 years at Accenture, Mark retired as a managing director and spends his time helping non profits and building a Naples real estate team with his wife Nan. Talk to Mark and Nan about life in Naples and why they chose this place to live full-time over all others.
Mark Goebel, PA