CEOs of the largest companies renting out single-family homes tell Bloomberg they plan to raise rents up to 5.7 percent this year.
Stacey McKay's insight:
We are seeing this trend in Orlando and the surrounding Central Florida communities with long term unfurnished rentals. The continued lack of rental inventory going into the busy 2015 summer rental period will continue to fuel rental increases.
A true example of the rental increase with a home managed by Invitation Homes. Originally leased in 2013, a single family 1,800 sq.ft pool home leased for $1495, the first renewal period went to $1550, the next increase went to $1650. During both renewal periods the tenant made a request to purchase the property which was declined as the owner did not want to sell at this time.
Many individual landlord's who chose to rent out their personal homes when sale values were low in 2008 - 2012, are now choosing to take advantage of rising sales values and take homes out of the rental market by selling those same homes now to capitalize on the ever increasing sale values.
This insight regarding the Central Florida market prepared by Florida Real Estate Broker, Stacey McKay of Stacey McKay and Company, llc.
Goldman Sachs Said to Lead American Homes 4 Rent Bond Deal Bloomberg Jan. 29 (Bloomberg) -- American Homes 4 Rent, the second-largest single-family landlord in the U.S., has selected Goldman Sachs Group Inc.
Stacey McKay's insight:
The face of those investing in Real Estate, primarily Residential Rental properties has been in forward motion since 2012! Many cities throughout the Unites States, Orlando included have been a hot bed of Investing by Blackstone and many other BIG money investors aka (Hedge funds). The impact of these residential purchases now turned rental properties will be felt for years to come!
For individual investors in the targeted cities where Blackstone and other big money investors have purchased, the competition to find and purchase properties that cash flow is becoming more and more challenging. As well, the increased inventory of rental properties in these purchase areas is also affecting how quickly vacant properties are rented. The increased competition means homes need to go to market in better than average condition, at competitive prices and with maximum exposure.
The role of Professional Property Management companies are becoming more important than ever! Professional managers can help prepare homes for rent, make sure the pricing is competitive and provide exposure to a higher number of qualified renters. Then the most important part, after leasing the property they manage all aspects of having an investment property.
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