So it's a renter's market now huh?
We've all seen the headlines and the news reports. The one red hot buyer's housing market has 'flipped' into a renter's market. How can this happen you ask? Well, there are many ways you can look at it. Lets break down some of the main issues:
- There are the apartments that didn't convert to condo's. While there were many greedy apartment building owners doing the 'condo conversions', many stayed put.
- Some of the condo conversions....converted back. Some of the developers that finished renovations just as the real estate bubble burst had to 'convert' the condo's back apartments to minimize their loss.
- Many...and I mean MANY of those 'investment' condo and house flippers got stuck with the 'hot potato'. That simply means that they intended to buy a condo, put little or no money into renovation, then sell for a higher price and got stuck with the property. Many of the 'flippers' already have a primary home and now can't sell the second investment property. That leaves no option but to rent it out until it sells.
Those are probably the main reasons you can probably find some good deals on rental units right now. While I don't see that many great deals on the 1 or 2 bedroom apartments, there are some GREAT deals on house rentals and high end condos.
We found example that's on the water and is renting at $2,100. That sounds like a lot right? But check out all the stuff it comes with...my mouth watered
The dream to own a house for some renters might be just out of reach for now, but at least there are lots of options until that perfect house is found at the right price. If the $2,100 is a bit steep for you, Apartments.com has some great properties. They have searches for all South Florida areas and also all over the US. Happy Hunting and tell them FTLToday sent you!
- There are the apartments that didn't convert to condo's. While there were many greedy apartment building owners doing the 'condo conversions', many stayed put.
- Some of the condo conversions....converted back. Some of the developers that finished renovations just as the real estate bubble burst had to 'convert' the condo's back apartments to minimize their loss.
- Many...and I mean MANY of those 'investment' condo and house flippers got stuck with the 'hot potato'. That simply means that they intended to buy a condo, put little or no money into renovation, then sell for a higher price and got stuck with the property. Many of the 'flippers' already have a primary home and now can't sell the second investment property. That leaves no option but to rent it out until it sells.
Those are probably the main reasons you can probably find some good deals on rental units right now. While I don't see that many great deals on the 1 or 2 bedroom apartments, there are some GREAT deals on house rentals and high end condos.
We found example that's on the water and is renting at $2,100. That sounds like a lot right? But check out all the stuff it comes with...my mouth watered
The dream to own a house for some renters might be just out of reach for now, but at least there are lots of options until that perfect house is found at the right price. If the $2,100 is a bit steep for you, Apartments.com has some great properties. They have searches for all South Florida areas and also all over the US. Happy Hunting and tell them FTLToday sent you!
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