Demand is high, but supply is limited.
Specifically, in Wakulla County on the morning of October 2nd, ONE rental listing was Active on the Multiple Listing Service (MLS). ONE! To expound on my first two statements, let me present a recent scenario.
Toward the end of September, Rybak Realty listed a Wakulla County rental home on the MLS. Within 24 hours, I received just over 30 inquiries. Within the next 72 hours, I received an additional 40+ inquiries. Alarmingly, nearly every Email and phone call I received had a tone of desperation…
“PLEASE tell me this property is still available.”
“Do you have any other rentals coming up? Anything!?”
“I have been looking for months and need to move by September 30th. Can you help me?”
You have heard of a Seller’s Market? Well, it is a Landlord’s Market, too. There are opportunities for landlords to benefit in our current economy. In counties like Wakulla and Leon, there is an ever-present population of renters. If the rental property is safe, sanitary, structurally sound, and properly priced, it will rent.
Regarding demand, pricing, and the housing market: Demand is pushing home prices higher. Demand is also pushing rental prices higher. Both contribute to the shortage of rentals. How so? Would-be home buyers are finding the rental market more attractive. They see home prices and decide renting is the better option “…until more homes are constructed.” “…until home prices drop.” “…until the COVID-19 pandemic disappears.”
There is a housing shortage, especially with rental properties. Demand is high, but supply is limited. Increase that supply with your real estate investment. Contact Rybak Realty to discuss your opportunity to invest in a property you can lease to our prevalent population of renters.