If you are thinking about investing in the Key West rental market, this is a great time to do it. There are not a lot of long term rental properties available right now, which is great for owners because there is a large pool of tenants looking for homes. The market needs people who want to rent their properties out for the long term.
This trend is due to the number of foreclosures the market is still recovering from. There are a lot of former homeowners who have lost a home and are now looking to rent. It gives us a market that has more tenants than buyers. It’s also an aggressive time for pricing. You can get a lot more for your rent now because the market is based on supply and demand. There is a huge demand for long term rentals, so you can afford to be a bit more aggressive with the amount you charge in rent every month. If you are considering a purchase, look for a good property in a non-transient and residential area. You’ll be able to rent it year-round, and you’ll have a great pool of tenants to choose from. It’s a good way to maximize your income when you have a long term rental.
The huge demand for long term rental properties is creating a need for more supply. People are more interested in renting right now because it’s more affordable than buying. They would rather choose a modest rent over a huge mortgage payment.
There are also a lot of people coming back to Key West, making this a good time to put a rental property onto the market. A large part of the population tends to move out for the summer, but in September and October they will be returning, and they’ll be looking for high quality rental homes.
In today’s Key West rental market, it’s in a property owner’s best interest to rent out a property long term. As we move through 2014, this will continue to be true. If you’d like to talk more about what to expect from the market now and going forward, please contact us at Key West Residential Property Management.