Did You Know Rent Is Going Up

Dated: 07/13/2018

Views: 92

RENT INCREASE WATCH Image result for rent increase

So you have been paying your rent and things seem fine. Its time to renew your lease and guess what, your rent is rising.  You're not the only one this is happening to. According to FloridaRealtors.org  - ORLANDO, Fla. – July 10, 2018 – A RentCafe study that looked at average rents in many Fla. cities found that Hollywood (up 9.6 percent) and Orlando (up 8.4 percent) had the greatest year-to-year increases. Out of 19 Fla. cities included in the study, only Davie saw a year-to-year decrease (down 0.3 percent).

Rent Cafe listed the following data for our markets major cities.  

Tampa $1,278 $1,203 6.2% $75
Los Angeles $2,368 $2,277 4.0% $91
Orlando $1,387 $1,280 8.4% $107

Those are some crazy numbers and with inventory down and the unemployment low that means this will likely be a long term trend.  I have some good news for you and a bright side. When considering home ownership the cost of owning can actually decrease.  

Here are some things buyers can do when looking at the whole picture. Image result for pmi removal

Once you have been in your home and made some upgrades and established a little history. Shop your homeowners policy. The current national average is $3.50 per thousand for the value of your home minus the land. While this will vary for FL as we are a storm state its a good idea to shop around and see what you can find.    

Of course many buyers use small down payments and carry PMI or mortgage insurance which is paid each month via your escrows. Once mortgage balance is less than 80% of the value of your home this can be removed. There are many different ways to go about removing that payment from your monthly debt but it is a reduction to your housing expense you know will be coming. In this market its likely coming sooner than you imagine. 

There you have it some food for thought. 7 reasons you should buy a home now

So hit the ground running with this up to date info in hand! Stop by and like my Facebook page for ongoing info as well @smithrealtytampabay

Happy House Hunting!

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