Rental Properties Continue To Move Full Speed Ahead
Posted on January 18, 2008 - Filed Under Business
Marion County has experienced a new phenom in its continuation of expansion. The area seems to be buzzing with new malls, expansion of CFCC, roads and housing!
The Ocala and surrounding area`s have experienced a “Hot Rental Market” that has been spurred,mainly from investors who originally believed they could “Flip Properties” only to find the majority of the market disappeared due to the Sub Prime Lenders fading!
Many potential home buyers over night became renters. Thereby creating a strong demand for Rental Properties especially Single Family Homes.
Most investors never anticipated this occurrence, some never thought of becoming landlords, but it`s happened.
New creative ideas such as “First Right of Refusals” or “Lease Options” have become very familiar terms to both Realtors and Investors alike as they`ve been added into leases, in hopes that these renters will eventually become future buyers.
The rental market for Single Family Homes seem to be in tremendous demand as more and more people relocate from other area`s of the country. I`m still surprised that the Media in their infinite wisdom hasn`t reported these cold hard facts! Yes, Marion County is exploding in spite of the housing woes that the media seems to report!
The average Rents in the area range between $900-$1200 per month for Single Family Homes
The landlords/investors are satisfied knowing their home isn`t vacant and income is able to be produced rather than the Investor shouldering the entire mortgage payment which is saving them from foreclosure. Many new jobs have been created as well.
Within the next year, the market should move forward, thereby creating another surge of new home buyers!
Many of these renters will probably remain in the homes they rented.
As Marion County continues to grow and all indications seem to confirm that, the County will grow and create new job opportunities for the next 10 years.
Scott Daniels
Florida list for less realty, inc.
954-275-0200
http://www.floridalistforlessrealty.com
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