Renters Will Soon Have To Dig Deeper Into Their Pockets

South Florida’s rental apartment market is expected to strengthen during the next two years as the foreclosure debacle pushes more homeowners into rentals.

“If I were a renter, I’d try going for the longest lease possible,”

said Ron Johnsey, president of Axiometrics Inc., a Dallas-based company that provides data on multi-family housing.

“Pricing power is coming back to the landlords.”

Another Texas firm, MPF Research, offered a similar forecast earlier this year.

Axiometrics said Broward’s rent growth slowed to 3.75 percent in April from 4.5 percent in December, while Palm Beach County’s growth fell to 3.04 percent from 5.77 percent over the same period. Still, those slowdowns aren’t expected to last, with growth likely to move closer to 6 percent in both counties in the near future, Johnsey said.

While foreclosed homeowners are now renting, other residents are simply reluctant to buy or unable to qualify for mortgages. A lack of new apartment construction also is major factor in the tightening rental market.

Sun Sentinel

Tags: Rental Market Miami, Renters

About Rachelle Hirt

Rachelle Hirt is a licensed Real Estate professional with GZI Real Estate Sales And Marketing in Bal Harbour, Florida. Rachelle specializes in the Beaches, Downtown Miami, Midtown and Brickell. Mrs. Hirt has created a niche as a "Developer Close-Out" specialist which allows her to pass along substanstial saving to her clients. Rachelle prides herself in providing a concierge service to all of her clients making the process as easy as possible from start to finish. Rachelle has lived in Miami since 2003 and is excited about the changes she has seen in the city. "There is no place like Miami, the tropical climate, the diverse culture, the beautiful colors and of course the energetic nightlife, to me it's easy to understand why this city is always in the spotlight."

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