I found this article that was talking about single-family rental demand is through the roof. A lot of people would prefer to have a single-family home as opposed to having a rental in a rental complex.
As you drive around town, you can’t help, but notice the number of rental complexes that are going up. I mean, it seems like everywhere you look, you see those elevator stacks that are going in. And then before, you know, it, it has people living there
I was working with someone last week. And the thing that she said to me was, “Well, you know, I’m not sure I want to make a decision on purchasing a home this quickly. When I see it, I don’t know that I’ll be ready to pull the trigger.”
However, I told her that, in this market, you really don’t have a whole lot of time to see, what’s going on. We have looked at about five houses and there were two of them that were ones that she absolutely loved and would be perfect for what she was looking for. And both of them had offers within 24 hours. If you want to do something in this market, you have to be able to pull the trigger quickly, and it is even more quickly when it comes to rentals, especially on the single family homes. There is so much competition, that there are some built for rent communities that are coming on board. Now I’ve
been searching for these in central Florida. And I haven’t seen them yet. I’ve heard that they’re somewhere out there.
In the last five years, the number of homes built exclusively for rent, has increased 30%. Now I do know that there are people who have built homes and then they put them on the market for rent immediately. And I have seen a lot of that happening, people are coming in town and they’re like thinking, you know, they need a rental and they see this house and it’s never been lived in, it’s a brand new house. And they’re thrilled to actually get to rent that house. There are those, out there, but you have to be fast. When they come on the market, they’re getting four or five, six applications immediately. They’re not sitting there long. Basically, when you get ready to rent, buy, whatever it is that you want to do, you have to be ready to make the decision immediately in this market.