Rental Vacancy Rates Trend Lower; Expected to Continue
Here’s news from Rismedia: Rental vacancy rates are at their lowest since 2003 and still falling, which will drive up rents even faster than the 2-3 percent average annual increase predicted earlier this year. Moreover, with demand outpacing supply, the rent-to-buy equation is turning increasingly favorable in markets across the nation.
The Census Bureau reported that vacancies for rental housing were only 9.2 percent, 1.4 points lower than a year ago and .5 percent below the first quarter. We haven’t seen a 9.2 percent vacancy rate since 2003!
What’s the takeaway from this? BUY RENTAL PROPERTY if you can! Interest rates are still historically low and prices are extremely attractive. However, in Central Florida they are beginning to trend upward ever so slightly. I have some properties that you can get into for as little as 3.5% down plus they’re offering closing assistance! Buy yourself a great property and rent your current one until selling makes sense.
Contact me and we’ll strategize how you can take advantage of this market and build long term asset growth.
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