As with many areas in the United States, rental demand continues to climb in the Cocoa area. The latest data from the Federal Reserve suggests that now is a great time to be a property owner since during the last three months of 2015 property owners’ rental income amounted to around 4.3 percent of the U.S. national income. Meanwhile, key takeaways from the “Emerging Trends in Real Estate” report published by the Urban Land Institute and pwc has us looking forward to successful investments for properly managed rental assets.
What the analysts are saying
(You can download and read the full report here):
• Prospects for the multifamily rental sector still rank “well” for 2016.
• Due to the size of generation Y, demand for both rentals and ownership housing is poised to expand.
• Investment strategy for single-family home rentals is changing from the “flip” strategy to becoming operating businesses, as more people opt to rent by choice rather than necessity.
• Investment prospects for single-family homes rank “fair” for 2016
• Some older home renters are opting for luxury rentals.
• Domestic and global capital continues to flow into the U.S. real estate market.
• “The industry is trending toward more intensively active management…”
• Interest rates will continue to rise.
• “The Supreme Court has affirmed that local communities can take legal action to address disparities in housing, even if they are the unintentional result of actions rather than conscious discrimination.”
• According to reports by ApartmentList.com, rent in Florida is increasing at a higher rate than the national average.
• In Brevard County, population growth doubled in 2015.
• Millennial populations tend to rent for longer periods than did their parent and they add to the overall rental demand.
What if my rental is vacant?
Selecting the right tenant for your rental is a critical first step toward maintaining the value of your investment property. Qualified reliable tenants play a significant role in protecting against undue deterioration.
If your rental has been on the market for a significant amount of time, consider talking with All County Preferred Property Management about what changes can be made to decrease the amount of time it takes to find a qualified tenant. While every situation varies, there is a short list of frequently cited improvements that can often lead to more rental applications.
• Give it some curb appeal. Spruce up the yard or to trim the trees and bushes. A freshly power washed driveway can also make a big difference.
• Clean the carpets. A professionally steamed and shampooed carpet can make a rental feel like new again!
• Add some paint. A little bit of outdoor and interior paint can go a long way.
• Price it right! If your rental is drawing in the kinds of applicants that you are looking for, talk with your property manager to ensure that the asking monthly price is competitive and compares to other similar properties in your area and that are relatively the same age.
All County Preferred Property Management can help you get your property rent ready and help you take advantage of the Cocoa area rental market. Call now to learn more about our annual management services and how our professional property managers can make a big difference to your bottom line.
It is important to be aware of changes to real property law and contract law. Perhaps what is more valuable is to have a lease reviewed by a lawyer who specializes in landlord/tenant law. Our management professionals always make use of a carefully worded Cocoa Beach, Florida lease agreement that has been reviewed by an attorney.
Recently, major changes have been made to landlord/tenant law in places like California, Wisconsin and other parts of the country, which has social media all abuzz. In an effort to equalize the position of property owners and their tenants, landlord/tenant law is constantly evolving and landlord’s rights and landlord’s responsibilities in Cocoa Beach and elsewhere are constantly changing. For instance, prior to March of 2015 landlords in Wisconsin were obligated to make arrangements for storage of any personal property that belonged to an evicted tenant. To fulfill such an obligation, landlords in that area needed to notify the sheriff’s department, hire a bonded mover, and give notice to the evicted tenant. The revised law now allows a landlord to presume that property left behind and to deem it abandoned. There are exceptions to the rule, of course, and this is just one example of how estate law can and has evolved in places around the country.
The lessons that we can take from trending news topics like those out of Wisconsin make it clear that your property manager’s role goes way beyond simply filling unoccupied space. At All County Preferred Property Management, we can proudly say that our expertise in tenant placement, lease execution and lease enforcement will help to protect your property investments for years to come.
In order to keep in line with the ever changing rules, we regularly update the Cocoa Beach lease agreement. A well written lease allows All County Preferred Property Management to enforce lease requirements, and in the case of an escalated issue, a well written lease could mean the difference between winning or losing a court case. Our leases are well written and tenants’ responsibilities are clearly defined. Cocoa Beach property owners can entrust All County Preferred to safeguard your property investment and allow you peace of mind!
While mortgage rates remain low, some lenders still are making it tough for first-time homeowners to purchase an entry-level home. That’s forcing them to remain in rentals. It’s still a rental property-owner’s market. If recent statements from Federal Reserve chair Janet Yellen are any indication of what’s to come — she said it may be time soon to pull back on its “quantitative easing” policy — mortgage rates could tick up and put even more financial pressure on first-time homebuyers, keeping them in the rental market longer.
Brevard has seen a bump in occupancy in its 90 apartment complexes, rising to almost 95 percent, up from 88 percent six years ago, according to ALN Apartment Data Inc. As the supply of rental units has decreased, prices have gone up. And just as quickly, special deals and incentives to lure tenants have diminished.
Greg Craven, publisher of the monthly Melbourne-based “Apartment Community Guide & Locator Service,” said occupancy rates are probably the highest they have been in three years. He said rental properties still are benefiting from the mortgage foreclosure crisis in which people lost their homes and had to move. But there also is an influx of new people moving into Brevard who are renting before they decide to purchase.
You should start by unplugging the refrigerator. Next, pull out any shelves or drawers that can be removed, and give them a soapy bath in the kitchen sink. Before you put those fixtures back in, clean every surface inside the refrigerator with a mix of warm water and baking soda. (You’ll find different “recipes” online, but try two tablespoons for every gallon of water.) Remember to get into the nooks and crannies; ie. the shelf supports.
After you have cleaned, you’ll need to wipe everything down with a dry cloth and let the refrigerator air-dry.
The fridge still might smell funny even after it has been cleaned, so it’s a good idea to place an odor absorber in the appliance for a week or so. Everybody has their own favorite solution. Baking soda is probably the most popular, but others swear by charcoal briquettes, coffee grounds and wadded up newspaper. If you really want the fridge to smell great, you can wet a cotton ball with lemon juice or vanilla extract and leave it in the refrigerator for several days.
-As found in the Community Investor March/April 2015 publication-
Every time something new happens at Cape Canaveral on the Space Coast people speculate about jobs, housing and tourism. With a new crew access tower being built for NASA, what do you think this will mean for our county? More jobs opening up means more people being brought to the area. How do you think this will affect renting and home sales in the area? Below is the article from mynews13.com;
A milestone is taking place in the push to get astronauts back into space without reliance on the Russians. A brand new crew access tower project is in the works at Cape Canaveral Air Force Station that will allow NASA astronauts to get on board spacecraft headed to orbit.
Boeing and United Launch Alliance are partnering in the project at Space Launch Complex 41. The tower will reach 200 feet high and house an elevator and escape system in the event of an emergency.
The complex is one of the busiest on the Space Coast when it comes to launches, so construction will be spread out over time. Boeing’s CST-100 capsule will soon be certified by NASA’s Commercial Crew Program to fly crews to the International Space Station launching on an Atlas V rocket.
A groundbreaking on the tower takes place Friday.