As the real estate market is cooling off the residential rental market is heating up. Recent condo conversions and high real estate prices have contributed to a strong rental market in Naples and Marco Island.
Marco Island, FL (PRWEB) October 7, 2006 -- Trend-setting levels of job growth, employment rates and population gains—matched by a fast pace of condo conversions—have resulted in strong rental growth in Florida's multifamily market. Few scheduled deliveries for the rest of 2006 are expected to heighten these conditions across the state.
The condo conversion craze significantly diminished apartment supply and greatly contributed to the stellar apartment performance now being experienced. As the amount of new rental units continue to decrease, strong rent growth at existing properties will persist.
Strong employment, affluent residents, escalating home prices and high property values make multifamily investment in Naples extremely attractive. Current demand for area condos is extraordinary. Between 1990 and 2006, Collier County's population as a whole increased substantially.
Rents across all unit types and ages average $1,335. The sub-market has shown an amazing 13.5 percent rent increase between March 2005 and March 2006. Local residents pay rental rates 25 percent above the regional norm.
Investors should continue to see strong performance from Florida properties. The positive economic outlook will continue to attract new residents—and affordable housing will be at a premium.
Many rental property owners are having to choose between for rent by owner and using a rental agency. Owners looking to avoid the pitfalls of being a land lord should consider using a rental agency. Like real estate agents, rental agents offer a variety of expertise like market valuation, creating lease contracts and advertising the rental. They also can be relied upon to keep an eye on the property for absentee owners.
— Contact Land & Sea Vacation Rentals LLC for expert advice and assistance with rental properties. Land & Sea Vacation Rentals provides rental services to owners and investors in Naples and Marco Island, FL.
Contact Information:
Renee Macdonald
Land & Sea Vacation Rentals LLC
Office: 239-389-0022
Search for Marco Island Vacation Rentals at www.LandandSeaRentals.com
Mel Slawik & Gregg Hanifin
Land & Sea Realty Inc.
Office: 239-389-5263 Toll Free: 1-888-575-9252
Search for Marco Island Real Estate at www.landandseadirect.com
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