[Mom2KK]

Hi all, my buyer backed out of the deal for funding issues 2 weeks before the closing. Im looking into renting my house now. I know its a buyers market but how are homes renting? I dont see a lot for rent, not sure if its a good thing or bad. Im meeting with realtor to discuss tomorrow. I live in Volusia Cty near New Smyrna. House was priced at 224K not sure what to ask for rent.
Thanks.

[BigJimSlade]

Hi Mom!

I can speak for a couple places close by. In Orlando, the market is completely flooded. Farther South in Delray, it is also flooded with rentals. I think for the next couple of years, the way to win with renting is to rent without the thoughts of making profit. Just enough to break even with taxes and repairs. If the house is in a prime spot, say on the beach or somewhere else quite desireable, you could get lucky. Right now, there are so many rentals on the market in Florida from people who have signs that say "buy or rent", it could be quite difficult. However, if you are not greedy, I am sure you could land someone, because it will cost non-homeowners an arm and a leg to buy a house right now.

[Mom2KK]

Thank you, Im actually asking a little lower than my mortgage as to not be greedy and to have the peace of mind that there will be some income coming in. Im really hoping the marketing will turn around in 6 or 7 months and give it another shot. I have never seen anything like this before, so many houses for sale. I offered to pay the monthly security change, and take care of landscaping. (I have a kid that mows for cheap) Lets hope.
Thanks!

[Prichard]

As far as most of Central Florida goes, you won't find ANYONE who purchased a house within the last couple of years being able to cover their mortgage payments from renters. Yes, the renter definitely has the advantage in this market. In fact, you can find great deals on house rentals, that you really have to question whether it makes sense to buy.

In the case of condominiums (excluding good beachfront condos), I believe that Investors are lucky to cover 1/2 their mortgage, maybe less if the condo fees are fairly high.

On the otherhand, there is a shortage of appartments in Central Florida, and not many appartment projects likely to get approved. Whatever appartment land was out there has already been built, and many were converted to condos. Cities and Counties will not down zone commercial land for appartments, because they can get higher tax revenues out of commercial land and appartments put tremendous strain on the already strained school systems.

So, you have a glut of rental condos and houses, and a shortage of appartments. This is a very interesting market situation. A good property management company could make a killing!