Herald Tribune article on rental prices for the area (Sarasota: real estate market, foreclosure)

[Dreamy46]

"I have been hearing, over and over, that for the over-$100,000 market a vast majority of these investors are all-cash buyers. Because these folks do not have a mortgage, they can decide whether to risk it without the insurance required by a lender and they can make money on rents that rarely top $1,400 per month these days -- even on a three-bedroom, two-bath -- because of all the competition on the market."

"Lowered rents and concessions are being made by professional landlords, most often someone with multiple properties in Sarasota and Manatee counties, all in the "workforce" range of monthly rents from $500 to $800."

"It is typical that a $900 monthly rent a few years ago is $500 today, Phillips said."

Landlords finding that rules of renting have changed | HeraldTribune.com | Sarasota Florida | Southwest Florida's Information Leader

[Ladywithafan]

I really didn't understand the landlord connection . You can check out craigslist & get an idea of the rental market in the part of town which you may be considering...My landlord wasn't about to lower my rent....(Palm Ave.).

[Dreamy46]

Originally Posted by Ladywithafan

I really didn't understand the landlord connection . You can check out craigslist & get an idea of the rental market in the part of town which you may be considering...My landlord wasn't about to lower my rent....(Palm Ave.).

I thought the part about investors that paid cash, but that don't have insurance on the homes in order to make cash-flow numbers work was interesting. In fact, it could be real interesting once the next major hurricane strikes and causes damage to those units. Sounds like another tenant disaster in the making.

Landlord: "Sorry, I didn't have insurance, and I have no cash to make the repairs on the place."

Meanwhile, they've got a lease with your name on it and an agreement to pay...

"Because these folks do not have a mortgage, they can decide whether to risk it without the insurance required by a lender"

[Ladywithafan]

Originally Posted by Dreamy46

I thought the part about investors that paid cash, but that don't have insurance on the homes in order to make cash-flow numbers work was interesting. In fact, it could be real interesting once the next major hurricane strikes and causes damage to those units. Sounds like another tenant disaster in the making.

Landlord: "Sorry, I didn't have insurance, and I have no cash to make the repairs on the place."

Meanwhile, they've got a lease with your name on it and an agreement to pay...

Gotcha!

[po14015]

"Meanwhile, they've got a lease with your name on it and an agreement to pay..."

Agree about the future problem. An inconvience for the tenant, but a huge loss for the landlord. And if the damage was bad enough, I would say that is a breach of contract.

And YES!!!! Rents are falling fast, IF you can find a tenant with a job that can pay for the whole lease. Some landlords don't get it yet, just like people still think the real estate market will come back. And some landlords can't drop rent because they have loans. But that isn't the tenant's problem. In Manatee County, you can rent a house on a canal for $1500 and on the island off water $700-$1200 for an average 2 or 3 bedroom.

I know a lot of landlords that are losing sleep. They drop rent to help the suddenly unemployed, but the people fall behind again in a few months. People are fleeing Florida because there are no jobs. And it will be worse this year.

[Dreamy46]

Originally Posted by po14015

"Meanwhile, they've got a lease with your name on it and an agreement to pay..."

Agree about the future problem. An inconvience for the tenant, but a huge loss for the landlord. And if the damage was bad enough, I would say that is a breach of contract.

And YES!!!! Rents are falling fast, IF you can find a tenant with a job that can pay for the whole lease. Some landlords don't get it yet, just like people still think the real estate market will come back. And some landlords can't drop rent because they have loans. But that isn't the tenant's problem. In Manatee County, you can rent a house on a canal for $1500 and on the island off water $700-$1200 for an average 2 or 3 bedroom.

I know a lot of landlords that are losing sleep. They drop rent to help the suddenly unemployed, but the people fall behind again in a few months. People are fleeing Florida because there are no jobs. And it will be worse this year.

Yes, but "breach of contract" is something that you go to court to achieve, not something you declare yourself. That takes how long? You're suing by representing yourself? Paying a lawyer?

And, those pesky hurricanes in the past, it took how long to get a repair contractor (for people that had money and insurance) to put plywood and shingles back on the roof because everyone needed them?

It's quite a dilemma going on. You've got landlords with $300k mortgages on houses now worth $125k, that are renting the places out while in foreclosure until the bank takes them back. And, you've got landlords that bought the houses from the banks for $100k in cash that aren't carrying any insurance to make their profit numbers work.

Decisions, decisions...

[Ladywithafan]

Well, from the slap on the wrists that my mom's former tennants received (eviction did go smoothly, however), I don't see any major repercussions for tennants not paying up a lease.

[Dreamy46]

Originally Posted by Ladywithafan

Well, from the slap on the wrists that my mom's former tennants received (eviction did go smoothly, however), I don't see any major repercussions for tennants not paying up a lease.

Fair enough, but what's the punishment for a landlord that collects your rent for XX number of months while never making a mortgage payment, and the place gets foreclosed while you're living there?

Or a landlord that knowingly rents you a Chinese drywall home and never says a word about it?

Seen any of these get their wrist slapped?

[Ladywithafan]

Originally Posted by Dreamy46

Fair enough, but what's the punishment for a landlord that collects your rent for XX number of months while never making a mortgage payment, and the place gets foreclosed while you're living there?

Or a landlord that knowingly rents you a Chinese drywall home and never says a word about it?

Seen any of these get their wrist slapped?

Exactly why its so important to know what's going on where you rent. I don't know if they have any laws governing renting a foreclosure. If you're in a house built 2003 to 2008, there's a very good chance there is chinese drywall. Not seen anything more than contractors going under & not wanting to deal with it.