Across the country, low inventory and increasing home prices are causing rentals to be more indemand. The Pensacola Real Estate market, is definitely a Seller and a Landlord's market as of 2018. The supply of quality homes for rent is currently exceeded by the demand.
In a recent study done by attomdata.com, we see that Escambia County is 57 out of 449 best counties to invest in single family rental properties in 2018, according to the analytics. Pensacola ranked the highest among all Northwest Florida Counties. The data reports less than a 5% investment property vacancy rate and an 11.8% 2018 Annual Gross Rental Yield.
Neighboring Santa Rosa County was ranked 299 out of 449 and Okaloosa County was ranked 219 out of 449.
Demand for Single Family Rentals
One of the major things shown by this report, is that there is a demand for Pensacola rental property. People simply want to live is this beautiful area! From our trendy downtown areas to our upscale beachfront communities, there is something here for every person and every budget. Pensacola is still ranked as one of the most affordable markets in Pensacola.
So what are some contributing factors to Pensacola’s booming rental market? One of the most influential factors, is the military presence in the area. The next factor would be the large growth in the north side of the county due to new jobs being created at the Navy Federal Credit Union. Additionally, we have two colleges including University of West Florida and Pensacola State College which feed the rental market. Finally, there are the renters who simply appreciate the fact that when something goes wrong, they have property management to turn to.
Investing in Pensacola Real Estate
The article points out that the people benefiting the most from the current economic condition of rental real estate, are the owners who have invested in 6 homes. With the demand for rentals on the rise, rents are increasing in the area. We are seeing low supply and high demand so we must admit that it's tough right now to purchase an income producing property. You need a good realtor to help you find, identify, and act fast on good income producing properties.
As we are fellow real estate investors ourselves, we want to help you build income producing real estate investments. We are here to come beside new and experienced investors to streamline the process. Our sales team and property management team work together to identify viable properties to purchase and our sales team of qualified Realtors are prepared to walk you through the investment process with honest, reliable advice.
When you are ready to rent it out, our property management team is ready and willing to assist. So if you are considering investing in the Pensacola area or in Escambia County, give our agents a call!
Click Here for the original article and more data on real estate markets around the state and country.
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- What does Florida Landlord Tenant Law say about owners visiting their properties while the home is tenant occupied?
As a local landlord with or without a professional property manager, you may be required to visit your rental property regularly for inspections, maintenance, and showings. You may also just be in the area and inclined to drive by and check up on your tenants. Before you do that, make sure you know and understand your state’s landlord tenant laws.
For those Florida landlords who live close by their rental properties, here are the 2016 Florida Landlord and Tenant Statutes to consider.
“83.53 Landlord’s access to dwelling unit.—
(1) The tenant shall not unreasonably withhold consent to the landlord to enter the dwelling unit from time to time in order to inspect the premises; make necessary or agreed repairs, decorations, alterations, or improvements; supply agreed services; or exhibit the dwelling unit to prospective or actual purchasers, mortgagees, tenants, workers, or contractors.
(2) The landlord may enter the dwelling unit at any time for the protection or preservation of the premises. The landlord may enter the dwelling unit upon reasonable notice to the tenant and at a reasonable time for the purpose of repair of the premises. “Reasonable notice” for the purpose of repair is notice given at least 12 hours prior to the entry, and reasonable time for the purpose of repair shall be between the hours of 7:30 a.m. and 8:00 p.m. The landlord may enter the dwelling unit when necessary for the further purposes set forth in subsection (1) under any of the following circumstances:
(a) With the consent of the tenant;
(b) In case of emergency;
(c) When the tenant unreasonably withholds consent; or
(d) If the tenant is absent from the premises for a period of time equal to one-half the time for periodic rental payments. If the rent is current and the tenant notifies the landlord of an intended absence, then the landlord may enter only with the consent of the tenant or for the protection or preservation of the premises.
(3) The landlord shall not abuse the right of access nor use it to harass the tenant.”
- Landlord's Access to the Property
The law protects both landlord and tenant and provides the landlord access to the property without violating the privacy of the tenant.
The law allows you to inspect, make repairs, and show the property “from time to time” with reasonable 12 hour advanced notice during reasonable hours even if the tenant refuses to consent. As a landlord, you can give prior reasonable notice and visit your home to routinely inspect how it’s being cared for.
- How should you notify your tenants?
Call your tenant ahead of time to notify them.
If your tenant does not answer, consent, or acknowledge receipt of your message, you should post a notice to the door outlining the time and reason for the visit.
The law does not allow the tenant to refuse entry under normal circumstances as long as reasonable notice is provided. While twelve hour notice is required under the law, best practice is to provide at least next day notice for showings, inspections, etc. If the tenant consents to earlier notice, the landlord is allowed entry under the law.
- In Case of Emergencies
The law does protect you in case of an actual emergency.
Say you own a condo and the HOA calls to yell you water is leaking from your unit. You have tried to contact your tenant and they are not responding but you have left a message. You can legally enter the property (after knocking) with a key to turn the water off. You do not have to wait for the tenant's authorization or post reasonable notice on the premises. Make sure to examine the situation and ensure it is an actual emergency prior to entering! It is always better to get the tenant's authorization prior to entering the property.
If you cannot reach your tenant and are worried about their health or safety, best practice is to call the police for a welfare check on the property. You cannot enter without adequate notice or the tenant's approval.
- Outdoors and Backyards
Keep in mind, you may be held in violation of the law if you are accessing the backyard or any outbuildings, especially if it’s a fenced backyard and/or locked, without prior notification and consent.
Exterior pool or lawn maintenance should be planned in advance or scheduled on a routine basis. Under the law, you cannot show up in the backyard without some sort of advanced notice.
There is a fine line between being proactive with your tenants and offending them and breaking the law! Confronting your tenant with anger or other elevated emotions will only worsen your situation. It’s best to keep cool if you see something you don’t like about your rental property or tenants behavior. You must keep in mind that the tenant is paying rent and you have granted possession under the law to the tenant.
- If you have an issue with your tenant, address it properly.
Provide advanced notice for inspection to the tenant to inspect the situation further. Document your issues properly with photos and a dated written report.
Discuss your issues with your tenant and give them an opportunity to cure the issues. If they don’t, you can provide them with a 7 day notice under the law to cure any lease violations.
Be sure to follow procedures under the law to ensure safety for both your tenant, your property, and yourself.
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