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.
The Realty Masters of FL Team
#1 in Pensacola Property Management and Leasing!
Rental Office 4400 Bayou Blvd. #58B, Pensacola, FL 32503 (850) 473-3983 www.PensacolaRealtyMasters.com
Sales Office 4400 Bayou Blvd. #52B, Pensacola, FL 32503 (850) 453-9220 www.RealtyMastersofFlorida.com
If you are house hunting this spring or summer in the Pensacola area, you will find that the active rental inventory is tight! We're seeing record lows in the single family rental market in the Pensacola area.
Here's the current situation with the Pensacola area housing market.
There are simply not enough properties for rent at this time to meet the current demand of renters looking to move. To help you ease the stress and frustration of house hunting this season, we've put together a video with helpful house hunting tips.
Here are some of the highlights from the video:
- Do your research. It's up to you to do the research on the neighborhoods and areas. Do a neighborhood search (Escambia County Crime Map: http://www.escambiaso.com/crime-map/ )
- Be prepared! Review the requirements for renting and have all of your documents necessary ready to apply. Have a double security deposit ready if you do not meet the rental criteria.
- Consider purchasing a home.
- Check into the multi-family apartment complex community for availability.
- Have vet records, photos, and extra pet deposits for your pets.
- Don't just apply to apply! This lowers your credit score and is costly. Be intentional and serious before you apply.
- If you are relocating, do not expect to be able to pull a U-haul into town and move in a property the same weekend. If you have someone who can view properties on your behalf, have them coordinate viewings and sign a lease.
- Be available for showings! You may have to take some time off work in order to be successful in house hunting this season.
- Have a back up plan in case you don't find a property!
- Adjust your expectations for the criteria you need, not the criteria you want. It is not the time to find a dream house!
- Housing affordability is an issue and will continue to be as the economy and real estate market improves. Rents will continue to increase. Plan for this!
- Be happy where you are. Do not be upset by a small rental increase or an unresolved maintenance item that is not important.
- Show up at real estate offices! The call and email volume is overwhelming for us now. Make time to pop by the office and talk with someone in person for best results.
- Act fast when you find a nice property. Be ready to pay a deposit and sign a lease when you apply.
Reach out to our office and let us know how we can be of assistance whether you are looking to buy or rent a home in 2018.
Realty Masters of Florida Rental Office (850) 473-3983 http://www.PensacolaRealtyMasters.com
Realty Masters of Florida Sales and Relocation (850) 453-9220 http://www.RealtyMastersofFlorida.com
We are facing a shortage of inventory in both the Pensacola real estate sales market and Pensacola area rental market. Low inventory and high demand are causing strain on the Pensacola real estate market and we are seeing the effects on both home buyers and home renters in the Pensacola area.
Here's a quick 2018 Spring Real Estate Market update from Nicole St. Aubin, Broker Associate at Realty Masters.
Want to see the data? I can't explain it as well as Dr. Rick Harper can! Use the links below to view the actual reports and presentations referred to in the video.
- Use this link to view the Escambia County Economic Outlook and Update sponsored by the Home Builders Association of West Florida in partnership with the Pensacola association of Realtors and Greater Pensacola Chamber of Commerce.
- Use this link to view the Santa Rosa County Housing and Economic Report produced by The Homebuilders Association of West Florida along with the Pensacola association of Realtors and Greater Pensacola Chamber of Commerce.
If you are house hunting in the Pensacola area, reach out to our agents for help!
Rental Office (850) 473-3983 www.PensacolaRealtyMasters.com 4400 Bayou Blvd 58B, Pensacola, FL 32503 Sales Office (850) 453-9220 www.RealtyMastersofFlorida.com 4400 Bayou Blvd 52B, Pensacola, FL 32503
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