Increased rental demand in Central Florida means the time to act is now!
The Central Florida rental market is booming. As the owner of a multifamily property, are you doing all you can to take advantage? Increased demand and restricted supply in the region has left developers struggling to keep up, with the number of new supply steadily increasing.
With the incredibly high rental demand in Central Florida right now, multifamily owners are firmly in the driving seat.
Increasing the income of your property is one of the most important things you can do. This is a key way to force appreciation and to increase the value of your property, as well as putting extra cash flow in your pocket and boosting your return.
The only time you can do this is during a strong rental market, when there is strong rental demand for your property. It’s incredibly important that you take advantage of these conditions, and make sure you’re driving the rent rate as high as possible during this period.
Continually pushing the rent rates is key to taking advantage of the strong rental market. When you have high occupancy, immediately begin raising the rents. Start bumping the rates on existing tenants when they come up for renewal, and when units become available.
Remember, you only have a limited time to take advantage. At any other time, you won’t be able to increase the rents because the market won’t support it: when rental demand is low, your tenants can move elsewhere as there will be many other options available to them. When the rental market is soft, you can always drop the rents to keep your tenants in place.
Our advice to multifamily owners in Central Florida: drive your rents to the full market level, whether it’s renewals or new leases coming in, while there is strong rental demand in the market and occupancy across the entire market is high.
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