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The Rental Market

August 6, 2006

In Sarasota County the average occupancy of apartment complexes decreased from 98 percent last year to 90 this year while during the same time the average rents have increased to $989 per month from $825 per month last year. The nearly 2o% increase in rent rates may reflect an increasing number of investors in the market looking to cover their increasing cost in carrying their properties. In the past few years there have been a trend in which we have seen many apartments converted into condominiums which contributed to a shortage of rental properties. We are now seeing a market increase in condominium units for sale. As these investors are finding that flipping these investment properties is more difficult than expected they are returning these properties to the rental market an increasing their rents to match cover the cost of debt service, insurance and taxes. Right now there is a 6 month supply of annual rentals in the condominium market. If you are interested in renting your investment property give me a call at 941-650-4626 or email me at perrycorneau@remax.net. If you are interestedin an annual rental visit www.sarasotarentalproperties.com.

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