There has never been a better time to rent long term. More people are interested in renting a home right now than in purchasing one, unsure of the unstable future. This pandemic has created a difficult job market and economy and has left an abundance of families looking for a long-term rental home. Because of this extreme demand, landlords are seeing full occupancy with higher rental incomes than before. Just as there are multiple contracts on a home for sale, there are also multiple applications competing for the same rental homes because inventory is low on both.
Although apartments and condos are renting quickly, a single-family home or multi-family dwelling are in big demand. People still love the idea of a private home, with a porch or lanai, or even their own pool. Many families are moving to our Central Florida area from other states, due to the pandemic or to escape the crisis in many major cities. Some prefer to rent a home and become familiar with the area before committing to a purchase. There are those who even need to rent a home fully furnished since they have sold all their own belongings to make the move.
For those who already have rental homes in the short-term rental market, it is worth considering the change to long term. Homes become more secure as they are permanently occupied; insurance costs can be reduced; business taxes are eliminated; utilities are paid by the tenants; monthly income is stable and consistent; pool and lawn care can be negotiated; many tenants make their own home improvements. Now is the time to purchase an investment home or convert from short-term to long!