[New post] Jupiter home rentals are both rare and expensive
Tom Priester posted: " One of the biggest problems caused when million-dollar sales take over a real estate market, like they have in Jupiter, is where are the regular folks going to live. When median single family home prices hit $700,000, there is a large percentage of the p"
One of the biggest problems caused when million-dollar sales take over a real estate market, like they have in Jupiter, is where are the regular folks going to live. When median single family home prices hit $700,000, there is a large percentage of the population that simply cannot afford to purchase, or don't have the credit scores that allow them to borrow money.
So, they rent. Or at least try to.
These days, finding a home to rent in Jupiter is even harder than finding a home to buy. Far harder. At this moment, inventory levels of single-family homes for sale in Jupiter right now sits at 4 weeks. Historical, crazy, insane, mind-boggling low.
What do you think the inventory of unfurnished single-family homes available for an annual lease sits at? Right now, it sits at 5.9 days. Not weeks, not months, but days. If you think there is nothing to buy in Jupiter, the percentage of single-family rentals available is almost 80% lower. Lower than low. Basically non-existent.
The number of unfurnished, annual rentals in Jupiter have declined year after year now for 7 straight years. Back in 2014 the total number of properties, including single family homes, town homes and condos, rented in Jupiter through the real estate community was 940. Last year it had dropped to 582 or a decline of 38%. This year, through November 23rd, the number of properties rented compared to last year is down another 21%. If you think finding a home to buy is difficult, just thank your lucky stars you aren't looking to rent.
Rental prices, as you might imagine, are climbing as well. So far this year, the median rent on an unfurnished, annual single-family home in Jupiter has climbed in 11 of the past 12 years. So far, this year they have risen an additional 18% from last year's record highs. At this moment, the median rent for that single family home sits at $3,650. Last year it was $3,100.
In the townhome market, Jupiter rents are up even more; 19% above last year's median rents. If you are looking for a deal, look to condos where median rents in Jupiter are only up 9% this year.
Imagine not being able to afford purchasing a home. Imagine having less than stellar credit and competing in a market with less than 6 days of inventory, You aren't going to find a home. Not in Jupiter. If you are struggling, you have been priced out of the market. As long as the real estate market stays strong, landlords will keep raising rents and the working family will have nowhere to go but relocate. Incomes may be rising, but whatever that increase may be, certainly is not keeping up with the increase in housing costs. Remember this year, rents in Jupiter, depending on classification are up between 9% and 19%.
So, leaving Jupiter is the reality for many people these days. The problem is where will they go?
If you need assistance finding a home to rent anywhere in the Northern Palm Beaches, please feel free to contact Paradise Sharks Real Estate and we will do whatever we are able to assist. We are easy to reach tom@paradisesharks.com or 561.308.0175. We LOVE to help others!
WordPress.com
No comments:
Post a Comment