You don’t have to look too far online or on television to see the damage and destruction caused by Hurricane Ian in Southwest Florida. Although the state and local municipalities have done a remarkable job of building back, there are many homes that must be rebuilt completely. A good amount of these destroyed homes are occupied by seasonal renters during the winter season. Given the level of destruction, many of of these seasonal renters no longer have a home or condo to return to for the upcoming season.
Higher demand = higher prices
Not surprisingly, we are already seeing many of these seasonal renters that have been displaced from their units in Southwest Florida begin to search for properties in Southeast Florida. Although rental price hikes have been slowing in the recent months, it appears that the impacts from Hurricane Ian will likely drive seasonal prices even higher now. In some cases, we area already seeing some luxury condo rents going from $3,000 per month to nearly $5,000 per month. In some cases, landlords are even requiring longer leases of 6 months as opposed to 3 or 4 months.
As always, if you are a seasonal renter looking in the Southeast Florida market, it is highly advisable to begin your search well in advance. In fact, many seasonal tenants find and reserve units to rent a year or more in advance. Inevitably, if you wait for the last minute you will likely not find what you are looking for. Do you have a property that you would like to rent out seasonally? Or are you looking to rent a seasonal property? We can help! Contact Natasha at Live South Florida Realty, Inc. today! You will also want to download our free Florida Home Search app to assist you with your search.