If you’ve been following our column, you’ll know that we’ve been writing about housing inventory levels falling since April. After more research we learned about rentals affecting housing resale inventory supply.
According to a leading rental agent, rent prices have been down 35% in the last three months. He mentioned there are 176 single family homes in Cape Coral alone that came on the rental market. Because he has conversations with his clients, I asked him what is driving the rush to rent their homes.
Rentals Affecting Housing Resale Inventory Supply
The rental agent said many have tried to sell their home and could not, or just do not like the resale prices today, so they’ve decided to rent instead. This caused a rush of rental homes to enter the market, and some are still asking for 3 month ago rental prices.
Like the resale market, rentals are price sensitive. Whether you are renting or selling, …