South Florida Real Estate Agent Sees Signs of Loosening Rental Market
'We're seeing a lot of landlords, who have had their homes on Airbnb, reach out to us to market their homes for an annual rental,' Holly Meyer Lucas says
WEST PALM BEACH, Fla. — With the influx of people moving to South Florida and the Treasure Coast, real estate experts said don't expect to see much of a correction in the market. But there is a glimmer of hope in the rental market.
The building business is busy across the Sunshine State.
The steady stream of folks moving here is prompting the construction of new condos with cranes being a frequent site across the area.
the demand for affordable housing is off the charts.
"Right now it's ridiculous," according to real estate agent Holly Meyer Lucas. "If you make six figures, you don't have anywhere to even rent."
Meyer Lucas with Meyer Lucas Real Estate at Compass and others said that much of the construction going up is higher-end homes — pricing many Floridians out of the market. But she said there is some hope on the horizon.
"As we start going into [the tourist] season, 2023-2024 season, we're seeing a lot of landlords, who have had their homes on Airbnb, reach out to us to market their homes for an annual rental," Meyer Lucas said, "to try to find a tenant who is not an Airbnb-type tenant, so more of a local."
Meyer Lucas said that could mean a loosening in the rental market.
"As these landlords don't see those prices that they are used to seeing in 2020 and 2021, them moving inventory into the traditional rental space versus being on Airbnb, I think it's gonna stabilize a little bit," Meyer Lucas said.
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News Station: WPTV
