This is the right moment for tenants to either talk to your landlord about a Leasing with an option to buy, to lock the monthly rent for a longer period, or to buy with a fixed interest rate. Most likely the FED will raise interest rates if Gross Domestic Product (GDP) keeps the current trend, 1.3% GDP increase for 2016, 2.5% GDP increase of 2017, the fastest pace since 2014. In a more practical note, as a seasoned residential property manager, in the last 24 months, I have witnessed increases in rental prices of at least 20% annually. If there is a property in a fair location in the Central Florida market there is always a prospect tenant willing to pay asking price for it. The lack of inventories and the lack of agents willing to go and show rentals for a small fee while the big Zillow or Trulia are showing tons of rentals as still available are all part of the reasons for the increased feeling of scarcity. This perception of scarcity, combined with the GDP trend suggest a continued housing cost increase for tenants in the next 24 months at least, as leases are typically negotiated in advance for 12 months.

 

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