Miami Renters are Becoming Miami Buyers
(reprinted from CBS News)
After years of price hikes, it appears South Florida’s rental market is entering a new era of decline. Due to a number of issues, including thousands of new rentals opening in Downtown Miami, the market is dropping. It means good deals for renters, tough times for landlords – and it’s a bizarre turn of events for Miami Beach. It appears Miami renters are becoming Miami buyers.
In 2012 the average rent was $2,225. Every year it has risen roughly a hundred dollars. But in late 2016, the rental market suddenly becoming flat.
Why so many rentals? During the recession, banks wouldn’t finance condos. Rentals on the other hand were a gold mine. Developers went where the financing was.
Remember all those people who were foreclosed on during the recession and became renters? The restriction for them to get another home loan, roughly 5 to 7 years, is ending.
With this rental market changing, it’s important for renters to consider using a realtor to haggle price. Typically you only see what landlords are asking for in rent. Realtors have access to data that shows what renters are actually paying. It can knock your rent down by as much as $6,000 a year!
Why Work with Mario Quintero
Interested in investing in your future and making a Miami home your permanent residence? Whether you want to switch from renting to buying for the first time, refinance your existing loan or even purchase an investment property, TODAY is your moment. Have a look at your options with the help of Mario Quintero of STC Loans. Mario has been in the reverse mortgage business since 2002. His experience is tested and true. Mario has helped thousands of clients secure and supplement their retirement through a reverse mortgage.
Mario Quintero, principal of Strock and Tanner Mortgage, gets your deal done. Let me be both your trusted Miami realtor and Miami mortgage broker.
Get in Touch with Mario
I’m Mario Quintero, your mortgage & realtor for life. Let me be your Miami home consultant. Our office specializes in both residential and commercial real estate and financing programs. Let me help you secure a conventional, jumbo, FHA and foreign national mortgage loans. Furthermore, we can help your elderly parents secure a comfortable retirement with a reverse mortgage.
Call me today at 305-598-1600 or contact me here.