Tough Market for Buyers, Great Market for Renters


Palm Beach Gardens, FL -- (SBWIRE) -- 08/14/2013 -- With real estate home values on the rise, and foreign investors snatching up most, if not all, of the really good deals, today's real estate market can be tricky for buyers, but great for renters.

Recent market conditions show that single family homes sold in South Florida demonstrated a 14% increase in sales price over the previous year. With 4,369 homes sold in Palm Beach County this year already, 2013 sales represent a 13% increase over homes sold in 2012. Broward County has demonstrated a staggering 21% increase in median price, and an 11% increase in total homes sold for the year. So what does this all mean? Well for starters, it is certainly a seller's market. Sellers are making top dollar for their investments. What you might not realize, now is also a great time to rent.

Why is now a great time to rent you ask? Most real estate insiders will tell you that although many people are eager to purchase a home, the majority are not ready to do so for a number of reasons. A large percentage of people are still in the process of rebuilding their credit. With poor to fair credit, it is very tough to get any type of loan, let alone a home loan. Secondly, today's career statistics show that people are changing jobs more often than ever before. An unstable career path certainly spells doom and gloom for aspiring homeowners. This is why renting proposes such a great alternative.

Although rental rates in South Florida are slowly rising due to the high flux in demand, there are still many deals to be had. Keep in mind that some apartments and condos come with cable and water bills included in the monthly rent. In addition to this, as a tenant at an apartment or condominium, you are not responsible for any appliances that break or malfunction, nor are you responsible for any of the property upkeep such as landscaping, grounds cleaning, or exterior painting. According to Mark Palidino, real estate agent with KangaRealty in Palm Beach Gardens, “...some apartments are offering the first month free for people in a hurry to move.”

The most intriguing aspect of renting, is the typically the small amount of money it takes to secure a lease. When purchasing a home, a large downpayment of cash needs to be made. When renting, landlords often times only ask for first month's rent, and a security deposit. Some as for last month's rent to ensure you will not terminate your lease early.

Today's rental market is full of great deals and choices, ranging from single-family homes, to condos and apartments. For buyer's, options are limited due to low inventory. Keep this in mind, and use the information above to help you decide what is best for your situation. If you need assistance finding a rental, be sure to visit http://www.kangarealty.com or call 561-600-1902. KangaRealty is a free service for renters in Palm Beach County and Broward.

Media Contact

4406 Northlake Blvd
Palm Beach Gardens, FL, 33410
Phone: (561) 600-1902
Aaron Oder – Director of Marketing