For Rent

Rental Market Settling in Most Florida Cities

Rents across the state are trending down. South Florida rents are among the highest in the state. Researchers said the days of rapidly rising rents are probably over.

BOCA RATON – Just a year ago, nearly all the measured Florida metros were at double-digit premiums, but now renters in Florida could see cheaper rents as most of the measured cities are showing signs of rents trading either at a discount compared to long-term pricing trends or premiums of less than 1%, according to researchers at Florida Atlantic University and two other schools.

Rents in Palm Bay and Jacksonville are below their long-term pricing trends, end of April data from the Waller, Weeks and Johnson Rental Index shows. In Palm Bay, rents are at a -.39% discount with the typical unit in the area renting for $1,979.10. For Jacksonville, rents are at a -.15% discount with the average unit renting for $1,743.66.

“While these measures are small, they are a positive sign of where the rental market could be heading in the future,” said Ken H. Johnson, Ph.D., real estate economist with FAU’s College of Business. “These Florida cities are renting at a discount compared to their historical averages and others appear to be heading in that direction, suggesting that rental markets around the state are stabilizing.”

The Waller, Weeks and Johnson Rental Index, a part of FAU’s Real Estate Initiative, examines where the average rent is in the 100 most populated metropolitan areas in the United States and compares it to where rents should be based on statistical modeling of historical rental prices. Johnson, along with fellow researchers, Shelton Weeks, Ph.D., of Florida Gulf Coast University, and Bennie Waller, Ph.D., of the University of Alabama, also measure average yearly increases, monthly increases, and how much money the typical household needs to make to avoid paying more than 30% of their income toward rent.

Premiums in other measured Florida cities are edging back toward historical norms. Rents are at a .34% premium in Deltona; .35% premium in Orlando; .48% premium in Cape Coral; .66% premium in Lakeland; .79% premium in North Port; and 1.01% premium in Tampa.

“South Florida, however, remains a problem child in the state in terms of rent growth,” Weeks said. “Premiums in the Miami metro area are the highest among measured metros in the state at 4.19%.”

All three researchers agree that the days of rapidly rising rents are probably over.  However, the new higher rents will cause affordability issues for quite some time to come as incomes race to catch up with the new rent levels.

“Overall, 18 metropolitan areas around the country are trading at a rental discount, and it appears much of the country is heading in the same direction,” Waller said.

© 2024 Florida Atlantic University


Exciting Opportunity for Tenants: Explore Our Home Purchase Program!

If the thought of homeownership has crossed your mind, we’re excited to share that we have a special program in place to assist tenants like you in making that dream a reality. Our Home Purchase Program is designed to provide support and guidance to tenants interested in purchasing a home.

If you’d like to learn more about this exciting opportunity or have any questions, please don’t hesitate to reach out. We’re here to provide information, answer queries, and offer assistance as you explore the possibility of homeownership.

Your satisfaction and success in your housing journey are important to us. Thank you for choosing us as your home provider, and we look forward to assisting you further.


Enhance the Longevity of Your Property with Preventive Maintenance

As your property management team, we’re committed to ensuring the optimal condition and longevity of your property. To that end, we recommend implementing a preventive maintenance schedule for key aspects of the property. Here’s a suggested plan:

  1. Exterior Paint:
    • Schedule a professional exterior paint job every 5-7 years, considering weather exposure.
    • Regularly inspect for peeling or chipping and address touch-ups promptly.

  2. Lawn Fertilizer and Weed Control:
    • Plan for fertilization 3-4 times a year (spring, early summer, late summer, and fall).
    • Apply weed control 2-3 times a year, adjusting based on weed growth.

  3. HVAC Service:
    • Arrange professional HVAC service twice a year, ideally in spring and fall.
    • Encourage tenants to change air filters every 1-3 months.

  4. Pressure Washing Sidewalks and Driveways:
    • Schedule pressure washing annually or biannually to maintain cleanliness.
    • Consider more frequent washing in areas with high humidity or heavy foliage.

  5. Termite Treatments:
    • Schedule annual termite inspections to catch issues early.
    • Conduct treatments as necessary based on inspection results.

  6. Roof Soft Wash:
    • Plan for a roof soft wash every 2-3 years or as needed to remove algae and debris.
    • Regularly inspect the roof for signs of damage.

  7. Trimming Trees:
    • Arrange for annual tree pruning, ideally in late winter or early spring.
    • Promptly address overhanging branches, especially after storms.

Implementing this preventive maintenance plan will not only enhance the property’s lifespan but also contribute to tenant satisfaction and curb appeal. We recommend discussing these measures with your tenants and coordinating the necessary services. If you have any questions or need further assistance, please feel free to reach out: 386-236-0746.


Exclusive Opportunity: Explore Selling Your Property with Our Support

As a valued client of CLB Property Management, we want to bring to your attention an exclusive opportunity regarding your property.

If you’ve ever considered selling, we have a unique advantage to offer:

  1. Investor Database: We maintain a database of investors actively seeking rental properties. Your property could be an excellent match for their investment criteria.

  2. Special Program with RE/MAX: As part of our commitment to providing comprehensive services, we’ve established a special program and partnership with RE/MAX, the Number One Brand in Real Estate. This collaboration ensures that you receive top-notch support when selling your property.

If you are interested in exploring the possibility of selling your property, please let us know. We’re here to provide further details, answer any questions you may have, and guide you through the process: 386-236-0746.

Your satisfaction and success with your property are our priorities, and we’re excited about the potential opportunities that selling your property may bring.


HVAC Maintenance Reminder – Enroll in Our Air Filter Program!

To ensure the optimal function of your heating and air conditioning system, we’d like to remind you to change your air filter every month or two.

For your convenience, we have a special program in place that makes this maintenance task hassle-free. By enrolling in our Air Filter Program, you’ll receive a new air filter every other month, reducing the chance of unexpected problems with your HVAC system.

To take advantage of this program and enjoy worry-free HVAC maintenance, please contact your property manager for more information and enrollment details: 386-236-0746.

Your comfort and the proper functioning of your home are our priorities.

October Fire Safety Month: Ensure Your Home’s Safety

As we observe Fire Safety Month in October, your safety is our top priority. To contribute to the safety of your home, we recommend taking a moment to replace all the batteries in your smoke detectors.

Regular maintenance of your smoke detectors is a simple yet crucial step in ensuring the early detection of any potential fire hazard. This small effort can make a significant difference in protecting you and your loved ones.

Here are a few quick steps to follow:

  1. Check Each Smoke Detector: Ensure you have smoke detectors in key areas of your home, including bedrooms, hallways, and common areas.
  2. Replace Batteries: If it’s been a while since you replaced the batteries, now is the perfect time to install fresh ones.
  3. Test Detectors: Press the test button on each detector to confirm they are functioning correctly.

Your commitment to fire safety aligns with our dedication to providing a secure living environment. Thank you for taking this proactive step in safeguarding your home.

If you have any questions or need assistance with your smoke detectors, feel free to reach out. Your safety is of utmost importance to us.


Proactive HVAC Maintenance Opportunity for Your Property

Our goal is to ensure the longevity and efficiency of your property while minimizing unexpected maintenance expenses.

We’ve found that property owners who perform an AC service in March and October of each year experience a significant reduction in unexpected HVAC issues. To support you in this proactive approach, we are offering the opportunity to schedule this service for your property.

Details of the AC Service:

  • Frequency: Twice a year (March and October)
  • Cost: Typically $165 per AC Unit

Please contact us if you would like us to schedule this service for you. Our team will coordinate the service at a time convenient for you. Taking this preventative measure not only contributes to the optimal performance of your HVAC units but also helps in avoiding potential costly repairs down the line.

Thank you for entrusting us with the management of your property. We look forward to assisting you in maintaining the health and longevity of your HVAC systems.

Protect Your Home with Renter’s Insurance

As part of our commitment to your safety and well-being, we strongly recommend securing renter’s insurance for your protection.

You have two options to obtain renter’s insurance:

  1. Your Own Insurance Provider: You can reach out to your preferred insurance provider to explore and secure a policy tailored to your needs.
  2. Asset Protect Program: We offer our Asset Protect Program, providing coverage for as little as $15 per month. This program safeguards you from various potential risks, including:
    • Property Damage
    • Fire Damage
    • Flood Damage
    • Accidents involving your guests
    • Pet-related incidents

Securing renter’s insurance is a proactive step to ensure your peace of mind and protect your personal belongings. In the unfortunate event of unforeseen circumstances, having insurance coverage can make a significant difference.

If you would like more information about our Asset Protect Program or guidance on obtaining renter’s insurance, please don’t hesitate to contact us: 386-236-0746.