Brevard County Housing Rental Market

The Brevard County house rental market is currently favoring sellers, with prices having risen substantially over the course of the past year. This has pushed up rental rates, which will continue to increase (though by little incrementally).
By: AAmerican Property Management
MELBOURNE, Fla. - May 13, 2021 - PRLog -- Per Steve Neville, Broker owner of Best Brevard Rentals.
However, there are some potentially negative factors that might play a significant role in rental occupancy rates. Moreover, the overall housing market remains very active, but that trend might change because of those same factors. Read on to learn more about the Brevard County rental market and what you need to know for this year.

The Brevard County housing rental market might undergo substantial changes in the next few to several months. This is due to three main factors: the economic climate, interest rates, and inflation. All three of these elements are currently experiencing their own sets of dynamics, with the first growing incrementally, the second at near all-time lows, and the third, on the rise.

In a normal and balanced real estate market, rentals in Brevard County should produce an 8% return for cash on cash. This, after paying normal carry costs and expenses, such as routine maintenance and management costs. Currently, with so many new people relocating to the state, from the west coast and Northeast, as well as the midwest, most housing markets in Florida are in a seller's market. That includes Brevard County where homes are selling on average at just under 1.23% of listing prices. In other words, Holmes is selling at approximately 98% of their listing prices, with home values have increased by 4.4% from the year prior. This results in a median listing price of $239,000 across the county.

Since Florida is experiencing such significant population growth, due to the ongoing Exodus from other states, the rental market should stay relatively hot over the next few to several months. As individuals and families relocate from elsewhere, not all will be in a position to purchase homes, and that will supplement the need for rentals. Additionally, various corporations are in the process of relocating their headquarters to Sunshine State, which also increases the prospects of more renters.

With inflation on the rise, that increases residences' daily expenses which might keep them in rental properties longer. Conversely, near historic low-interest rates might also prompt renters into buying in order to lock in a stable housing cost. Overall, the Brevard County rental market should experience positive trends throughout the course of the year.

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Steve Neville
Tags:Melbourne Fl Home Rentals
Industry:Real Estate
Location:Melbourne - Florida - United States
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