Vero Beach House Rental Market 2021
The Vero Beach house rental market looks promising at the moment. However, there are a few unknown factors that could greatly affect the rental market in the Vero Beach area and beyond.
By: Coldwell Banker Paradise
Currently, the Vero Beach rental market is quite active. With literally thousands of people relocating into the Sunshine State every week, the residential real property market in many communities is white-hot. (Though, there are still pockets that are much cooler and even in a buyers' market state, with properties staying active for much longer than other areas.)
The Vero Beach rental home market is benefiting from not only a huge influx of new residents but also, from near-record low-interest rates, high building materials costs, as well as relatively affordable housing prices, along with an absence of a state income tax.
Vero Beach Residential Real Property Market Conditions
Right now, the median listing price in Vero Beach for homes for sale stands at $292,000, with a median listing price per square foot of $175, and a median selling price of $242,000. The latter number represents an increase of 13.4% year over year and the current sale to listing price ratio comes in at 97.97%, which means just 2.03% of properties sold for less than the asking price. Also, the median days on the market are now only 68 days.
Distressed Properties Remain an Unknown Factor in Vero Beach
Although the residential real estate market in much of Florida is hot and in a sellers' market, these communities are not currently affected by the presence of distressed properties, which include foreclosed properties and short sales. Because there's been a moratorium on these properties, they aren't part of the market dynamics. Meaning, if these are reintroduced, distressed properties could greatly impact home values, which will also impact rental rates and occupancies.
Interest Rates and Building Materials also Contribute to Vero Beach's Real Estate Market Conditions
Lastly, historically low-interest rates are contributing to more people buying resales instead of renting. Meanwhile, with essential construction materials skyrocketing in price, resales are greatly outperforming new construction, which also helps the rental home market to thrive.
For more information about renting a home or selling your home, please contact Brendan Maughan and his team at http://teamparadisepropertymanagement.com/