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Vero Beach Rental Forecast 2022
The Vero Beach rental forecast should continue along its current trajectory, will probably fare well given the current environment. Although there could be twists and turns in the new year, starting as early as the first quarter.
By: Coldwell Banker Paradise
Right now, the median list price is $339,000, with a median list price per square foot of $201. Meanwhile, the median selling price is $269,000, and the sale to list price ratio is at 97.8% or 2.2% below the asking price. This means that properties listed for sale are going for near parity of asking prices.
Meanwhile, the DOM or days on the market stands at 67 days on the market, which is substantially less than previously when 137 days on the market in February 2020 hit the most recent high. By contrast, 65 days on the market occurred in December 2018
At this time, Vero Beach is considered to be in a buyers' market, meaning there is more inventory available than active buyers. However, this current set of circumstances might not last due to the large influx of new residents in the state, fleeing the Northeast and West Coast. Both private individuals and companies are relocating to the Sunshine State in record numbers, which could bolster the rental market in Vero Beach as people new to the area need housing.
With interest rates being at near historic Lowe's and the Florida economy being so strong, it is quite possible that the housing market will enjoy an uptick over the next several months. But, there are certain factors yet to manifest which could negatively impact the rental market in Vero beach. For instance, the moratoriums on foreclosures and short sales, which stopped the legal actions temporarily, have been lifted, and therefore, it is possible that a wave of distressed properties will become available in a short period of time. If these distressed properties incrementally make their way onto the market, the real estate sector will probably absorb them with little to no impact.
In summary, because there are so many unmanifested factors still at play, it is difficult to provide an accurate forecast for the Vero Beach rental market in 2022.
For more information about renting a home or selling your home, please contact Jillian Arce and her team at http://teamparadisepropertymanagement.com/