How to save your Sunbelt Rental property in Florida
Rental properties on Florida’s Sunshine Coast are booming.
But one property owner wants you to know it’s no easy task.
The owner of a condo in Miami-Dade County is looking for a new owner for her complex.
So far, she’s got a little over 200 units, but she wants more.
“I’m not going to lose my condo,” said Jacqueline Lee, the owner of the condo complex.
The condo complex sits on a small parcel of land owned by Lee.
Lee is one of the few owners in the region who owns condos.
“I’ve lived in this house for a long time and I’ve never had to deal with a tenant coming and saying they want to leave, and then we find out they’re going to be a tenant.
It’s just a crazy thing to go through,” Lee said.
For the last two months, Lee has been working on a plan to get the condo owners out of the complex.
“I was looking at the condo properties for some years, and it’s just kind of this thing where, you know, we’re trying to do everything in our power to get out of here,” Lee added.
The Florida Keys has seen a dramatic increase in condo rentals since 2015.
It was the most expensive time in history to rent a condo, according to the Florida Keys Condominium Board.
That year, condos made up 10 percent of all new rentals in Florida.
Since then, condo rentals have gone up.
In 2018, there were nearly 4,000 condos in the Florida Sunbelt.
But, since January of 2019, the number of condos has dropped to just 2,300.
“I think that’s been really difficult for us because the condo market has just kind…gone up, and that’s hard for us to absorb,” said Jack O’Brien, the director of real estate for the Sunbelt Condominium Association.
O’Brien says he and other developers are trying to keep prices up while staying competitive with other parts of the country.
He says they’re trying everything, from using more solar panels to installing a more efficient scaffolding system.
“We have the capacity to make sure that we are making the right decisions,” O’Brian said.
If you or anyone you know needs help, call 1-800-273-8255.