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Don't be "spooked" by headlines, get frighteningly informed....
Insurance:
- 11 insurance companies have requested no increase in insurance rates in 2025 , with 1 actually requesting a rate decrease in 2025.
- If your property is located in an association the insurance experts are recommending to use 10% increase for Condo Association 2025 budgets and 15% increase in HOA 2025 budgets.
- If your water heater is over 15 years of age consider replacing as insurance companies are requiring once an inspection is completed.
- We are seeing more insurance inspections every year.
Trees:
- We recently had a lot of wind from Hurricane Helene which has caused some minor tree limbs to fall. We only had 1 property where a tree fell. But this does remind us if trees are within the roof line insurance companies are requiring trimming to continue insurance when they call for inspections.
Rental Rate Increases:
We are seeing about 25% of leases ending in 2025 with no price increases on renewals.
New leases; if the properties are updated have been seeing about 8% to 10% rent increases.
This is scary GOOD:
Most of our residents are renewing their leases so you more than likely will avoid the 2.5 months’ worth of cosmetic expenses this year.
The blended rent increases are running between 2% and 4% depending on location again this year.
We recently ran the numbers to see what the statistics are thus far in 2024 for renewals (versus property turn over) and the renewal rate is an astounding 93%! The residents who are not renewing tend to be either pursuing a home purchase or being relocated for work/changing jobs or to move closer to loved ones.
An interesting (and not scary) read about Florida Living
Frighteningly encouraging news re: investing in Florida!
Trick or Treat?
Trick or Treat?
If you would like more details and information on any of the listed items above, just send an email to: marketing
Have a safe and happy Halloween season!
Mike Hodges, 2020 NEFAR Realtor of the Year
&
The FPM Properties Team
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