Orlando, Central Florida Rental Property & C19
Up until March 2020, the United States had been enjoying the longest bull market in recorded history. For some time, policy wonks warned of the inevitable downturn with fewer employment opportunities, falling stock prices, and rising interest rates. And then the coronavirus pandemic spread to the United States, only adding gasoline to that economic tinder.
Currently Rented Property
The impact of economic disruption has affected the livelihoods of many Americans through no fault of their own. Even before the coronavirus impact, fewer than half of all Americans had enough savings to cover a $1,000 emergency. Stay-at-home orders and closure of non-essential businesses have affected the income stability of many in central Florida. This also has the potential to impact the income stability of landlords who understandably worry about their tenants making rent. The longer the pandemic continues, the greater the likelihood of catastrophic effects on income loss and financial security.
The Realty Medics Property Management Can Help
In early April, Bank of America analysts released predictions that U.S. unemployment rates could soar above 15 percent. They warn that the United States is headed towards the deepest recession on record. Their models show more than 20 million Americans could be out of work, increasing the odds that your tenants will be impacted in some way.
To get out ahead of potential issues, we’ve been working closely with tenants on financial hardship programs. We’ve also provided resources to connect them with organizations that provide assistance. By reaching out for help early, renters can decrease the negative implications of the crisis on their financial health. And this, in turn, reduces income stream disruption for owners.
Rental Property Demand
Realty investment has long been considered a safe haven for investors as the value of real estate remains far less volatile than other ventures. When markets begin to slide, people tend to hold onto their cash instead of buying homes. In the past, demand for rental properties would soar as homeownership decreased.
But this is not a typical market correction. Unlike other economic downturns, the addition of a health crisis halted even still profitable businesses from operating. Many worried this would impact real estate investment profits, too.
Surprisingly, however, The Realty Medics have increased rental unit showings 33 percent over this time last year. The number of qualified applicants for available properties has risen, too. With the right tools, like effective software and virtual showings, our property managers have continued to place qualified applicants in vacant rentals.
TRM Support Now and in the Future
We at The Realty Medics understand the chain reactions these unprecedented events can cause. In response to ongoing concerns, we created a separate webpage with comprehensive links and videos designed to help property owners, tenants, and regular Central Floridians navigate this crisis.
Business as usual is far from usual right now. We’re working hard with our legal team to create bespoke contracts when necessary. For example, as a lease nears expiration, we work with owners and tenants to determine if short-term extensions or other arrangements make sense.
After the pandemic wanes, experts predict the national workforce will ramp up again. When the economy heals, the demand for quality rental property looks to be stronger than ever. We’ll make sure our property owners are ready to meet the demand with well-maintained homes that are move-in ready. And, we help our owners maximize income potentials with recommended upgrades and market assessments.
The Realty Medics are here for our tenants and owners, both in good times and bad. We’re here to help in any way we can to make this uncertain time a bit easier for everyone.
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If you want to experience Rocket Science Renting for yourself, The Realty Medics offers the lowest property management rates in Orlando. Contact us today to find out what your home will rent for by calling 321-218-4753 or filling out a FREE Rental Price Analysis.
Ben Sencenbaugh is a former NASA engineer who heads The Realty Medics, Central Florida’s #1 residential property management company. A loyal Orlando resident since buying his first rental home in 1997, Ben brings rocket science to renting, applying advanced technology to make renting single-family homes a better, simpler and more successful experience for owners and tenants.