Tenants searching for available rental properties in Fort Lauderdale will have an increasingly difficult time in finding them, reports the Sun Sentinel. Now that prices for properties are once again on the rise, many investors and developers who previously rented out properties following the housing collapse are placing those properties on the market. This means that renters will experience a more difficult time in locating a property to rent. An 18-story, 209-unit apartment building in downtown Fort Lauderdale recently sold for$52.5 million, according to the Sun Sentinel. The property is currently in the initial leasing phase.
While a wave of condo construction will add thousands of new units to the local area, many of which will sport price tags of a million dollars or more, those properties will not be available until year or possibly even later, further exacerbating the state current rental market in Fort Lauderdale.
Fewer Available Properties Means More Tenants Search for Properties
Property owners in Fort Lauderdale will find that as a result of the current market it has become increasingly important to perform a comprehensive tenant screening prior to approving a rental application. With fewer available properties on the market, those properties that are available are likely to receive multiple applications. This can sometimes make it difficult for property owners to perform a proper tenant check due to the sheer number of rental applications involved combined with the pressure to fill an empty unit quickly.
One way to handle the situation is by taking advantage of a professional tenant screening service. When approving a tenant application, a number of factors must be taken into consideration. Among those factors is whether a tenant has ever been evicted from a property as well as whether the tenant has a criminal background. Uncovering this type of information can often be difficult for a property owner, especially when conducting tenant background checks on multiple applicants. The process can become even more complex when the tenant in question is from out of state, which is not uncommon in Fort Lauderdale. With a tenant screening service such as VerticalRent, it is possible for property owners to obtain all of the information they need to make an informed decision regarding tenant approval.
Rent Prices Continue to Rise in Fort Lauderdale Market
Owning and operating rental properties can be a lucrative business opportunity, particularly in Fort Lauderdale, where demand is strong and rents are on the rise. Rent Jungle reports that the average rent for a two-bedroom apartment in Fort Lauderdale is now about $1,600. Over the last six months, rental prices in Fort Lauderdale have increased by about five percent.
In light of rising rents, property owners in Fort Lauderdale must ensure they do everything possible to protect their investments. Conducting a comprehensive tenant screening is a solid first step toward finding the right tenant in an overcrowded market where prospective tenants now far outweigh the number of available rental properties.