(NEWS NOW) .- Home rents in central Florida have increased exorbitantly, between 15 and 20% as a result of the COVID-19 pandemic. We spoke with experts about the possible causes of this reality that affects many Floridians.
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Although since 2006 there has not been a significant increase in the costs of housing rentals, which at that time was 7%, at present it could reach up to 20% depending on the area of residence, due to the lack of offers for buy in real estate.
According to Ramón Ojeda, a financial analyst, this is due to the shortage of construction materials, which contributes to extra payments for them, raising house prices. For this reason, those who intend to buy a residence and encounter high costs, resort to the rental market, becoming a chain in various areas.
According to data from CoStar Group, the increase in rents in Central Florida depend on the area, in:
- Lake Nona was up 30.8%.
- Windermere rose 24.2%
- West Orlando increased by 22.7%
- International Drive increased by 21.8%
- Osceola County increased 13.8%
- Downtown Orlando up 12.9%
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“It is due to the domino effect. We have more people moving to Central Florida, we have increased by 2% in the population, so there is less inventory for us to sell houses, therefore, to rent it becomes a little more difficult,” says José Renta, real estate agent.
According to experts, as the real estate market regularizes, where buyers have more options, the prices of residences and the same rents will stabilize. However, it will depend on the effects of the COVID-19 pandemic.
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