The Pensacola Rental Market has exhibited a strong performance in recent times despite the economic challenges resulting from the COVID-19 pandemic. Pensacola’s real estate industry market value saw a 10% average rent increase in the second half of 2020. These statistics surprised landlords and other property management services providers because of many households’ financial challenges.
The New York Times published a journal titled “How the Pandemic Blew Up Rents,” which explored the market disparities in the real estate industry. According to the NYT article, the rental market industry experienced an average of 1.2% decrease in 2020. Most large markets experienced rental declines, while smaller metros saw an increase in rents.
Rental Increase In Pensacola Through 2020
As mentioned earlier, Pensacola’s market experienced significant rental increases despite the havoc of the pandemic. Statistics from the Apartment Lists National Rent Data also revealed that Pensacola’s rents shot by 10% in the past year. Other rental markets in Florida didn’t perform well, as Tallahassee and Orlando saw an average of 5% decrease.
Pensacola’s employment numbers have remained high throughout the pandemic. Although the area experienced increased unemployment in the hospitality industry, many people didn’t lose jobs in other Florida regions. The most affected areas have been the regions whose economy depends on the hospitality and tourism industry.
Understanding The Sales Trends In Pensacola
Pensacola’s real estate industry is among the most dynamic sectors in the state of Florida. There has been a general analogy that housing costs are on the rise by day in Pensacola. Potential house buyers are always exclaiming how housing prices are getting out of hand in Pensacola. Despite the increase in sales prices and rental rates, the area has affordable housing for individuals working against tight budgets compared to adjacent cities. One way to gain insights into Pensacola’s real estate industry changes is by analyzing monthly rental and sales trends.
The Real Estate Market Trends
House sales in the Greater Pensacola and surrounding beach areas have significantly increased recently. There are more home buyers than sellers in the areas, which has played a critical role in shaping the rental prices of properties in the area.
Pensacola had approximately 1007 residential property sales as of April 2021. The value had increased from the previous month, and it was the best month of April record sales ever recorded in Pensacola. For instance, there were 773 residential home sales in April 2020. However, inventory homes and condos value remained low as the average house price for the month stood at $306,547. Pensacola’s real estate market continues to increase, as evident in the record sales at the highest in the past decade.
The following chart is a comparison of different rental markets in Florida. A close look at the chart will reveal that Pensacola offers among the most affordable rates in Florida despite the increase in prices and low inventories.
Image Data Source from SunSat Reports
Are you planning to buy a new home or looking for a rental property in Pensacola? Speak to Pensacola Realty Masters for assistance. You can visit the company website, call, or send an inquiry email.
Selecting Property Management Company In Pensacola In 2021
If you’re an investor or landlord, you may want to invest in a property management company to avoid dealing with clients directly. Property management firms are integral components of landlords in Pensacola. They save time and money as they ensure that landlords collect rent from their tenants promptly. However, the process of settling for the right property management firm may be challenging. Here are tips to help you identify the right property management company for your rental apartments in Pensacola in 2021.
Check Their Track Record
It’s vital to dig into the prospective firm’s track record. A company’s reputation will offer crucial insights into the business relationship that you’re going to have with one another. Go for a company with a history of providing efficient services. Check the reviews of other property owners that have used their services before settling for the company.
Transparency with Tenants
Some property management firms have a history of being highly secretive because they want to conceal some information from clients. Hire a company that is transparent with clients to avoid building a bad name for your property. Remember, the property management firms are responsible for most dealing with your tenants. Some companies may push tenants away from your property. If you’re interviewing a property management firm in Pensacola in 2021, ask them about their level of transparency.
Have A Maintenance Service Team: Your rental property will need maintenance and some fixtures, especially before a new tenant moves into the premises. You want a rental management company that will ensure that such fixtures happen hassle-free for a smooth transition. Ask if the prospective company has a maintenance team to carry all the repairs. It will also save you the cost of hiring an alternative company to carry such repairs whenever the need arises.
Hire A Company That Can Devise A Marketing Plan
Landlords hire property management firms to market and keep their rental properties occupied at all times. You’re probably looking for an avenue where tenants can locate your property with ease and move in as soon as possible. Ensure that your prospective firm has a marketing plan. A good company will do extensive marketing for your property to attract tenants.
Some of the strategies that such companies use include finding home website pages for tenants looking for homes in Pensacola. Inquire about the company’s marketing plan and ask how it will increase your rental property’s market visibility. Hire a company with an elaborate network of reaching potential clients and inviting them to see your property.
Pensacola’s real estate industry has undergone tremendous changes over the years. More tenants and homebuyers are finding a haven in the area, significantly increasing the value of homes and rental market rates. Individuals looking for a home to buy or a rental property can find more information by navigating this URL https://myhomespot.com/.
225 N Pace Blvd
Pensacola FL 32505,