As with many areas in the United States, rental demand continues to climb in the New Port Richey, Florida area. The latest data from the Federal Reserve suggests that now is a great time to be a property owner. During the last three months of 2015, property owner’s rental income added up to about 4.3 percent of the U.S. national income. Meanwhile, key takeaways from the “Emerging Trends in Real Estate” report published by the Urban Land Institute and pwc has us looking forward to successful investments for properly managed rental assets. You can download and read the full report here.

What the analysts are saying

•  Prospects for the multifamily rental sector still rank “well” for 2016.

•  Due to the size of generation Y, demand for both rentals and ownership housing is poised to expand.

•  Investment strategy for single-family home rentals is changing from the “flip” strategy to becoming operating businesses, as more people opt to rent by choice rather than necessity.

•  Some older home renters are opting for luxury rentals.

•  “The industry is trending toward more intensively active management…”

•   “The Supreme Court has affirmed that local communities can take legal action to address disparities in housing, even if they are the unintentional result of actions rather than conscious discrimination.”

Rental demand in New Port Richey, Florida

• About 1,000 people move to Florida each day!

• New Port Richey, Florida rentals can go for $600- $1,100.

• The fastest growth in millennial populations tend to be in the Sun Belt and many young people don’t want to or are not ready to buy, which helps to hike up rental demand.

• Florida is still considered a great place to retire and many retirees prefer the ease of renting.

What if my New Port Richey, Florida rental is vacant?

Selecting the right tenant for your rental is a critical first step toward maintaining the value of your investment property. Qualified and reliable tenants play a significant role in protecting against undue deterioration.

If your rental has been on the market for a significant amount of time, consider talking with an All County property manager about what changes can be made to decrease the amount of time it takes to find a qualified tenant. While every situation varies, there is a short list of frequently cited improvements that can often lead to more rental applications.

• Give it some curb appeal.
Spruce up the yard or trim the trees and bushes. A freshly power washed driveway can also make a big difference.

• Clean the carpets.
A professionally steamed and shampooed carpet can make a rental feel like new again!

• Add some paint.
A little bit of outdoor and interior paint can go a long way.

• Price it right!
If your rental isn’t drawing in the kinds of applicants that you are looking for, talk with an All County property manager to ensure that the asking monthly price is competitive and compares to other similar properties in your area and
that are relatively the same age.

All County Property Management Associates can help you get your property rent ready and help you take advantage of new trends in the New Port Richey rental market. Call now to learn more about our annual management services and how our professional property managers can make a big difference to your bottom line.

Property management is one of those industries that have typically lagged behind the rest of the U.S. economy in terms of technology, customer service and transparency.

All County Property Management Associates, providing property management for Hernando, Pasco, and North Pinellas Counties, is bringing the industry up to date with its web based automated property management platform combined with a keen focus on customer service.

The All County Property Management website consolidates all of the traditional challenges of property management — like property listing and marketing, tenant screening, rent collection and maintenance — into an easy to use interface for both owners as well as renters. In doing so providing a level of professionalism in property management previously not found in this market.
Proud to be your number one choice for property management in the Tampa Bay area, All County Associates services Trinity, New Port Richey, Holiday, Port Richey, Tarpon Springs, Spring Hill, Hudson, Elfers, Palm Harbor, East Lake, and the surrounding communities.

It is important to be aware of changes to real property law and contract law. Perhaps what is more valuable is to have a lease reviewed by a lawyer who specializes in landlord/tenant law. Our management professionals always make use of a carefully worded New Port Richey, Florida lease agreement, which has been reviewed by an attorney.

Recently, major changes have been made to landlord/tenant law in places like California, Wisconsin and other parts of the country, which has social media all abuzz. In an effort to equalize the position of property owners and tenants, landlord/tenant law is constantly evolving and landlord’s rights and landlord’s responsibilities in New Port Richey, Florida and elsewhere are constantly changing. For instance, prior to March of 2015 landlords in Wisconsin were obligated to make arrangements for storage of any personal property that belonged to an evicted tenant. To fulfill such an obligation, Wisconsin landlords needed to notify the sheriff’s department, hire a bonded mover, and give notice to the evicted tenant. The revised law now allows a landlord to presume that property left behind and to deem it abandoned. There are exceptions to the rule, of course, and this is just one example of how estate law can and has evolved in places around the country.

The lessons that we can take from trending news topics like those out of Wisconsin make it clear that your property manager’s role goes way beyond simply filling unoccupied space. At All County Property Management Associates, we can proudly say that our expertise in lease execution and lease enforcement will protect your property investments for years to come.

In order to keep in line with the ever changing rules, your New Port Richey, Florida lease agreement is regularly updated. A well written New Port Richey, Florida lease allows the property manager to enforce lease requirements, and in the case of an escalated issue, a well written lease could mean the difference between winning or losing a court case. At All County Property Management Associates, our leases are well written and tenants’ responsibilities are clearly defined. As a property owner, you can rest easily knowing that your property manager is acting in your best interests, busy protecting your New Port Richey, Florida property investment.