There are currently 27 single-family homes for rent on the market ranging from $2,750 per month to $15,000 per month. Most of the inventory is concentrated in the price range of $4,000 to $8,000 per month for 4 to 5 bedrooms homes with 3 to 4 bathrooms.
Since the beginning of the year, 48 homes were rented as follows:
● 3 homes under $3,000 with an average of 42 days on the market
● 20 homes between $3,000 to $5,000 with an average of 57 days on the market
● 19 homes between $5,000 to $8,000 with an average of 75 days on the market
● 2 homes between $8,000 to $9,000 with an average of 92 days on the market
● 4 homes between $12,000 to $17,500 with an average of 111 days on the market
On average, the rental price per square foot is:
● $1.52 for homes under $3,000
● $1.67 for homes $3,000-$5,000
● $1.88 for homes $5,000-$8,000
● $2.05 for homes $8,000-$9,000
● $2.16 for homes $12,000-$17,500
It is interesting to note that year-over-year the same exact amount of single-family homes were rented in 2017 versus 2016 in Pinecrest!
The only notable difference was the amount of homes rented in certain price ranges:
● 2 Homes under $3,000
● 12 Homes between $3,000-$5,000
● 18 Homes between $5,000-$8,000
● 7 Homes between $8,000-$10,000
● 8 homes above $10,000-$18,000
Collectively, the rental market activity is steady, inventory remains low and demand is growing, especially for renovated homes. Renting is always a good option for newcomers to see what it’s like to live in an area and get the opportunity for their kids to attend the great public schools in Pinecrest.
I always give the following recommendation to new buyers/renters who are debating about whether to buy or rent. In my professional opinion, it all comes down to how long you plan to stay in the area. For those planning on living in the area for less than 2 years I always recommend renting. If the plan is to stay between 3-5 years, or possibly more, I suggest purchasing. You will benefit from any increases in your home’s value that will allow you to build greater equity and you will have a tax shelter.
It is not uncommon to ask a potential landlord to make minor cosmetic improvements to accommodate the incoming tenant’s needs. These improvements may include: re-painting the interior, upgrading outdated kitchen appliances, and in some cases, renovating the bathrooms. If you are the landlord, always think about keeping the home marketable. This entails making sure that the interior is up to basic modern standards, and, let’s not forget to keep landscaping and curb appeal in mind. There’s only one opportunity to make a first impression.
In the end, the entire market benefits from improvements. Rental prices per square foot will increase and the amount of time spent on the market will decrease. Something to keep in mind is that most of the properties rented above $2 per square foot in Pinecrest were renovated.
I encourage landlords to include all the garden and pool services in the rent payment to avoid any possible complications due to the tenant contracting their own company to handle the service. It is much easier for the same company that has maintained the property under the landlord’s direction to continue providing the maintenance needs for the property.
Lastly, I recommend offering the home unfurnished. Marketing properties as “furnished” does not garner as much interest among possible tenants because it often complicates deals.
Pricing and timing are the last things you have to consider. When determining your price, give careful attention to what similar homes are renting for on the market to make sure you are in line with market expectations. A listing receives the most attention when it first goes on the market. It is crucial to be priced correctly from the beginning. Timing will also be critical. The peak of rental activity is between December and February, and June to July. This coincides with renters wanting to be in a new residence at the beginning of the year, as well as those trying to get in the right school district before the next school year starts in late August.
Rentals can be complicated, but it is my job as a professional to make that process as smooth as possible. Always be sure to check your potential realtor’s experience with rentals before you involve them in the process. Remember, the landlord pays the commission, so having an expert that won’t cost you anything is always the better way to go.
Nicolas Boucher brings more than 20 years of experience as well as a global and local approach to real estate. Nicolas is aligned with EWM Realty International, a Berkshire Hathaway Affiliate and South Florida’s premier brokerage. EWM is a member of Leading Real Estate Companies of the World and Luxury Portfolio International, the world’s largest broker-to-broker network, and is the exclusive affiliate of Christie’s International Real Estate in Miami. His achievements in sales rank him among the Chairman’s Club at EWM, one of the company’s most distinguished honors. Nicolas has unparalleled knowledge of the real estate market and offers buyers and sellers meaningful and simple explanations of complex market trends. He specializes in Pinecrest real estate and is well-respected for his on-point pricing strategies; helping his customers approach the market as effectively as possible to minimize market time and maximize the experience.