Sun Rock » bradenton rental market

As Home Prices Decline, it is a Great Time to Invest in a Rental Property

Sun Rock Properties — Wed, 09 Dec 2009 22:55:59 +0000

In Manatee County home and condominium re-sales rose in October. However, there’s still a debate about the housing market recovery.

According to the Florida Association of Realtors, sales of existing single-family homes in the Sarasota-Bradenton market rose nearly 50 percent in October compared to the same month a year ago. Sales of previously-owned condos also escalated.

Bargain-hunters and first-time homebuyers seeking the federal tax-credit deadline pushed the sales spike. This led to a decrease in the median sales price from a year ago.

Whether you are looking to purchase a condo on the 10th-hole in River Strand or a beautiful home in the Lakewood Ranch Country Club, prices are right for an investment in a rental property.

Contact Sun Rock Property Management for all your investment rental property management needs.

Manatee County – Property Management Perspective

Sun Rock Properties — Tue, 24 Nov 2009 23:04:00 +0000

The Bradenton/Manatee County, Florida area has always been a desirable place to live. Throughout Manatee County you will find a wide variety of properties: bayside villages, country clubs, rural settings, urban communities and retirement areas.

You can find stunning oceanfront homes and luxurious condominiums of Anna Maria Island and Holmes Beach. In the East County lies the sprawling master-planned communities Lakewood Ranch and Heritage Harbour. With these diverse options, you can find a property with everything you desire in a home.

Located between Tampa and Sarasota, Manatee County offers many attractions and historical districts. Bordering the Gulf of Mexico and the Manatee River, the county is well-suited for the avid golfer, boater or beach enthusiast.

Manatee County saw considerable appreciation during the housing boom and rapid depreciation during the bust. Manatee County is beginning to rebound from the housing market crash, showing signs of life. New businesses and retail stores are opening up and some builders are increasing prices.

The rental market in Manatee County is strong, with most properties finding tenants within 30 days of listing. Proper research must be done to determine rental rates for individual properties. Setting the right pricing point will ensure you make the maximum amount of cashflow, but also help you avoid vacancies.

For professional property management in Bradenton and Manatee County, contact Sun Rock Property Management

How Much Should I Charge for Rent?

Sun Rock Properties — Tue, 22 Sep 2009 00:42:08 +0000

Determining how much you should rent your investment property for is really not that hard. In today’s real estate market, there are a lot of properties listed for rent, so finding comparables is not a problem.

The first thing you should do is determine how much you need to rent the property for to have a good cashflow (add up all of the costs associated, taxes, insurance, association dues, maintenance, property management fees, mortgage). You want to know where you stand compared to the current market rental rate. You want your property to generate income for you and be an asset, not a liability.

Next, go to craigslist or do a Google search for the street name + “for rent”. This should direct you to several comparable properties. You should look for properties with the same amount of bedrooms, bathrooms and square footage. Some may have pools, be on the water or several acres of land, these rates should be adjusted up or down compared to your property. Find four or five comparables and then take the average of them. This gives you a ballpark range for what is reasonable in the area.

Then compare the average rent with the amount you need in order to get a cashflow on the property. Set your rate at what is going to give you the maximum amount of return on investment possible, while still being competitive with the nearby properties.

In today’s market, you definitely need to be in the same range as the comparables. There is too much supply on the market and your property will not get any attention unless it is priced reasonably.

Once you have your rental rate set, add $25. This will give you some room to negotiate a solid lease.