So, there are some dynamics that might seem scary but the more you know, the less frightening it will be....

Insurance & Property Taxes:

• You should see signs of Insurance costs leveling out by next year’s renewal policies but in the meantime be prepared for increases over the next 6 months.

• Insurance companies are also getting sticky on water heaters and roofs over 8 years of age. They could be asking you to replace them or get canceled. So, budget for them on your next turnover of residents.

• The same can be said of property taxes. We saw increases in market value this past year of 5% to 15% depending on location. 

Trees:

• We recently had a microburst caused the worst damage in twenty years per tree surgeons. 

• Remember if a tree falls or limbs drop from the next-door neighbors it is your property policy that would cover not your neighbor. Remember you have air rights that extend up from the property line so you would be in the right to trim any limbs that are in your air rights. 

• Insurance companies are requiring in their drive by inspections to trim limbs back that are over the roof line. They used to require only a 15 foot canopy over the roof. 

This is scary GOOD:

Most of our residents are renewing their leases so you more than likely will avoid the 2.5 months’ worth of cosmetic expenses this year. 

The blended rent increases are running between 2% and 4% depending on location. 

We recently ran the numbers to see what the statistics are thus far in 2023 for renewals (versus property turn over) and the renewal rate is an astounding 92%! The residents who are not renewing tend to be either pursuing a home purchase or being relocated for work/changing jobs or to move closer to loved ones.

An interesting (and not scary) read about Florida Real Estate

Frighteningly encouraging news as affordability in Florida is important!



And a less than spooky update on hurricane season (not over yet though!



If you would like more details and information on any of the listed items above, just send an email to: marketing

Have a safe and happy Halloween season!

Mike Hodges, 2020 NEFAR Realtor of the Year

&

The FPM Properties Team