Rentals Shape the Boca Raton Housing Market
Rentals Shape the Boca Raton Housing Market
For the first time in almost 10 years, construction commenced on a new apartment complex on the northern edge of Boca Raton. As the demand for rental properties continues to increase, real estate experts contend that the widespread interest in rental real estate is evidence of a trend that could dramatically alter the housing market.
"The economics have changed, the demographics have changed," said a Boca Raton real estate lawyer in an interview with the SunSentinal. "People are going to want to live where the action and amenities are. But they don't want to be tied to a single-family residential home that could potentially be difficult to sell."
Some Boca Raton home owners are expressing concern about the appearance of rentals because they could detract from the charm of its small-town vibe. However, some city officials have noted that if there is a high demand for rental properties in Boca Raton, if they are built, then new businesses could be more attracted to the area.
According to the developers of the newest Boca Raton rental community, there has been a steady stream of people calling who are interested in rental units. More people relocating to the area want more flexibility with their housing choices, and others are looking for smaller homes since they are trying to downsize.
The aftermath of the housing crisis has also made an impact on the demand for Boca Raton rentals. People who lost their homes in foreclosure or Boca Raton short sales, for instance, may not have enough money saved for downpayment on a new home. Others may still be working toward improving their credit scores so that they can qualify for financing under the new guidelines. People are wary of investing in homes since they've recently seen how a recession can impact the housing market, and rentals are looking more like a safe bet to some South Florida residents.
If you'd like more information on Palm Beach real estate or Boca Raton short sales, please let us know! We'd be happy to give you a tour of Boca Raton real estate to help you get to know the area.
[cc_author style="bumber-b" author="gia"]
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