Availabity rate surpasses 14% as vacancy rate reaches 12% and gross rents fell to $5.00/sq.ft per year in Miami-Dade County. Companies downsizing and holding on expansion plans as the economy continues to worsen in many aspects. Construction stopped months ago and new projects are empty waiting for demand for new space to come back.
Until the local economy starts to recover slowly by the end of 2010 and if international markets keep their strengh in trading with US exports, we may see this market to start to recover by the end of 2011 but the process will be slow.
Tuesday, January 5, 2010
Tuesday, September 8, 2009
Tenant Screening and Foreclosure crises
During these difficult economic times and especially with the current number of properties under forecloaure, it is difficult to underwrite a tenant application based on credit scores or credit history. We at Florida Property Management Services,Inc. are taking another approach to evaluating tenant applications. Of course credit is important but many families and individuals may have credit problems and face foreclosure due to circumstances beyond anybody's control. Many good prospective tenants are going to be people that faced foreclosure just few months before applying for residency at your property or complex. Bad credit due to foreclosure can be compensated with stable employment and sound analisys of income to rent ratios. Also an important aspect is to look close at credit cards and other revolving accounts. One may face foreclosure due to living beyond one's means but a responsible person keeps his/her obligations up to date, paying revolving lines on time. Paying your credit cards and installment loans on time, having a decent rent to income ratio and a stable job, more than compensate the fact of having a foreclosure on your record and may open the door to rent at any desired complex or any specific property.
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