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Finding affordable and workforce housing continues to price many renters out of paradise. But a real estate agent has some advice to try and lower the price as costs skyrocket.
Palm Beach County leaders have said that monthly rent is on the rise by as much as 50%.
Real estate attorney Adam Seligman, an equity partner at Ward Damon Law in West Palm Beach, is now offering advice to negotiate a better deal.
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“For tenants, it’s probably the worst time to be a renter that I’ve ever seen as a lawyer,” Seligman said.
A challenging time in the housing market has become a common theme in recent headlines across the country, especially in South Florida.
“We have a combination of extremely low inventory. You have high expenses. You have a booming population, low vacancy rates. It’s just not a good time to be a renter,” Seligman said.
He is witnessing a changing landscape across the region.
“Right now you have Palm Beach County, overall, I think is up 10% since last year,” Seligman said. “North County is up almost 24%.”
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The rising cost of rent is taking a toll on renters.
“Right now, I’m paying about $2,320 roughly for this apartment, which is a (two-bedroom, two baths), and I’m looking. … My lease is going to be up this summer to see what it’s about. It’s roughly $3,300 to like $4,200,” one renter said.
A 50% spike in monthly rent will make the decision to renew their lease difficult.
Seligman said corporate-owned complexes are not likely to cut costs, but renting directly from a property owner could be promising.
“Small mom and pops, they want the safety of someone who they know and trust,” Seligman said. “You may be able to negotiate with these owners, you know, and often to renew for only a 5% increase next year versus you know what it is right now.”
However, low inventory mixed with limited options is adding to the strain on renters.
Scripps Only Content 2022