Will the cooling down of the housing buyers’ market help renters in Orlando Florida?

Florida – November 25, 2022

Real estate agencies are reporting that the housing market is cooling down, but Florida continues to be a very hot national housing market continuing to cause hardship for renters.  Despite concerns of a recession, October revealed that a home listing went off market in about three weeks in the Orlando area compared to one-week last October.  The good news is that the rental market is in step with the sales market and prices may start to stabilize.  A real estate attorney may be helpful in assisting renters to request or work with landlords to decrease monthly rental charges as the market cools.  Those who have signed leases that are expiring may be able to request a landlord work with them to reduce or cease to increase rental amounts over time.  A landlord may respond with valid reasons for the changes in rents due to added financial pressures they are facing in a tight market with increasing costs of operation.  A landlord should identify reasons for raising rent such as:

• The inability to turn a business profit because of current increases in Florida insurance premiums and property taxes which may be the reason a property owner has to increase rent.
• Competing rental prices of comparable properties in Orlando are higher, although it is a gamble for a property owner to risk losing a good tenant for a slight increase in monthly rental fees, because a vacant property may reduce the benefit of any increase in monthly rent.

Landlords should take time to notify renters through:

• Notification of options such as a month-to-month lease, Orlando rental laws state that property owners are required to notify renters at least 30 days prior to the increase. For a fixed lease, they are required to notify renters at least 90 days ahead of time.
• Must provide written notice or intent to increase rent stating new amount of rent and when it will occur.

Retaliatory activity by landlord.

Renters should be advised that it is illegal for property owners to increase the rental fees as a retaliatory tactic against a renter of an Orlando property. Based on most landlord retaliatory regulations, a landlord is not allowed to raise the rent, intimidate, or evict a tenant who is exercising their rights. Contact a Florida real estate lawyer right away to help avoid increases to rent or communicate with landlords to stabilize rental amounts before signing a new lease agreement. Renters should always communicate moving concerns with the landlord, they may be helpful and offer an extension to allow for time that renter needs to find another place or work to stabilize rental charges to reduce turnover in their rental properties.

Hire a lawyer.

Experienced Florida real estate attorneys can review lease agreements and identify the language that will support a renter’s rights against unethical or illegal practices toward rent increases that result in financial eviction or to communicate with landlords regarding upcoming changes to a lease agreement as rent amounts in Orland decline.

Legal Counsel, P.A.

189 S. Orange Ave., Ste. 1800
Orlando, Florida  32801

Phone: 407-982-4321

Sources.

1. https://www.wesh.com/article/orlando-housing-market-rent-prices/42071385
2. http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0083/0083.html
3. http://www.leg.state.fl.us/statutes/index.cfm?App_mode=Display_Statute&URL=0000-0099/0083/Sections/0083.57.html