Hi Leonard!
We manage vacancies for a lot of out-of-state and out-of-country landlords. To answer your question about inventory:
1. Your are correct. There is more rental inventory than it was before. The reason for it is because during pandemic/post-pandemic rush to FL, a lot of smaller investors bought condos/small multifamilies for LTR/STR purposes only without intention to ever occupy. Before, these units have been mostly owner-occupied.
2. Since the rush was there, the rents increased drastically and priced out local tenants who normally live at a place longer than 12-24 months creating vacancies due to rent increase YOY.
It was easier for new owners to vacate the units and find new tenants since FL is a landlord-friendly state and the demand was hign.
3. Now, since the rates are up, the rush to move to FL is down and local tenants are pushed to city suburbs and settled there due to better prices, there is a lot of available inventory. Lower demand and excess of investment properties.
Do these units rent out? Yes. It just takes longer days on market (30-60 days) and lots of conversations with landlords explaining why people have more options and go with the best one for the dollar and why we have to be more flexible in terms of pricing and requirements these days.
