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Talk of The Villages Florida (https://www.talkofthevillages.com/forums/)
-   The Villages, Florida, General Discussion (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/)
-   -   Are rental #'s really this crazy? (https://www.talkofthevillages.com/forums/villages-florida-general-discussion-73/rental-s-really-crazy-351566/)

ElDiabloJoe 07-23-2024 05:38 AM
Quote:
Originally Posted by Kelevision (Post 2352014)
The house one over from me is a rental and I’ve never in 3 years seen one person. I only know they’re the by the trash in the driveway. Once one of them did tell my other neighbor my sprinkler head was broken.
Lol, this might be the guy living the double life. This could be a pied-a-terre for his mistress ;-). Maybe he's on the lam from Johnny Law? Maybe escaped the big house? Does he look like Whitey Bulger?

Robojo 07-23-2024 05:50 AM
Quote:
Originally Posted by BrianL99 (Post 2351717)
I don't pay any attention to the rental market in The Villages, but this popped up on Facebook today and out of curiosity, I looked.

Rent From A Villager | Rental Homes in The Villages Florida | Advertise Your Village Rental


1500 sq. ft. 3 bedroom/2 baths. I guess it comes with a golf cart. Near the Shallow Creek Golf course and apparently 15 minutes from Sawgrass ... like Sawgrass is a huge draw.

$7000/month for January or February?

Are people really paying that kind of money for rentals in the middle of nowhere?
I've met people in the pool who have said they pay 5k a month in high season for a patio villa.

Girlcopper 07-23-2024 06:00 AM
Quote:
Originally Posted by BrianL99 (Post 2351727)
I certainly could be wrong, but from the wording of the post on Facebook, I suspect the "rented for March", means the owner is using it for that month.
Not. Ncessarily. I rented numerous homes from patio villas to 3 bedrooms. Depends on the season for the rent. Annual rents , unfurnished are cheaper than the furnished seasonals. .

DrHitch 07-23-2024 06:12 AM
Owning a home and using it for rental is NOT for the faint of heart..

1) The carrying cost of a home with 2nd mortgage is about $35,000 per year (just to keep it alive). Therefore, you need $3,000 per month to break even (assuming you're carrying a mortgage)
2) Costs for everything have skyrocketed (lawn, utilities, insurance, etc). A 2nd mortgage is well north of 6%
3) Rentals elsewhere in Florida are INSANE. Naples rates in "high season" are above $10,000 per month for a shoebox condo
4) Although the supply of houses in The Villages that have been bought exclusively for rentals (real estate is not a great investment tool), these rates on RFAV and VH4R are actually low, compared to Florida coastlines. It's a case of supply and demand and competition.

jasamy2 07-23-2024 06:53 AM
Thanks for your honesty.

Quote:
Originally Posted by Packer Fan (Post 2351859)
Since I read all the responses and they seem to have no idea, I will give you the lay of the land. I have 2 designer home rentals and have been a landlord since 2014. Luckily, I got them before the higher home prices and higher interest rates because being a landlord in TV just does not make financial sense with the current situation.
High Season rents are running about $5800-$6000 for Jan-March, $4500 for April. Off Season depends on the month but ranges from about $1800 in summer to $3500 in Nov. You absolutely have to charge those rents in the high season or you can't make it work. $7000 is a bit gready, but there is such a shortage in high season someone might pay it. At $6000 a month for 2025, I had Jan-April rented on January 14 of 2024. A year ahead. So the supply and the demand support it.

Just to run the house for a year costs over $20K with insurance, upkeep, and taxes, not to mention a new roof every 15 years, golf cart maintenance, etc. That is not counting the actual mortgage some carry and some return on investment. To be honest, when you do the math, you only make money at all when you sell, and I figure thats about 5% a year.

My houses are between LSL and Brownwood, which helps rent the off season, but I would not call Sawgrass "the middle of nowhere".

Those are the facts.
Ed

Wondering 07-23-2024 07:26 AM
Quote:
Originally Posted by BrianL99 (Post 2351717)
I don't pay any attention to the rental market in The Villages, but this popped up on Facebook today and out of curiosity, I looked.

Rent From A Villager | Rental Homes in The Villages Florida | Advertise Your Village Rental


1500 sq. ft. 3 bedroom/2 baths. I guess it comes with a golf cart. Near the Shallow Creek Golf course and apparently 15 minutes from Sawgrass ... like Sawgrass is a huge draw.

$7000/month for January or February?

Are people really paying that kind of money for rentals in the middle of nowhere?
That is crazy! Somewhere in the $4000 range is reasonable and the going rate.

BrianL99 07-23-2024 07:53 AM
Quote:
Originally Posted by Packer Fan (Post 2351859)
Since I read all the responses and they seem to have no idea,
Ed
Welcome to TOTV.


Quote:
Originally Posted by Packer Fan (Post 2351859)

High Season rents are running about $5800-$6000 for Jan-March, $4500 for April. Off Season depends on the month but ranges from about $1800 in summer to $3500 in Nov. ... At $6000 a month for 2025, I had Jan-April rented on January 14 of 2024. A year ahead. So the supply and the demand support it.

My houses are between LSL and Brownwood, which helps rent the off season, but I would not call Sawgrass "the middle of nowhere".

Those are the facts.
Ed

Thanks Ed.

Have you been to Sawgrass? Middle of no where. Then again, people buy homes there, so I guess it works for some folks.

sallyg 07-23-2024 08:04 AM
There are so many rentals to choose from that one may stay vacant at that price.

thelegges 07-23-2024 08:10 AM
Quote:
Originally Posted by DrHitch (Post 2352049)
Owning a home and using it for rental is NOT for the faint of heart..

1) The carrying cost of a home with 2nd mortgage is about $35,000 per year (just to keep it alive). Therefore, you need $3,000 per month to break even (assuming you're carrying a mortgage)
2) Costs for everything have skyrocketed (lawn, utilities, insurance, etc). A 2nd mortgage is well north of 6%
3) Rentals elsewhere in Florida are INSANE. Naples rates in "high season" are above $10,000 per month for a shoebox condo
4) Although the supply of houses in The Villages that have been bought exclusively for rentals (real estate is not a great investment tool), these rates on RFAV and VH4R are actually low, compared to Florida coastlines. It's a case of supply and demand and competition.
I thought most in TV either paid cash for homes or carry a mortgage that benefits their tax return. A second mortgage seems few and far between if at all. Some may have equity line for adding a pool, since refinancing a 2% loan would be insane.
When ever we have added to our new build, just pay cash, no loans involved. Pretty sure we are in the majority in TV.

That said we have had investment properties in TV since 2010, and have never had to negotiate a rent, plus had no less than 29-30 applicants. Those who have investment experience can give honest answers, except for one year, our properties were long term, so different investment compared to short term.

tophcfa 07-23-2024 08:17 AM
Quote:
Originally Posted by justjim (Post 2351899)
Unfortunately there is nothing in the Deed Restrictions to keep people from buying a house and turning it into a hotel/motel by the night, or week. Hopefully you don’t buy or live next to the motel and have strangers in and out all the time intruding on your lifestyle and peace during your retirement years. Sadly it’s happening.
Not true, depending on the district. It’s prohibited in the district our home is located in, but unfortunately the deed restrictions relating to short term rentals are not enforced. Language has changed in the newer districts deed restrictions.

Bill14564 07-23-2024 08:23 AM
Quote:
Originally Posted by tophcfa (Post 2352104)
Not true, depending on the district. It’s prohibited in the district our home is located in, but unfortunately the deed restrictions relating to short term rentals are not enforced. Language has changed in the newer districts deed restrictions.
Deed restrictions are by "unit" not by district. You must be in one of the very few "units" that where the deed restrictions specifically mention rentals.

tophcfa 07-23-2024 08:44 AM
Quote:
Originally Posted by Bill14564 (Post 2352109)
Deed restrictions are by "unit" not by district. You must be in one of the very few "units" that where the deed restrictions specifically mention rentals.
By type of unit within district, not by individual unit. Our districts deed restrictions do not specifically mention rentals, but are very specific about single family usage and not running a business from a home. I had a direct conversation with a representative of the developer, who is charged with enforcing both of those restrictions. He specifically acknowledged that a homeowner who rents their home out short term, WHILE SIMULTANEOUSLY LIVING IN THE HOME, is violating both of those restrictions. The key is the landlord has to be simultaneously living in the home to be violating those two deed restrictions. A landlord not living in the home is free to rent by the night without being in violation of any deed restrictions.

Bill14564 07-23-2024 08:59 AM
Quote:
Originally Posted by tophcfa (Post 2352121)
By type of unit within district, not by individual unit. Our districts deed restrictions do not specifically mention rentals, but are very specific about single family usage and not running a business from a home. I had a direct conversation with a representative of the developer, who is charged with enforcing both of those restrictions. He specifically acknowledged that a homeowner who rents their home out short term, WHILE SIMULTANEOUSLY LIVING IN THE HOME, is violating both of those restrictions. The key is the landlord has to be simultaneously living in the home to be violating those two deed restrictions. A landlord not living in the home is free to rent by the night without being in violation of any deed restrictions.
Not "type of unit" but unit number - essentially the neighborhood. The restrictions aren't for CDD 10 and there aren't separate restrictions for patio villas and courtyard villas and designer homes and premium homes. The restrictions are for neighborhoods or areas that were developed together. While I haven't checked, I suspect that there is a separate deed restriction document for each are with a separate bond assessment schedule.

The very specific language in my deed restrictions concerning not running business from a home specifies that you cannot run a business that requires maintaining inventory or customer visits. As I have argued in many past threads, providing a bed and a table is not "maintaining inventory" and the occupant of the home is not a visiting customer. (perhaps I am wrong but it will take a successful court case to show that)

As for "single family," be very careful what you are pushing there. I have had several overnight guests who are not part of my family. I haven't looked into what the law says about the difference between an overnight guest, a longer-term guest, and a second family occupying the home. Be careful you don't argue for a restriction that prohibits you from hosting your friends from back home or a non-married significant other.

Marathon Man 07-23-2024 09:04 AM
Quote:
Originally Posted by BrianL99 (Post 2352092)
Welcome to TOTV.





Thanks Ed.

Have you been to Sawgrass? Middle of no where. Then again, people buy homes there, so I guess it works for some folks.
How can it be "in the middle of nowhere" if there are homes there? Answer: It's not.

jmpalladino 07-23-2024 09:06 AM
Quote:
Originally Posted by Marathon Man (Post 2351793)
If I wanted to convince potential renters that the price was fair, I would say that someone paid already that amount. How would anyone verify it.
It is called one's moral compass.


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