By Cindy Cummings
Apopka has a red-hot property market - both in terms of home purchasing and rentals. The Orlando Business Journal has highlighted yet another acquisition for the development of mixed-use residential lots, this time with $4.6 million being put down, just off Roosevelt Nichols Park. With more properties flying up, renters might be interested to see if they can get a better deal or perhaps move to a better area of the city. With that in mind, it’s worth taking a look at how the Apopka renter’s experience has developed, and what to expect in the city in terms of renter’s rights and the cost of living.
Rent is creeping up across the country. Indeed, just over city lines in Orlando, the Orlando Sentinel reports that renting has become less affordable than in San Francisco - long renowned for its exorbitant rental costs. What is more consistent is the cost of living in either city. Discretionary costs such as car and appliance repair are consistent in Orlando and Apopka; this is good news. Renters can afford to look at the cost of renting in their desired neighborhood, in addition to city taxes and the other mandatory costs of living in any given area.
What is less clear is the state of the rights that renters currently hold. There was a general move towards a renter-focused legal landscape following the pandemic, with evictions put on hold and new controls put into place to help people undertake remote work. NBC News has highlighted how large corporate rental companies have issued thousands of eviction notices through the course of 2021; Apopka in particular has been impacted to a degree higher than the rest of Florida. Renter’s rights are under fire, to some degree, and while legislative change is on the way, you should be acutely aware of this and plan for the future - keep savings for the worst case situation.
The rental market is on shaky ground as a whole. Middle class professionals looking for their next opportunity are generally in good hands, but, as one CGTN analysis highlights, the lower end of the market is struggling. Earnings are increasing at a slow rate for the lowest income bands, and that has an impact on the wider property market. There is also the risk of families dropping down income bands, and properties becoming devalued in the eyes of the local market as a result. Unrented properties that remain so for a long period can have a deflationary impact on the market and change the entire outlook of the area.
As a result, it’s not quite as clear as it may seem in terms of the rental market. For renters with a lot of money in their pocket and the freedom to choose, cost of living remains low - and that’s good news. However, you should beware of wider market forces that could cause trouble in the future.
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