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Rental Market Expected To Surge As Ian Exiles Move To Palm Beach, Broward

Broward County News Palm Beach County Real Estate

Sales May Also Increase. Ian Impact May Be Enough To Keep Palm Beach County, Broward County Real Estate Markets From Continued Decline.

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BY: ANDREW COLTON | Editor and Publisher

BOCA RATON, FL (BocaNewsNow.com) (Copyright © 2022 MetroDesk Media, LLC) — While local housing sales are hitting headwinds, the rental markets in Palm Beach and Broward Counties are expected to surge as Hurricane Ian exiles look for temporary homes while theirs are rebuilt. And in some price points and locations, those seeking new homes may end up relocating completely to South Florida — preventing the housing market from completely crashing.

Zev Freidus, founder of ZFC Real Estate in Boca Raton, told BocaNewsNow.com that Ian’s impact on South Florida real estate will be wide-ranging.

“The impacts that hurricane Ian will have on the real estate market are numerous. For one, the construction industry which was already backlogged, is going to be further impacted by the immediate need to divert those resources to deal with the aftermath of hurricane Ian,” said Freidus. “Then, unfortunately, you now have thousands of residents who have been displaced by hurricane Ian who need a new place to live. Although South Florida was not hit, the areas on the west coast that were are going to take years to rebuild, leading to many residents relocating to the east coast.”

Realtor Paul Saperstein — a BocaNewsNow.com local journalism supporter — said the rental market is likely to become more competitive as those who lost homes in Southwest Florida receive insurance money for temporary housing. His colleague, Fiona Barone, said she’s already receiving calls.

“I’m getting calls from the west coast to look for rentals here on our side,” said Barone.  I’m seeing West Coast people looking to purchase and rent on the east coast.  It’s a bit too early to tell how many will need to do this, the shock isn’t over yet. In my opinion, the market will only get stronger and busier with this unfortunate storm.”

BocaNewsNow.com reported earlier this week that the housing market in Palm Beach County is in the beginning of a notable downturn. The number of newly signed contracts, comparing September of 2021 to September 2022, is down significantly in almost all price points. Homeowners are setting unrealistic prices for their homes, causing — in part — the ‘days on market’ to increase before a home is sold, often for less than the original asking price. The September, 2022 numbers, however, were compiled before Hurricane Ian struck. Zev Friedus thinks the unfortunate impact may be enough to stop the local market from entering recessionary levels.

“This additional imbalance of supply and demand may just be enough to keep the real estate market from crashing with the rest of the economy, despite rising interest rates,” said Friedus.

LOCAL JOURNALISM SUPPORTER.

Paul Saperstein

 

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