Slow Real Estate sales impact the local rental market

Higher than normal real estate for sale inventories are causing the rental market to be flooded with homes and condos for rent. Many who cannot or will not lower their asking prices to try to sell their property are looking to rent to help pay the increased taxes and insurance on their property. Buyers who paid a higher price for their home or condo in the past couple of years are unable to sell without (in many cases) a substantial loss. The prospect of a rental income from the property to help pay their expenses is very appealling. The new competition for tenants will probably keep Ormond By The Sea rents depressed. There is such a wide variety of choices now for tenants, both vacation renters and full-time residents, that the landlords no longer have an upper hand. For additional information about Ormond By The Sea Real Estate contact Ocean View Realty Group 1350 Ocean Shore Blvd. Suite A Ormond Beach, FL 32176 www.ovrealty.com Toll Free USA & Canada 1-800-356-3409 Local phone 386-441-8245 Fax 386-441-2407 For buying or selling contact Marion O’Connor at ovforsale@aol.com For Rental information contact Deanna Thomas at ovrentals@aol.com Vacation rental information is available at www.ormondbeachcondorentals.com