Seasonal housing prices in South Florida are likely to grow because of Hurricane Ian

Seasonal housing prices in South Florida are likely to grow because of Hurricane Ian

Hurricane Ian that devastated Florida’s west coast will likely force more wealthy retirees from colder regions to go to the southern part of the state.

During the fall season, many northerners are trying to rent a home in Florida for a short term, from two weeks to six months.

Carolina Barefoot from Sotheby’s International Realty says that potential tenants now have to abandon the houses damaged by the hurricane and find accommodation in Southern Florida.

Ken Johnson, professor at the Florida Atlantic University and an expert in the real estate market declared that a sharp hike of rentals was slowing down but prices would most probably surge in the current season because construction work needs to be performed on the west coast and materials need to be transported there. This will also slow down greenfield construction in the eastern part of the state. The market is still leveling out and the natural disaster could slow down this process.

Luxurious condominiums that could previously be leased for $3,000 per month now cost almost $5,000, and landlords are refusing to even consider a rental term below six months.

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