There are currently 27 single family homes for rent in Wellington Florida with a monthly rental amount starting at $1,600 a month up to $8,000 a month.
So is 27 homes for rent in Wellington FL a lot? There is only one way to find out and that it is to calculate the absorption rate, which is typically used in real estate sales, but to figure out if this is “a lot” of homes for rent I applied it here.
What is Absorption Rate? Only so many homes will be rented in Wellington each month and here is an quick example of absorption rate: If 12 homes have rented in the last 12 months that means the market is only absorbing one rental home per month. If there are currently 6 homes for rent there is a 6 month supply of rentals.
- A 6 month supply is considered a “Balanced Market.” There is an even amount of homes for rent and tenants
- Less than 6 months is a “Landlord’s Market.” There is a lack of homes for rent.
- More than 6 months is a “Tenant’s Market.” There is an over abundance of homes for rent.
Based on this information Wellington Florida is an extreme “Landlord’s Market.”
So what does this mean for Wellington Florida tenants?
- Expect to pay full asking price for a Rental
- Expect multiple offers on homes for rent
- Expect a Landlord to pay close attention to your credit report, rental history and finances