Home News overwhelmed with the cost of owning multiple rental properties, but has not raised rent

overwhelmed with the cost of owning multiple rental properties, but has not raised rent

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jacksonville, florida – Florida’s property insurance crisis is currently one of the biggest problems in the state. A local landlord told News4JAX that despite rising costs, he hasn’t passed it on to his tenants.

Landlord Laura Carrière is really giving tenants a break, but she has increased property prices by 54%.

Realtors say there may be relief along the way, but local and state leaders need to be involved, they say.

“It’s been increasing consistently. Overall, we have properties that are up somewhere between 10% and 12%, and for the second year in a row, we’re up 54%, which is expected this month. Since last year. , an increase of $683 per property,” said Carriere.

She has eight rental properties, but they are all under different insurance companies, and all the rates have jumped.

Related: Property insurer exits Florida market | | Florida to back property-casualty insurers facing downgrades | | SPECIAL SESSION: There is no quick and easy way to solve the property and casualty insurance crisis

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It’s infuriating and infuriating, but when we maintain our own possessions, why do we care for them,” said Carriere. “We don’t overuse insurance. We don’t make false claims.”

Carrière has no plans to sell his property, benefiting tenants by not increasing rents.

“We still have the ability to not pass it on, but we will catch up eventually,” said Carriere.

Jacksonville landlord owns multiple properties but hasn’t raised rent (Copyright 2022 by WJXT News4Jax – All rights reserved.)

This is a ripple effect, frustrating thousands of Floridians.

Rents and insurance premiums are rising, and some policies are being eliminated as insurance companies leave the state.

On the bright side, the Northeast Florida Tenant Association says the real estate market is showing signs of stabilizing. These aren’t big changes, but the house price index was 79.5 in August. This is up slightly from his July 79. Higher numbers mean more affordable prices.

“Florida Realtors and the Northeast Florida Realtors Association are working with Congress and the state for insurance reform in 2023 and you are absolutely right,” said Mark Rosener, president of the Northeast Florida Tenant Association. said. “Homeowner insurance is a big issue because it relates to the affordability of homes.”

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As far as insurance reform progresses in 2023, Rosener said, “the largest portion and significant increase in insurance costs will be Florida being the leading claim state.” Rosener continues: And it really needs to be addressed. “

Rosener encourages local leaders to get creative by subsidizing buildings and encourages people to shop with insurance companies.

“They will have to limit the increase and probably also reverse some of the increase that has happened,” said Carriere.

She says regulation of Florida’s insurance industry is needed.

Orange County has a rent regulation plan on the November ballot. The ordinance makes a limited increase in inflation rate and applies only to locations with 4 or more units.

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News4JAX asked Rosener about what this could be for Jacksonville to consider, and Rosener says that in theory it sounds good, but in practice it won’t help people paying rent.

Copyright 2022 by WJXT News4JAX – All rights reserved.

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