| The slow Real Estate market has led many would be | | | | - USF Students that need housing in the area but |
| sellers to consider turning their New Tampa home | | | | away from campus. New Tampa is not really in high |
| into a rental unit. There are many challenges owning | | | | demand for university housing due to cost, but some |
| and managing rental homes, but before understanding | | | | prefer and can afford the extra expense to live in a |
| all of the complexities about property management | | | | nice home and community. |
| and being a landlord, finding a tenant is the first order | | | | - Separation and those in the middle of a divorce that |
| of business. The days of placing an ad in the local | | | | need to stay locally. In many of these cases, the |
| paper and finding a tenant right away are gone, so | | | | tenant prospect has not rented in years. |
| knowing who is looking for a rental home and how to | | | | - Credit issues limit some tenant prospects from |
| find them is very important. | | | | being able to buy. These tenants could be the type |
| There are all many different types of people | | | | to always pay rent on time, but get carried away |
| searching for a rental home. Sometimes there seems | | | | with other things like vehicles and credit cards. |
| to be as many reasons for renting as there are | | | | - Temporary transplants for a local job. This is usually |
| homes for rent. This is typically overlooked by those | | | | more common in areas with more high tech jobs, but |
| that had not planned on renting their home. The | | | | there are still plenty coming to the area for 1 or 2 |
| needs of these tenants vary significantly and one | | | | year contracts that do not want to purchase, |
| must demonstrate the ability to meet the needs of | | | | specially in this market. |
| any tenant prospect in order to have them submit an | | | | - Military transplants that are willing to commute. |
| application. A closer look at the types of people | | | | While MacDill is a bit of a drive for some, others are |
| looking for a rental home in New Tampa will better | | | | still drawn to the New Tampa community. |
| prepare the owner for the reality of the New Tampa | | | | - Just prefer renting. There are some people out |
| rental market. | | | | there that are fully capable and qualified to purchase, |
| Most of the tenant prospects will fit into one or | | | | but just do not want to. |
| more of these categories: | | | | It will be important for the person responsible for |
| - Moving to the area, want to rent before buying and | | | | finding and placing the tenant to know how to react |
| are real candidates to buy a home. Most state a | | | | to the needs of each tenant prospect. Remember, |
| desire to know the area prior to purchasing and | | | | these are people looking for a place to call home, so |
| many will purchase within the first year. | | | | any level of insecurity could cause them to go |
| - Moving to area and need to rent before buying | | | | elsewhere. Many times the homeowners get to |
| because their home is under construction. Many of | | | | caught up in personal needs that they forget this |
| these would be tenants are looking for shorter term | | | | simple fact. |
| and flexible leases where they can leave early if their | | | | It is also worth noting that some of the tenant |
| home is finished. | | | | prospects could be candidates for a rent to own or |
| - Moving to the area and need to rent and are not | | | | lease purchase option. Many just want to know that |
| necessarily potential buyers. These tenants could stay | | | | if they like the place, they will have the opportunity |
| much longer then one year if the home, community | | | | to purchase it at a later date. Granting this option is |
| and service live up to expectations. | | | | not necessary to secure the tenant, but being able |
| - Sold their home and need to rent for financial or | | | | to clearly identify their fears and addressing that fear |
| other reasons. Sometimes owning is just too | | | | will go a long way. |
| expensive and equity from the sale of a home can | | | | If you are considering turning your home into a |
| ease the burden of other debts. These tenants will | | | | rental, be sure to talk to a few professionals prior to |
| sometimes pay as much as a years rent in advance. | | | | placing that first ad or hiring an agent to put the |
| - Don't like their current New Tampa rental home and | | | | listing in the MLS. New Tampa is still a market in |
| want a better place to rent. This could be an issue | | | | transition and more agents are starting to look more |
| with their current landlord, neighbors or community. | | | | closely at the rental market and providing tenant |
| - Need a bigger rental unit then the one they | | | | placement services to owners that could not sell their |
| currently reside in. This could be a recent addition to | | | | homes. That being said, very few tenant prospects |
| the family or just natural expansion over time. | | | | will be found using the MLS in New Tampa, so it is |
| - Forced to move because Landlord sold or is planning | | | | important to know what other resources are |
| to sell the home. This happened in many of the | | | | available and will be used to find a tenant for your |
| condo conversion projects in New Tampa the past | | | | home. |
| few years. | | | | |