Good morning. ☀️

It's chilly but the sun's out and I got my 60 minutes of yoga done so it's going to be a great day!

Heading to the HOA to drop off my application to rent an apartment. I'll have to sell them on my personality because my income is too low since I haven't found full time employment. 🙃

Rental prices in Florida are still artificially inflated from the covid influx of New Yorkers/Californians driving demand (and prices with their high paying remote jobs). But I'm noticing rental prices have been dropping over the past three months. Some units have been on the market for 3 months.

Interestingly, some of the units I'm looking at are New Yorkers vacating and moving out of state as they realize Florida isn't the big apple 😂

I've also noticed the new apartment complexes are offering 1- 2 months free rent for new tenants and existing tenants who renew. This is a great way to keep the appearance of stable rental prices. The building continues and more supply is being added daily.

Real estate pricing is a function of supply/demand and interest rates. With supply high, demand leaving, and interest rates high Florida seems poised for a correction in all but the most desirable of locations.