Baby boomers causing increased competition in rental market - Fox29 WFLX TV, West Palm Beach, FL-news & weather

Baby boomers causing increased competition in rental market

  • Fox 29 Daily HeadlinesMore>>

  • Florida State removes statue of founder, slave owner Eppes

    Florida State removes statue of founder, slave owner Eppes

    Friday, July 20 2018 11:17 AM EDT2018-07-20 15:17:52 GMT
    Friday, July 20 2018 11:25 AM EDT2018-07-20 15:25:26 GMT

    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

    More >>

    Eppes was once commemorated as the founder of FSU, and until early Thursday morning his statue was on the school's Westcott Plaza.

    More >>
  • Trump talks tougher, now says he warned Putin on meddling

    Trump talks tougher, now says he warned Putin on meddling

    Wednesday, July 18 2018 12:31 AM EDT2018-07-18 04:31:41 GMT
    Thursday, July 19 2018 1:22 AM EDT2018-07-19 05:22:31 GMT
    (AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...(AP Photo/Andrew Harnik). President Donald Trump speaks to members of the media as he meets with members of Congress in the Cabinet Room of the White House, Tuesday, July 17, 2018, in Washington. Trump says he meant the opposite when he said in Helsink...

    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

    More >>

    Rebuked as never before by his own party, including a stern pushback from usually reserved Senate Majority Leader Mitch McConnell, the U.S. president sought to end 27 hours of recrimination by delivering a rare admission of error.

    More >>
  • Marriott hotels eliminating plastic straws by 2019

    Marriott hotels eliminating plastic straws by 2019

    Wednesday, July 18 2018 12:25 AM EDT2018-07-18 04:25:22 GMT
    Wednesday, July 18 2018 10:47 AM EDT2018-07-18 14:47:09 GMT
    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019. (Source: Pixabay, File)

    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

    More >>

    The world's largest hotel company said the move will eliminate approximately 1 billion straws and 250 million stirrers by July 2019.

    More >>

For the first time ever, young professionals and twenty-somethings are in the minority of those looking for rentals. Since the foreclosure crisis a few years ago, they've found themselves pitted against people twice their age.

Tiffanie Banks is a young professional with a bright future, she's looking for a place to live. Lately, she says she's had a lot of trouble finding a rental that's available and in her price range.

"If you've had any financial hardship like I’ve had, it makes it twice as difficult," Banks said.

These days young professionals like Tiffanie are running into some new competition, people between the ages of 55 and 69. Realtor Ron Jones say many of them are former homeowners pushed into the rental market by a down economy.

“I see that a lot of the older generation is entering the rental market for reason such as a foreclosure, bankruptcy, they're rebuilding their credit, maybe they're downsizing,” Jones said.

Raymond and Sherly Santoro were unexpectedly thrown into the market. Late last year they walked away from the home their children grew up in.

"It was a beautiful home, a lot of good memories,” Raymond added, “but it just didn't meet our needs anymore."

After months of searching rental properties on the internet and visiting several, the couple found their match. They fell in love with a townhouse close to Palm Beach State College.

Homes like the Santoro’s are going quickly though; someone first beat the family to the punch. Luckily for them, that deal fell through.

“I think that we are a better fit," Sherly said. “It’s just a dorm room to them, and we're going to make it a home."

Jones says older renters may have the upper hand in making these deals but says younger buyers shouldn't give up, because at the end of the day credit scores trump someone’s age.

 

Top 5 tips for securing a rental

 

1.     Set your expectations. Know what you want going into the process. (how many bedrooms, location, etc.)

2.     Get organized. Coordinate with a realtor to get your credit and background checks and income verification complete.

3.     Be decisive. The homes that you are seeing today, are not going to be the homes on the market tomorrow. People lose rentals all the time because they want to sleep or wait on it.

4.     Be prepared to offer more. Be prepared to give $25-$50 above asking price. If you offer $25 more per month, that could be the margin that sets you apart from another application.

5.     Keep a good attitude. The process is long and the rental market is tough so try to stay as positive as possible.

To see rentals in your area click here.

Copyright 2016 WFLX. All Rights Reserved.

Powered by Frankly

1100 Banyan Blvd.
West Palm Beach, FL 33401

FCC Public File
EEO Report
Closed Captioning

All content © Copyright 2000 - 2018 Raycom Media. All Rights Reserved.
For more information on this site, please read our Privacy Policy, and Terms of Service, and Ad Choices.