South Florida Renters Affected by Property Crisis

Written by Allison Slusher

A lot of Florida residents are watching their properties be foreclosed on. In spite of the fact that the rate of foreclosures in Florida has decreased almost by half in the last year, it is still 2x the rate in the nation.An estimated 1/87 of Florida residents are effected by foreclosure.  In 3 highly populated counties in Florida, about 15% of homes are at a risk of foreclosure. 

Many Florida renters who may be affected by foreclosure are stressed about finding an affordable place to live. They are looking for place where they can live for a long time and will not have to worry about eviction. Many landlords refuse to tell tenants, or prospective tenants about a possibility of foreclosure on the home, because of the high turn-over rate of rentals in Florida.

A recent change in Florida law will greatly effect both tenants and landlords. The statute was made in place of “Protecting Tenants at Foreclosure Act” , a fed. statute. The statute was created when the “foreclosure crisis” was peaking. It creates a situation where renters are able to stay at their properties for the remainder of their lease agreement. Additionally, it allows for at least 90 days. It was created to be a temporary law before a permanent solution came about.