Milton & Helene's Fury: The Unexpected Rental Price Impact

Hurricanes are powerful natural phenomena that bring intense wind, heavy rainfall, and storm surges. They form over warm ocean waters and can rapidly escalate into dangerous storms, causing destruction to homes, infrastructure, and entire communities. The intensity of hurricanes is classified into categories based on their wind speeds, with Category 5 being the most severe. In recent years, there has been a noticeable increase in both the frequency and intensity of hurricanes, attributed to the warming of global ocean temperatures as a result of climate change.

How Hurricanes Affect Rental Home Prices

Hurricanes can significantly impact the rental markets, especially in regions prone to these storms. When hurricanes hit, the immediate effects often include property damage and, in some cases, complete destruction of homes. This disruption leads to several challenges.

1. Supply Shortages: A hurricane can destroy or severely damage homes, limiting the number of available homes for rent, which, in turn, drives up demand and prices. For example, after major storms, there’s often a sharp increase in rents as displaced residents look for new housing.
2. Insurance Costs: The increased risk of hurricanes has led to higher insurance premiums, particularly for homes in hurricane-prone areas. This cost is often passed on to residents, raising overall rental prices.
3. Long-Term Market Shifts: Areas that have been repeatedly impacted by hurricanes may experience declining rental prices, as residents may view them as riskier areas to live. On the other hand, areas less prone to hurricanes may see increased demand, driving prices higher.

How to Be Prepared for Future Hurricanes

As hurricanes become more frequent and severe, it’s essential for homeowners and property managers to be prepared. Here are some steps to help mitigate the risks:

1. Reinforce Your Home: Ensure that your home is hurricane-proof, with reinforced roofs, windows, and doors. Installing storm shutters and impact-resistant glass can also help prevent damage.
2. Stay Insured: Make sure you have comprehensive home insurance that covers hurricane-related damage, including flooding. Review your policy regularly to ensure you’re adequately covered.
3. Create an Emergency Plan: Have a plan in place for residents and communicate it clearly. Ensure they know evacuation routes and have a list of emergency contacts.
4. Stay Informed: Keep up with weather forecasts and warnings. Modern technology offers several apps and platforms that provide up-to-date information on approaching storms.

How Belong Can Help You Find Residents and Provide Confidence

Belong offers unique solutions to help homeowners navigate the challenges of managing their homes, especially in regions prone to hurricanes. Here’s how Belong can support you:

1. Guaranteed Time To Love: Our innovative program ensures that your home will find a resident within a set timeframe, providing you with peace of mind in a fluctuating market. Even in the aftermath of hurricanes, when the market becomes uncertain, Belong guarantees consistent efforts to find the right resident for your home.
2. Home Maintenance and Management: Belong ensures that your home is well-maintained, helping mitigate damage from hurricanes by conducting regular inspections and addressing maintenance needs. Should a hurricane strike, We will assist in organizing repairs and ensuring your home is ready for residents as quickly as possible.
3. Insurance and Risk Management Support: We connect you to trusted insurance providers to help you secure the best coverage for your home, so you're prepared in case of future storms.
4. Confidence in Uncertain Times: Belong’s approach gives you the confidence to weather market disruptions caused by natural disasters. We take care of finding residents and maintaining your home, so you can focus on long-term peace of mind.

The Specific Impact of Hurricanes Helene and Milton

Hurricanes Helene and Milton are two storms that left lasting marks on the communities they touched.

• Hurricane Helene was a Category 4 storm that impacted the Atlantic coast. The storm’s strong winds and storm surge caused extensive damage to homes and infrastructure, particularly in coastal regions. Renters and homeowners alike faced significant challenges, with many displaced and seeking alternative housing. The damage from Helene contributed to a spike in rental prices as the housing supply dwindled.
• Hurricane Milton, on the other hand, was slightly less powerful but equally devastating. As a Category 3 hurricane, it primarily affected inland areas. Milton's slow-moving nature brought torrential rain, leading to widespread flooding and significant damage to homes that weren’t prepared for such conditions. The aftermath saw a major increase in the demand for rental properties as homes were repaired, temporarily inflating rental prices.

Both hurricanes are reminders of the unpredictable and damaging effects of these storms, underscoring the importance of being prepared as a homeowner or landlord.

By partnering with Belong, homeowners can rest easy knowing their home is protected, managed, and optimized to attract new residents, even in the wake of hurricanes like Helene and Milton. We help you safeguard your home, maintain steady rental income, and stay resilient in the face of future storms.

Disclaimer: We don’t enjoy using the word ‘landlord’. We prefer to refer to members in our network as homeowners and residents, not landlords and tenants, since we’re on a mission to upend and redefine the traditional landlord-tenant relationship. That said, this article is for homeowners taking the leap for the first time who are looking for answers with more common industry terms like ‘landlords’ and ‘tenants’, so in some instances we have had to stick to the old moniker for owners of rental homes.