If you're thinking about a move to the Amelia Island area, sometimes a long-term rental fits your situation better than a purchase.
There's many reasons for renting a home, especially if you are new to an area. Maybe you wish to check out the area first, before buying. Perhaps you landed a new job or you're involved in a corporate relocation. In either case, you want to make sure the job works out before committing to a purchase in the area.
Also, with the current real estate market slow down, some are still hesitant to buy, while others wanting to make a purchase may be facing difficultly getting a mortgage, with more stringent lending practices. Plus, there's the affordability factor, with high property taxes and homeowner's insurance rates -- another possible reason for renting. You may be able to find sellers willing to lease with an option to buy, with some of the rental payments being applied to the purchase, if you later opt to buy the home.
A quick look at the Amelia Island, Nassau County MLS (Multiple Listing Service) indicates there are 48 properties located on Amelia Island (with at least 3 bedrooms and 2 baths) available for long-term rental (as of November 27, 2007), listed by Realtors/property managers in the MLS. Of course, not all rentals are listed in the MLS. If one browses the classifieds of local newspapers (and drives around looking for yard signs), some more rental options would present themselves, besides what's listed in the MLS. (Note that MLS data may contain errors and is not guaranteed.)
If your time frame is shorter than one year for a rental lease, you may find some property owners willing to be more flexible with lease terms. Of course, far more leases are typically offered for one-year period.The rents for those properties officially listed in the local MLS (Multiple Listing Service) ranged from around $1,100 per month for smaller long-term rentals offering around 1,000 square feet of space, up to $4,000 a month for a large home of around 3,800 square feet within the posh resort, Amelia Island Plantation. Rents depend on various things such as the square footage and upgrades in the home, the community/neighborhood, the condition/age of the home, and amenities of the property. But the majority of long-term rental homes are available for under $2,000 a month. (Of course, anything waterfront with a view, be it on the ocean or riverfront would be more pricey. )
AVERAGE RENT FOR 2,000 SF TO 2,400 SF IS AROUND $1,700 ON THE ISLAND
More people would likely be looking for homes somewhere in between the smaller size and the largest on the rental market. For example, currently in the Amelia Island/Nassau County MLS, there are a dozen long-term rental homes listed by Realtors for rent, in the size of 2,000 to 2,400 SF with at least 3 BRs/2BAs, located on Amelia Island. The average rent of these 12 properties is $1,720 per month.
Just off Amelia Island, on the mainland just minutes from Amelia in area 7 in the MLS, there are far fewer long-term rentals listed. As of late November 2007, only 16 properties with at least 3 bedrooms and 2 baths were listed, starting around $1,100 per month rent for 1,500 to 1,600 square feet. There are currently only five long-term rental properties sized 2,000 to 2,500 square feet listed in the Amelia Island/Nassau County MLS by Realtors in area 7 near Amelia Island, with rents ranging from $1,295 for 2,000 square feet, up to $1,650 for around 2,500 SF.
Maybe you're building a home in the Amelia Island area or want to make sure a new job works out well, before locking into a year-plus lease or buying something. Realize that most single-family home communities with deed restrictions, do not allow rental leases shorter than 6 or 7 months, so many neighborhoods will require this minimum lease length.
For those wishing to rent something for less than six months, you may have to look at the vacation rental market -- beach cottages, beach condos & villas. During the winter months and early spring, it's the slower vacation rental season on Amelia Island, so some vacation property owners may offer places that normally rent daily or by the week, for a longer time frame. Zoning in vacation rental areas allows shorter term rentals.
PET POLICIES FOR RENTERS
Besides being able to rent a home with both the features you want and the lease terms you desire, pet owners have more difficultly finding a suitable rental that also allows pets. Many landlords do not allow pets, and this is especially true in condo rental properties. Properties allowing pets often require an additional "pet" security deposit (this is in addition to the regular security deposit which often is equal to one month's rent). Having pets will definitely narrow your choices of available rental properties.
Also, when seeking a rental via a Realtor or property manager, expect a background check that will include a credit report, criminal background check, and references. Astute property owners who manage their own rental properties will also require similar credentials. When you call local utility companies to request new service at your rental property, they will also require a credit check and a favorable credit score to waive a new service deposit. Weak credit will require deposits with the electric company and water/sewer service provider.
SOURCES FOR RENTAL PROPERTY LISTINGS
Besides contacting a local Realtor or property manager in search of a long-term rental property in the Amelia Island area, also monitor rental listings online in the local newspaper classifieds, the Fernandina Beach News Leader's web site, at www.fbnewsleader.com.
Note: Data from the Amelia Island/Nassau County MLS may contain errors and is not guaranteed. Rentals in the MLS were active listings as of November 27, 2007. MLS data may contain errors and is not guaranteed.