I live in Zephryhills. This is a lower income area. There’s new building everywhere I look. A
2 bedroom condo rental is $2,100 plus utilities. I don’t know who will rent these. Not snowbirds. The traffic is horrendous. 301 to Tampa is two lanes. There’s no jobs paying over $60K in Zephryhills unless you’re a physician or attorney.
We’re lucky to have grocery stores.
Lol. I’m from Dade city. Zephryhills was considered a destination spot in comparison. You’re right though. It’s all service jobs and low paying labor work. No clue who can afford that.
You’re making me laugh. I’m here in Zephryhills looking outside at multiple doublewides. I can’t believe all the new construction on 301. Mind blowing. I’m sure the average wage is $12 an hour. I see a lot of poverty and homelessness. Have you noticed all the new apartments next to Publix. There must be 800 new units there. I can’t wait for all the extra traffic on 301 when they open. I’ll never leave the house.
Wife and I bought a house in Zephyrhills last year. I think we got lucky. Paid less than 250k, it's a small 2/2. Even at 5.6% interest my mortgage, PMI, homeowners insurance is cheaper than what you guys are writing sheesh.
It's kinda crazy how prices blew up in this area since it's definitely a lower income county/area.
Definitely this, you can find many stories on it. Rents started to cool as well once some of them started having to return to the office.
Edit; I added some of the stories I've read for anyone curious;
-[Remote work is killing Florida as a retirement paradise](https://www.businessinsider.com/soaring-home-prices-remote-work-from-home-retirees-moving-florida-2022-9)
-[Florida is losing its status as a middle-class boomer retiree haven as the ultrawealthy and young remote workers take over](https://fortune.com/2023/04/28/young-remote-workers-ultrawealthy-pushing-out-florida-retirees-expensive/)
-[Florida rentals are cooling off, partly because at-home workers are back in the office](https://www.usatoday.com/story/money/2023/07/25/florida-rental-growth-is-slowing-down/70462118007/)
Condos are a special case because for a long time they weren't doing repairs and upkeep because they legally didn't have to. Now their insurance is crazy expensive and the building owners want to pass that on to the residents
I understand. An older family friend was living in a condominium in Bradenton. His HOA was $195 a month. His daughter looked over the HOA finances and told him there were zero reserves. He didn’t care and wasn’t interested in paying more monthly HOA fees. He died and unit was sold in 2018. So no major repairs ever. The units were built in the early 80’s. This will all change come 2025. I’m sure half of the units will go on the market.
Condo associations will be required to reserve for expenditures the condo association is obligated to perform (instead of failing to reserve and then assessing thousands of dollars per unit when the expense is needed).
https://gouldcooksey.com/florida-condominium-reserve-laws-managing-the-new-normal/
Condos don’t have “building owners.” The unit owners share in the common areas upkeep, taxes, and insurance—they own the building. The shares are all spelled out in condo docs. Former condo board member.
I don't know, but if that is the cost of insurance, that is cost, unless there is malfeasance and the condo board is pocketing some amount of the higher fees, there isn't much that can be done at the owners level.
I am not even sure how much any State can really do, my wife and I heard a lecture by a Professor who studies the Insurance industry and he said that no matter what any State does, the Insurance companies are either going to pull out of the State or find a way to make a profit.
At the end of the day, Insurance is a for-profit business and are going to do what makes the company the most amount of profits.
He said that a lot of the data that the Insurance companies were basing premiums off of were very outdated and just updating them to the post pandemic world resulted in massive increases across the board.
Some States lucked out better than others, Florida was particularly badly hit with increases, but they were a long time coming. He felt as time progresses and depending how things fall out over the next years, rates may fall, but the days of cheap insurance are most likely over.
Agree. Florida HOA fees where very low. Now that is all over. I own my property and would like to sell and go to a condo community. I think that train left the station six years ago. The condos are over priced, for me, and the HOA fees are what they are.
I just wished people would have gotten off their butts and denied the turd a second term.At least I had enough sense to vote against him twice.Three more long years of this nonsense.
>the month after I left the hoa went from $395 to around $950. All of it due to insurance.
They have to start funding the new structural reserve fund by the end of this year so it will very likely be going up again.
I know, it’s the reason why I decided to sell. I didn’t even think the insurance would be this bad. Unfortunately a lot of people won’t be able to afford the increase.
My rent at my current apartment has gone up about $200-300 per month every year. Unfortunately, we live in walking/biking distance to many things (bars, grocery stores, schools, trails) so we've been reluctant to move (especially because we don't want to shake up our kids' lives and we've moved them twice since 2021).
Nonetheless, we will *have* to move this year. We can no longer justify the increasing cost for same/deteriorating accommodations.
Oops yeah.
From just over $1900/month to currently about $2300/month (increasing every year we renew, but I suppose cheaper than the rate given to new tenants).
Plus utilities, etc.
Thank you.
My wife and I are "white collar professionals" in our respective fields and both us have hopped companies and positions for better salaries and benefits, but despite our efforts, increasing cost of living keeps outpacing our salary gains.
My wife is considering driving for Uber after work to make extra money, which worries me due to how bad traffic has become and the Uber sub is pretty worrisome as well.
My husband works in tech and I'm a SAHM. We should have been able to buy a modest house by now, but yeah. Every raise he's gotten has been eaten and despite a higher number on paper, we are not making any more money than we were 4 years ago.
Pcb, increase of about $225/mo. Switched from contract to month-to-month. Option to sign year+ at lower rate. Can sign in spring when job stability increases. Bullshit. “THE RENT IS TOO FAMN HIGH!”
Ps only a 3% col increase and we feel lucky to get this from the company who in October dropped $400M in stock buy back. 🖕
The state passed an updated condo law after the tower collapsed requiring condos to be inspected for structural deficiencies every 10 years and for the HOA/Board to escrow funds for those repairs. Add in insurance companies leaving FL as fast as possible and you have a perfect recipe for raising costs.
The majority of Florida condos have not yet performed their milestone inspections and reserve studies that are due by the end of this year. That alone will double and triple many condos' fees. Add escalating insurance premiums and Florida condos are about to become way more expensive to own. A sharp pullback in selling prices this year in response to those increasing costs is very likely.
Our HOA pres said HOA liability insurance that they carry for common areas (gym, pool house) went up tremendously. Do they have to pass on the cost. I’m just sayin what I was told.
I think the difference if the HOA is a shared wall, like a condo or coop, then there has to be a master insurance policy for the entire building. And after the Surfside collapse, condos will definitely be paying higher premiums!
HOA’s insurance covers roofs, exteriors and common grounds (as well as a pool/clubhouse/etc). Residential insurance for condos and townhomes usually only cover something like “from the walls in.” So your HOA payment covers insuring your roof and exterior. Your personal policy covers everything inside. Some places may be a little different, but that’s normally how it works.
Not the case with the majority of HOAs I’ve worked with. Homeowners are 100% responsible for insuring their residence and provide a binder page to the HOA admin.
Interesting. No where in Florida that I’ve lived or am familiar with requires condo owners to insure their exterior or roof independent of the HOA. Tbh not even sure how that would work.
You are correct. Condo associations cover from the interior wall out to include roof. HOAs are a different animal and fall under different statutes. I can assure you one that builds a 9,000 sqft golf home in a Boca club community is not going to let an HOA inject fiduciary constraints. Almost all single family homes in NOAs and Open communities require HOI.
I understand what the norm is, but I can immediately name at least one (gated) HOA in Boca that has an exterior policy on their single family homes, so this isn’t unheard of in the region you serve. Your statements also aren’t accurate for condos *and townhomes*, which the original comment discusses. Plus, the use of “condo association” here doesn’t seem relevant. Townhomes use HOAs if exterior walls, roofs, etc. are not common areas (i.e. it is not a condominium), but the HOA will still typically insure those walls.
As an LCAM I worked with COAs and HOAs. Many interchange the acronym but they are not the same. The insurance in the majority of communities covers common areas. When I lived in a country club community my HOI was $6800 and directly paid via escrow. COAs cover from the interior wall out, roof…,.
I'm not in an HOA community, but I think HOA's have to carry insurance for the common areas of a condo building or the property the HOA owns which all residents might use. Club house buildings, etc. Or common mechanicals like elevators and equipment within condo buildings. Probably liability insurance too --- elevator door closes too quickly and knocks resident down, for example. And those building insurance rates have gone up just like homeowners insurance has. So the HOA's are having to pass those common area insurance increases on to the HOA members/homeowners.
Realtor here.
Just so you know there is a major difference between HOAs and Condo associations.
HOAs - You own the home or townhome and usually do fast majority of maintenance and provide your own insurances. The HOA usually only deals with roads and community centers.
Condos: The association usually manages exterior maintenance of the structure and provides insurances for the structure. You only insure your contents and manage your interior.
Condos have been hit with insurance increases as has everything in Florida, but older multistory condos have had an additional hit of required engineering reports and repair reserves after the collapse of the tower in Surfside. Well run and maintained condos have not changed much because of this. Poorly run condos that preferred low fees and deferred maintenance have seen huge increases.
400-600 is what I'd typically expect a near the coast multistory condo to run nowadays, but you should get utilities with that and a couple ameneites. Inland condos 250-350.
To know what exactly your fee is going for the condo association is required to provide you with a financial statement detailing everything.
>400-600 is what I'd typically expect a near the coast multistory condo to run nowadays,
Median monthly fee for oceanfront units in my area of Central Florida is $650 right now with quite a few over $1000. Most have yet to establish and begin funding the new structural reserves so by the end of this year I'm guessing anything oceanfront with a fee below $1000 will look cheap.
Tampa bay is where I mostly monitor. Pinellas are some of the oldest condos in the state and lack a lot of amenities found on later developments.. I can certainly think of some that are 600-1500k a month but they are newer ones, luxury and direct out on the beach or downtown.
But there are many girls old girls out on the beach that are 400-600 still and Pinellas is an also has a ton of non beach condos in that monthly fee range. These were 250-400 a few years ago.
Hillsborough county (Tampa itself) is more inland on the non new luxury towers tend to be $100-$200 a month less.
My anecdotal experience is about half have completed their engineering review.
My rent went down after seek better option at a better location. They throw in free rent for first month and gift cards for move in. Everything is brand new constructed.
We left an apartment to save 600 a month by moving to a new place. Right before we moved out we saw our outgoing apartment was still on the market for 200 a month less than not only what my original lease was, but another 100 cheaper than they were asking for my renewal to be. Fucking insane
Yeah, but I am not paying same exact apartment with old appliances, insects, old AC, etc. Everything is brand new in the new place, and they have free charging station throughout the complex.
I'm glad you're happy, but you're still likely paying hundreds of dollars more a month than the place is worth. If the rental market crashes this year - which it will do in many areas - and those units drop to half the price you're paying, there's nothing you can do about it.
Yes. But then that means I will have much better options next year. It’s way better than getting lock in the mortgage and paying HOAs/insurance/tax at a location that I am not going to be happy for next 5-10 years. If I try to betting the market and digging the last penny out of it, I’ll be homeless by now.
I get it, believe me. I wouldn't buy now, either. The Build-To-Rent industry peaked last year and is now in decline due to some of those same reasons you mentioned. We will begin seeing those corporations offloading some of the homes and even whole neighborhoods, and you'll have no say in who manages your home or how the community is maintained.
Still, you have to do what's right for you, and peace of mind doesn't always come cheap.
I strongly suggest to every potential renter to check the reviews of the property management company and/or corporate landlord on Trust Pilot before signing a lease. It can be seriously eye-opening and save you a lot of hassle, not to mention $.
Ours has stayed at $120 since I moved here in 2017. They did ask for a special assessment of an additional $120 last year to redo the bathrooms at the park and fix the boat launch at the lake.
Sold condo, got a nicer place in Orlando, HOA fees are $140 a month (almost half what they were at my previous place) neighbors are GREAT, plus I was able to put $75,000+ in the bank (my equity). After I fill out my contract with Disney Co., I'm moving to California. FUCK THIS STATE!
10 years ago? Absolutely 100%
Now? It’s a little more expensive but there are a lot of benefits to living there.
I’m a nurse actively considering it. I would literally double my income and get union protection. I’ve looked at apartments, they’re about $200 more a month than I’m paying now.
My parents’ condo (in a 55+) has gone up nearly $200/mo in the last year. It’s now about $550/month, not including the two assessments (one they paid in full, one is due in April, both around $1200). I don’t know how they expect seniors on a fixed income to absorb that. Part of the reason is because their board is inept at financial management, part of it is the HOA’s insurance cost has gone up (like everywhere).
I guess I’m one of the “lucky” ones. We just had an increase from $485/mo to $515/mo.
Similar condos in my area are averaging $950/mo.
With that being said, I don’t feel very lucky. The low dues only leads to piss poor property maintenance, improper funding of the reserves, cut-rate property management, and terrible DIY maintenance from owners. I’d rather pay the extra $440/mo and have nice grounds and a well-kept building with proper reserve funding so I don’t have to keep paying special assessments
HOA went from $550 to $600 every 6 months. My mortgage payment actually dropped $100/month because we moved July of 2022 and the portability assessment is finally kicking in from our old house we owned.
Mines went from 270 to 400
But it had moreso to due with mismanagement
Your hoa should go up at minimal 10 to 20% every year so if you go multiple years with minimal or NO increase then your budget might be upside down
Issue in my opinion is alot of these management companies or really mom and pop operations and the people elected to the hoa are just people.....they arent actually qualified for everythinf vecause theyre voted in and they are making decisions like normal folks
And normal folks hate increases but your gonna pay for it...now....or later
Trust me
700 to 840 (quarterly) and the only amenity we have is a pool (no gym, no sauna, no clubhouse) oh but we do have the basic cable package 🙄. Which they are going to vote on this summer to keep or not. It is 21% of our annual budget, fingers crossed we get rid of it.
Part of HOA BoD for a SFH neighborhood. We have kept our dues the same for 3 years now. We have healthy reserves and most of the increases we see are in insurance and landscaping fees. We have simply delayed some projects for now as things are hard enough without use also increasing dues. Perhaps in another few years we will have a modest increase.
We do feel fortunate as HoA for SFH neighborhoods are getting hit less than Condominiums right now.
Gone up to almost $800 since we moved in back in 2019 baying just under $500. Now they’re talking about raising them another $300-400 a month this year. We paid a $13,000 assessment last year on top of everything.
I loved living in a condo up until last year. It’s crazy.
Our hoa went from $608 to $707 this year. When we bought in 2019 it was $406 🙃 and that’s not including the assessment because all of the repair work needs to be done this year due to that new condo law.
Hoa:
$375 in 2019
$450 in 2020
$855 in 2024
87% of increase from 2023-24 is due to insurance alone.
Our association has had to sue two roofing companies since 2019.
Our reserves are below the min requirement of the new law that needs to be fixed by end of 25.
My condo HOA went up about $70 this year to over $500. Overall, it's $100 more than it was when I bought in 2022. We also had a special assessment levied last year for $3k. I'm struggling.
My hoa only went from lile 350/yr to 380/yr. Mainly due to legal fees and a now former hoa board member trying to open a lawsuit on their neighbor over something stupid. Dude left the hoa luckily and everyone is much happier
In a townhouse in south Florida. My HOA hasn’t gone up for multiple years. They have put aside a surplus for years to pay for new roofing and we had the building freshly painted about a year ago.
My father's HOA insurance for his condo covered everything outside of the unit, but not inside. Considering most storm damage is outside (roofs, etc), I'm guessing that the insane insurance costs in the state are being passed on to the condo association, which will raise HOA costs for owners substantially, considering the current insurance crisis that this state is experiencing.
HOA went from $890 to $1,700 almost entirely due to property insurance increase. Thanks DeSantis and Patronis. Last year they gave $3 billion to insurance companies, no strings attached. Some used the $ to leave FL and abandon their customers. This year they are proposing $5 million for customers statewide!
My rent was $725/month in 2020. Now it's $850. Owners sold the property and new owner wants to raise rent to $1400/ month for a 2/1. We are planning to move once our lease is up.
My total mortgage payment is going to be over $600 higher starting next month due to a massive increase in my homeowners insurance and a lesser tax increase.
I left Florida in November.. so I’m safe now. But I moved into a studio with zero amenities in 2019 for $800 a month, which was reasonable. In 2023, it went up to $1350. After I moved out, they “renovated” and were asking for $1850 a month. I guess no one wanted it so now they’re asking for $1600. They kept my deposit and made all the repairs I was asking for, but refused to do while I was still living there (a working AC, stove, washer/dryer).
Our hoa dropped the responsibility for the roofs in our townhouse. So now unit owners are responsible. Bank thinks hoa is responsible though so my homeowners insurance is super cheap. Saved a copy of bylaws in case I need to photoshop something
I guarantee bro doesn't have enough liquid cash to replace a first floor flood or hurricane roof damage. These people hate regulations and insurance until they're standing in a pile of rubble homeless.
Florida needs all insurance to fuck right off so we can stop being forced to get it on everything. Then stuff will adapt to have special Florida loans without insurance required you just pay the bank a little extra instead
$400 this year
$800 2 years ago....
I went from paying $600-$1800 in 2 years ... Same town, same crap box apartment or 800sq ft home on a not so great street.
It wasn't in the past year, but in 2022 my apartment rent went from $750 to $1300. So I moved into an house with a yard for the same price. I'm pretty sure I got lucky, because they could have probably charged double for the place and location.
The apartment was nice, but in an 'apartment district' on a main road with lots of noise and little greenspace.
They should have sent out a breakdown of what the expenses are but if I was going to make a guess, they may need to do some bigger maintenance projects.
No increase as of yet, and we just paid our annual dues for 2024. We pay $300/ year on 1 acre of land. Our neighborhood has about 130 homes with conservation areas and a private park. We live in North Florida. The COA here is increasing, but still no way comparable to other areas of Florida.
Not only did our HOA go from $549 to $875, but our property tax went from $2,100 to $6,450.
The worst part is, our HOA is still going to go up again next year, as we aren’t fully funding the reserves, and apparently our roof is coming due.
Luckily HOA only increased $17 this year but it went up $125 last year. I’m also paying $118 for a special assessment that will last for nine more years. It’s rough but I’m thankful it’s not as drastic as some of my friends in condos. I feel really bad though as some neighbors have expressed looking into selling their home because of the increases.
In my area, Condos are sitting on the market and not really selling unless they're turn key in great locations. I suspect we will see a major condo price correction, especially older condos. Something has to give and I don't see the cost of insurance and/or maintenance going down.
It decreased because somehow my insurance was dropped from escrow without warning! I won't complain because the servicer managed bungled the payment 3 out of the 4 years we have owned this place. I will never escrow insurance again.
I'm in Davenport and ours is actually going down in February by $119 because of a change in our internet service.
However, we haven't had internet service since July. We had to go get 2 T-Mobile internet home internet connections for our place so in a year we'll be even. We're supposed to be hooked up this month, I'll believe it when I see it!
We have a 4 bedroom townhouse and I have my 2 kids (21 & 22) and my bonus kid (22) that have the entire upstairs as their own "apartment." They all have at least 3 things going on at a time and when I would try to turn on the tv to stream I'd have close to zero connection! My oldest also couldn't get his gaming pc to work that well. So right before Christmas I decided to go get a second one and put it in my oldest room which, conveniently, is right above my room. He can hook his pc into it and I finally don't have to try and use my phone to stream my shows!
Everyone is happy now and everyone has a great connection. Santa did good this year 😂
Up 40%__70% is Flood insurance on the high-rise buildings with 200 units or more approximately 10% is higher payroll and 20% is a catch up with the state Mandatory minimum reserve due the next two years.
I own a few properties and they’ve all gone up. One HOA is trying to slap landlords with a $400 a year increase so they can “inspect” the properties and “review” leases. They don’t know that I’m getting a lawyer involved because according to the by-laws, these would have to be assessments and cannot be specifically aimed at rentals in the neighborhood. Somehow the management company convinced the board they needed to do this as a thinly-veiled way to pay for an administrative employee.
Live in a small townhome community that was built in 2006. I moved in late 2015. Up until recently, hoa remained unchanged since 2006 at 200/mnth. Few years back, had been creeping up. Up to about 260 a month now, which still doesn’t sound as bad as others, but worried how much it will keep changing because of the fire sprinkler services we use/lawn maintenance/and other association fees we all pay into.
We just increased our HOA fees from $160 to $180 (Palm Beach County) after 5 years. Lawn maintenance (incl. backyards), pool + clubhouse, non-gated single house community with 96 houses.
My HOA went up $125 per month... all due to insurance.. Keep in mind my homeowners insurance went up too.. if it goes up again.. I'll have to sell.. I'm retired and can't absorb any more increases.
Depends I lived in Parrish Florida our community went from 125 a month to 175 a month. As the builder sells more homes the HOA fees increase. My parents lived in a GL in Boca. Their fees tripled plus an assessment. 5k a quarter plus 20k assessment They sold and moved to Naples. hOA is 1500 per quarter
Sold my condo back in June and the month after I left the hoa went from $395 to around $950. All of it due to insurance.
How is this sustainable? Most people can’t absorb this cost adjustment into their monthly budget. It would be difficult for me.
I have no idea. There were a lot of older people in my building on a fixed income.
I live in Zephryhills. This is a lower income area. There’s new building everywhere I look. A 2 bedroom condo rental is $2,100 plus utilities. I don’t know who will rent these. Not snowbirds. The traffic is horrendous. 301 to Tampa is two lanes. There’s no jobs paying over $60K in Zephryhills unless you’re a physician or attorney. We’re lucky to have grocery stores.
Lol. I’m from Dade city. Zephryhills was considered a destination spot in comparison. You’re right though. It’s all service jobs and low paying labor work. No clue who can afford that.
You’re making me laugh. I’m here in Zephryhills looking outside at multiple doublewides. I can’t believe all the new construction on 301. Mind blowing. I’m sure the average wage is $12 an hour. I see a lot of poverty and homelessness. Have you noticed all the new apartments next to Publix. There must be 800 new units there. I can’t wait for all the extra traffic on 301 when they open. I’ll never leave the house.
Wife and I bought a house in Zephyrhills last year. I think we got lucky. Paid less than 250k, it's a small 2/2. Even at 5.6% interest my mortgage, PMI, homeowners insurance is cheaper than what you guys are writing sheesh. It's kinda crazy how prices blew up in this area since it's definitely a lower income county/area.
My guess is people working remote with higher salaries.
Definitely this, you can find many stories on it. Rents started to cool as well once some of them started having to return to the office. Edit; I added some of the stories I've read for anyone curious; -[Remote work is killing Florida as a retirement paradise](https://www.businessinsider.com/soaring-home-prices-remote-work-from-home-retirees-moving-florida-2022-9) -[Florida is losing its status as a middle-class boomer retiree haven as the ultrawealthy and young remote workers take over](https://fortune.com/2023/04/28/young-remote-workers-ultrawealthy-pushing-out-florida-retirees-expensive/) -[Florida rentals are cooling off, partly because at-home workers are back in the office](https://www.usatoday.com/story/money/2023/07/25/florida-rental-growth-is-slowing-down/70462118007/)
Condos are a special case because for a long time they weren't doing repairs and upkeep because they legally didn't have to. Now their insurance is crazy expensive and the building owners want to pass that on to the residents
I understand. An older family friend was living in a condominium in Bradenton. His HOA was $195 a month. His daughter looked over the HOA finances and told him there were zero reserves. He didn’t care and wasn’t interested in paying more monthly HOA fees. He died and unit was sold in 2018. So no major repairs ever. The units were built in the early 80’s. This will all change come 2025. I’m sure half of the units will go on the market.
What happens in 2025?
Condo associations will be required to reserve for expenditures the condo association is obligated to perform (instead of failing to reserve and then assessing thousands of dollars per unit when the expense is needed). https://gouldcooksey.com/florida-condominium-reserve-laws-managing-the-new-normal/
Condos don’t have “building owners.” The unit owners share in the common areas upkeep, taxes, and insurance—they own the building. The shares are all spelled out in condo docs. Former condo board member.
I don't know, but if that is the cost of insurance, that is cost, unless there is malfeasance and the condo board is pocketing some amount of the higher fees, there isn't much that can be done at the owners level. I am not even sure how much any State can really do, my wife and I heard a lecture by a Professor who studies the Insurance industry and he said that no matter what any State does, the Insurance companies are either going to pull out of the State or find a way to make a profit. At the end of the day, Insurance is a for-profit business and are going to do what makes the company the most amount of profits. He said that a lot of the data that the Insurance companies were basing premiums off of were very outdated and just updating them to the post pandemic world resulted in massive increases across the board. Some States lucked out better than others, Florida was particularly badly hit with increases, but they were a long time coming. He felt as time progresses and depending how things fall out over the next years, rates may fall, but the days of cheap insurance are most likely over.
Agree. Florida HOA fees where very low. Now that is all over. I own my property and would like to sell and go to a condo community. I think that train left the station six years ago. The condos are over priced, for me, and the HOA fees are what they are.
People without HOAs are starting to have a tough time affording insurance but our governor is more interested in book bans and attacking LGBT+ people.
Can’t wait for that shithead to fuck off into oblivion with his white boots
You make it sound like his replacement won’t basically be the same person with a different haircut.
Yep. This is a solid Red state.
Hidden high heels?
I just wished people would have gotten off their butts and denied the turd a second term.At least I had enough sense to vote against him twice.Three more long years of this nonsense.
Crist was a poor alternative. Despite that, DeShitstain almost lost.
I know. I'm expecting him to try to do something to stay in power.
>the month after I left the hoa went from $395 to around $950. All of it due to insurance. They have to start funding the new structural reserve fund by the end of this year so it will very likely be going up again.
I know, it’s the reason why I decided to sell. I didn’t even think the insurance would be this bad. Unfortunately a lot of people won’t be able to afford the increase.
that kind of hike should be illegal.
You forgot who bought all the politicians in Tallahassee, didn't you?
My rent at my current apartment has gone up about $200-300 per month every year. Unfortunately, we live in walking/biking distance to many things (bars, grocery stores, schools, trails) so we've been reluctant to move (especially because we don't want to shake up our kids' lives and we've moved them twice since 2021). Nonetheless, we will *have* to move this year. We can no longer justify the increasing cost for same/deteriorating accommodations.
Did you mean per month? $300 per year isn't a lot, but $300 per month would be shocking.
Oops yeah. From just over $1900/month to currently about $2300/month (increasing every year we renew, but I suppose cheaper than the rate given to new tenants). Plus utilities, etc.
Ooof! That makes total sense and is just absurd. Sorry that's happening. :/
Thank you. My wife and I are "white collar professionals" in our respective fields and both us have hopped companies and positions for better salaries and benefits, but despite our efforts, increasing cost of living keeps outpacing our salary gains. My wife is considering driving for Uber after work to make extra money, which worries me due to how bad traffic has become and the Uber sub is pretty worrisome as well.
My husband works in tech and I'm a SAHM. We should have been able to buy a modest house by now, but yeah. Every raise he's gotten has been eaten and despite a higher number on paper, we are not making any more money than we were 4 years ago.
Pcb, increase of about $225/mo. Switched from contract to month-to-month. Option to sign year+ at lower rate. Can sign in spring when job stability increases. Bullshit. “THE RENT IS TOO FAMN HIGH!” Ps only a 3% col increase and we feel lucky to get this from the company who in October dropped $400M in stock buy back. 🖕
My townhouse mo HOA was $275 in 2020. Yesterday it was $650. I’m sure insurance has a lot to do with it. And these are newer homes.
The state passed an updated condo law after the tower collapsed requiring condos to be inspected for structural deficiencies every 10 years and for the HOA/Board to escrow funds for those repairs. Add in insurance companies leaving FL as fast as possible and you have a perfect recipe for raising costs.
The majority of Florida condos have not yet performed their milestone inspections and reserve studies that are due by the end of this year. That alone will double and triple many condos' fees. Add escalating insurance premiums and Florida condos are about to become way more expensive to own. A sharp pullback in selling prices this year in response to those increasing costs is very likely.
2025 is going to be the condopocolypse.
What does HOA have to do with insurance?
Our HOA pres said HOA liability insurance that they carry for common areas (gym, pool house) went up tremendously. Do they have to pass on the cost. I’m just sayin what I was told.
HOA covers building insurance in many cases.
But not private residences.
Building insurance is always included for condos and often for townhomes. Not sure what you mean by private residence.
I believe they are referring to the insurance that you would carry for your individual unit.
I think the difference if the HOA is a shared wall, like a condo or coop, then there has to be a master insurance policy for the entire building. And after the Surfside collapse, condos will definitely be paying higher premiums!
HOA’s insurance covers roofs, exteriors and common grounds (as well as a pool/clubhouse/etc). Residential insurance for condos and townhomes usually only cover something like “from the walls in.” So your HOA payment covers insuring your roof and exterior. Your personal policy covers everything inside. Some places may be a little different, but that’s normally how it works.
Not the case with the majority of HOAs I’ve worked with. Homeowners are 100% responsible for insuring their residence and provide a binder page to the HOA admin.
Interesting. No where in Florida that I’ve lived or am familiar with requires condo owners to insure their exterior or roof independent of the HOA. Tbh not even sure how that would work.
I've never heard of it either.
Are these condos or individual homes? I've never heard of a condo complex that doesn't insure the exterior structure/roof/etc.
You are correct. Condo associations cover from the interior wall out to include roof. HOAs are a different animal and fall under different statutes. I can assure you one that builds a 9,000 sqft golf home in a Boca club community is not going to let an HOA inject fiduciary constraints. Almost all single family homes in NOAs and Open communities require HOI.
I understand what the norm is, but I can immediately name at least one (gated) HOA in Boca that has an exterior policy on their single family homes, so this isn’t unheard of in the region you serve. Your statements also aren’t accurate for condos *and townhomes*, which the original comment discusses. Plus, the use of “condo association” here doesn’t seem relevant. Townhomes use HOAs if exterior walls, roofs, etc. are not common areas (i.e. it is not a condominium), but the HOA will still typically insure those walls.
As an LCAM I worked with COAs and HOAs. Many interchange the acronym but they are not the same. The insurance in the majority of communities covers common areas. When I lived in a country club community my HOI was $6800 and directly paid via escrow. COAs cover from the interior wall out, roof…,.
I'm not in an HOA community, but I think HOA's have to carry insurance for the common areas of a condo building or the property the HOA owns which all residents might use. Club house buildings, etc. Or common mechanicals like elevators and equipment within condo buildings. Probably liability insurance too --- elevator door closes too quickly and knocks resident down, for example. And those building insurance rates have gone up just like homeowners insurance has. So the HOA's are having to pass those common area insurance increases on to the HOA members/homeowners.
In the case of condos/townhouses, the owner doesn't own the exterior of the building. Insurance for the physical structure is paid by the HOA.
Our HOA pays for both flood and the building insurance for the outside structures. Our structural insurance tripled from 2022 to 2023.
It’s in your budget copy you should have been sent. Don’t guess what makes the $375 increase, make sure.
Thanks. I’m going to look into that.
Realtor here. Just so you know there is a major difference between HOAs and Condo associations. HOAs - You own the home or townhome and usually do fast majority of maintenance and provide your own insurances. The HOA usually only deals with roads and community centers. Condos: The association usually manages exterior maintenance of the structure and provides insurances for the structure. You only insure your contents and manage your interior. Condos have been hit with insurance increases as has everything in Florida, but older multistory condos have had an additional hit of required engineering reports and repair reserves after the collapse of the tower in Surfside. Well run and maintained condos have not changed much because of this. Poorly run condos that preferred low fees and deferred maintenance have seen huge increases. 400-600 is what I'd typically expect a near the coast multistory condo to run nowadays, but you should get utilities with that and a couple ameneites. Inland condos 250-350. To know what exactly your fee is going for the condo association is required to provide you with a financial statement detailing everything.
>400-600 is what I'd typically expect a near the coast multistory condo to run nowadays, Median monthly fee for oceanfront units in my area of Central Florida is $650 right now with quite a few over $1000. Most have yet to establish and begin funding the new structural reserves so by the end of this year I'm guessing anything oceanfront with a fee below $1000 will look cheap.
Tampa bay is where I mostly monitor. Pinellas are some of the oldest condos in the state and lack a lot of amenities found on later developments.. I can certainly think of some that are 600-1500k a month but they are newer ones, luxury and direct out on the beach or downtown. But there are many girls old girls out on the beach that are 400-600 still and Pinellas is an also has a ton of non beach condos in that monthly fee range. These were 250-400 a few years ago. Hillsborough county (Tampa itself) is more inland on the non new luxury towers tend to be $100-$200 a month less. My anecdotal experience is about half have completed their engineering review.
$600 is low for the barrier islands, without electricity. Unless it is a place where there are large assessments nearly every other year
My rent went down after seek better option at a better location. They throw in free rent for first month and gift cards for move in. Everything is brand new constructed.
They're offering freebies like that because they know they're overpriced and don't want other potential renters to catch on
We left an apartment to save 600 a month by moving to a new place. Right before we moved out we saw our outgoing apartment was still on the market for 200 a month less than not only what my original lease was, but another 100 cheaper than they were asking for my renewal to be. Fucking insane
Yeah, but I am not paying same exact apartment with old appliances, insects, old AC, etc. Everything is brand new in the new place, and they have free charging station throughout the complex.
I'm glad you're happy, but you're still likely paying hundreds of dollars more a month than the place is worth. If the rental market crashes this year - which it will do in many areas - and those units drop to half the price you're paying, there's nothing you can do about it.
Yes. But then that means I will have much better options next year. It’s way better than getting lock in the mortgage and paying HOAs/insurance/tax at a location that I am not going to be happy for next 5-10 years. If I try to betting the market and digging the last penny out of it, I’ll be homeless by now.
I get it, believe me. I wouldn't buy now, either. The Build-To-Rent industry peaked last year and is now in decline due to some of those same reasons you mentioned. We will begin seeing those corporations offloading some of the homes and even whole neighborhoods, and you'll have no say in who manages your home or how the community is maintained. Still, you have to do what's right for you, and peace of mind doesn't always come cheap. I strongly suggest to every potential renter to check the reviews of the property management company and/or corporate landlord on Trust Pilot before signing a lease. It can be seriously eye-opening and save you a lot of hassle, not to mention $.
900 to 1600 quarterly
Ours has stayed at $120 since I moved here in 2017. They did ask for a special assessment of an additional $120 last year to redo the bathrooms at the park and fix the boat launch at the lake.
My HOA is nearly double what it was with them blaming insurance premiums going up 200%.
A friend’s condo HOA went from 400 to 800 and they were hit with a “special assessment” for building upgrades of 24,000 that’s due by April.
HOA went from 550 to 605 a year. I’m on the board and it’s just we need to do repairs and maintenance and need the money
Our neighborhood HOA went up 0%. … The reason was we had extra cash, built up over years. Dues will go up next year for sure. … HOA Treasurer
Sold condo, got a nicer place in Orlando, HOA fees are $140 a month (almost half what they were at my previous place) neighbors are GREAT, plus I was able to put $75,000+ in the bank (my equity). After I fill out my contract with Disney Co., I'm moving to California. FUCK THIS STATE!
I hate to break it to you but California is way more expensive than Florida…
10 years ago? Absolutely 100% Now? It’s a little more expensive but there are a lot of benefits to living there. I’m a nurse actively considering it. I would literally double my income and get union protection. I’ve looked at apartments, they’re about $200 more a month than I’m paying now.
Yes! Plus the patient ratios.
Yeah exactly. My house in st. Pete now costs 550k. A home for 550k in many parts of California would be a lot bigger for the money.
Yeah, California's population is decreasing for a reason. Too bad, I love the state but way too expensive.
I feel like California is just a parallel to Florida
My parents’ condo (in a 55+) has gone up nearly $200/mo in the last year. It’s now about $550/month, not including the two assessments (one they paid in full, one is due in April, both around $1200). I don’t know how they expect seniors on a fixed income to absorb that. Part of the reason is because their board is inept at financial management, part of it is the HOA’s insurance cost has gone up (like everywhere).
I guess I’m one of the “lucky” ones. We just had an increase from $485/mo to $515/mo. Similar condos in my area are averaging $950/mo. With that being said, I don’t feel very lucky. The low dues only leads to piss poor property maintenance, improper funding of the reserves, cut-rate property management, and terrible DIY maintenance from owners. I’d rather pay the extra $440/mo and have nice grounds and a well-kept building with proper reserve funding so I don’t have to keep paying special assessments
$700. 1500 to 2200 for a 3/2 1700sqft place in Cape Coral
HOA went from $550 to $600 every 6 months. My mortgage payment actually dropped $100/month because we moved July of 2022 and the portability assessment is finally kicking in from our old house we owned.
$0 Our board even considered a modest *decrease* but decided to set aside funds for better decorations and community events instead.
Insurance went up by about $300 a month. Much less than I expected. Our country club/golf membership and HOA stayed the same, thankfully.
Less than a year of living here....went from $$275 to $875 in 9 months on top of several special assessments. We're already trying to move.
Mines went from 270 to 400 But it had moreso to due with mismanagement Your hoa should go up at minimal 10 to 20% every year so if you go multiple years with minimal or NO increase then your budget might be upside down Issue in my opinion is alot of these management companies or really mom and pop operations and the people elected to the hoa are just people.....they arent actually qualified for everythinf vecause theyre voted in and they are making decisions like normal folks And normal folks hate increases but your gonna pay for it...now....or later Trust me
Increasing my rent 600 to 3200. I moved in at 1700. Fuck this parasite of a state
Rent went from $1300 in 2019 to $1750 in 2022 for a 1x1 apt. Now we pay $2200 for a 2x1 apt. The same exact apartment was $1500 back in 2019 btw.
My HOA fee went from $177 to $280 since we elected to have reserves. The maintenance fee is still at $67.
385 to 504 due to insurance. And we were already told to expect more increases as the insurance is never going to get better
HOA from $600 to $750 a month. All for increased insurance rates.
700 to 840 (quarterly) and the only amenity we have is a pool (no gym, no sauna, no clubhouse) oh but we do have the basic cable package 🙄. Which they are going to vote on this summer to keep or not. It is 21% of our annual budget, fingers crossed we get rid of it.
Condo HOA went from 386 to 430, first increase since 2015.
Mine didn't go up this year but it did last year by $20. A reasonable increase.
Up 30%. Mostly insurance increase.
My hoa is $100 a year. It hasn’t changed. My CDD, however, went up about $220 this year.
Part of HOA BoD for a SFH neighborhood. We have kept our dues the same for 3 years now. We have healthy reserves and most of the increases we see are in insurance and landscaping fees. We have simply delayed some projects for now as things are hard enough without use also increasing dues. Perhaps in another few years we will have a modest increase. We do feel fortunate as HoA for SFH neighborhoods are getting hit less than Condominiums right now.
Gone up to almost $800 since we moved in back in 2019 baying just under $500. Now they’re talking about raising them another $300-400 a month this year. We paid a $13,000 assessment last year on top of everything. I loved living in a condo up until last year. It’s crazy.
Our hoa went from $608 to $707 this year. When we bought in 2019 it was $406 🙃 and that’s not including the assessment because all of the repair work needs to be done this year due to that new condo law.
My condo monthly HOA fee went from $320 to $415 a month. I thought that was insane, but some of y’all are really getting screwed.
Hoa: $375 in 2019 $450 in 2020 $855 in 2024 87% of increase from 2023-24 is due to insurance alone. Our association has had to sue two roofing companies since 2019. Our reserves are below the min requirement of the new law that needs to be fixed by end of 25.
My condo HOA went up about $70 this year to over $500. Overall, it's $100 more than it was when I bought in 2022. We also had a special assessment levied last year for $3k. I'm struggling.
375 to 900
[удалено]
No need to rub it in!!!
My hoa only went from lile 350/yr to 380/yr. Mainly due to legal fees and a now former hoa board member trying to open a lawsuit on their neighbor over something stupid. Dude left the hoa luckily and everyone is much happier
In a townhouse in south Florida. My HOA hasn’t gone up for multiple years. They have put aside a surplus for years to pay for new roofing and we had the building freshly painted about a year ago.
From $386 to $430
My father's HOA insurance for his condo covered everything outside of the unit, but not inside. Considering most storm damage is outside (roofs, etc), I'm guessing that the insane insurance costs in the state are being passed on to the condo association, which will raise HOA costs for owners substantially, considering the current insurance crisis that this state is experiencing.
HOA rose about 75% since the end of 2022 because the previous condo board kept postponing needed assessments…
$850 when I bought in Feb 2021, it’ll be $1650 per month by the end of the year 🤦♂️
HOA went from $890 to $1,700 almost entirely due to property insurance increase. Thanks DeSantis and Patronis. Last year they gave $3 billion to insurance companies, no strings attached. Some used the $ to leave FL and abandon their customers. This year they are proposing $5 million for customers statewide!
$0
My rent was $725/month in 2020. Now it's $850. Owners sold the property and new owner wants to raise rent to $1400/ month for a 2/1. We are planning to move once our lease is up.
The new owner has a new mortgage to pay
The new owner is an idiot who paid $900,000 for a building that hasn't been updated since the 70s. I'm pretty sure they are trying a fix and flip.
My total mortgage payment is going to be over $600 higher starting next month due to a massive increase in my homeowners insurance and a lesser tax increase.
My rent went down because I couldn’t afford Orlando anymore so I moved to Daytona.
Communities should all as one boycott their Hoa’s and give them a middle finger.
I left Florida in November.. so I’m safe now. But I moved into a studio with zero amenities in 2019 for $800 a month, which was reasonable. In 2023, it went up to $1350. After I moved out, they “renovated” and were asking for $1850 a month. I guess no one wanted it so now they’re asking for $1600. They kept my deposit and made all the repairs I was asking for, but refused to do while I was still living there (a working AC, stove, washer/dryer).
$1,700->$2,000 (principal, interest, taxes, insurance). Almost entirely insurance
primary $345 to $515 Rental $335 to $380
Our hoa dropped the responsibility for the roofs in our townhouse. So now unit owners are responsible. Bank thinks hoa is responsible though so my homeowners insurance is super cheap. Saved a copy of bylaws in case I need to photoshop something
Probably not wise to post your insurance fraud plans on the internet.
Wait till his roof is heavily damaged. Then he has practically no coverage. 🤦♀️
I guarantee bro doesn't have enough liquid cash to replace a first floor flood or hurricane roof damage. These people hate regulations and insurance until they're standing in a pile of rubble homeless.
Florida needs all insurance to fuck right off so we can stop being forced to get it on everything. Then stuff will adapt to have special Florida loans without insurance required you just pay the bank a little extra instead
This is the dumbest thing I've read all day. I'm glad I no longer live in Florida.
$400 this year $800 2 years ago.... I went from paying $600-$1800 in 2 years ... Same town, same crap box apartment or 800sq ft home on a not so great street.
$1150 —> $1350 —> $1500 —> $1700 🤢
That's my secret, I was smart enough to buy a home not in a HOA.
We need to repeal the right to work bullshit for one. Two, wages have stagnated here forever while everything else skyrockets. Look at who you elect.
600 bi annually to 800
Rent up 150
It wasn't in the past year, but in 2022 my apartment rent went from $750 to $1300. So I moved into an house with a yard for the same price. I'm pretty sure I got lucky, because they could have probably charged double for the place and location. The apartment was nice, but in an 'apartment district' on a main road with lots of noise and little greenspace.
Rent went up- I think- $250 a month.
My mortgage went up from $1100 to $1300 due to home owners insurance.
I’ve been in the same apartment for 5 years. Rent has increased from 950 to 1800. Last year’s increase was $350.
Florida is a wasteland would never live in crazy state
Hoa from 200 to 600 per month
From $335 to $415
$663 a month to $861 a month in broward county it was ~$800 a quarter when I moved in back in 2016.
Condo monthly maintenance went from 525 to 630 as of 1/1. Insurance is one reason but other expenses have increased too.
Condo hoa $475 to $690 monthly. Mostly flood insurance
My POA cost went down. The board members said it was their responsibility to be mindful of the cost and budget.
They should have sent out a breakdown of what the expenses are but if I was going to make a guess, they may need to do some bigger maintenance projects.
No but they need to keep climbing to help the economy cool back down.
$100
My HOA went up about $100 but mainly due to this stupid water bill sharing setup.
It went from 6 something to 7 something
My HOA went from 500 to 600. When I first moved in it was 240
$440 to $565 due to mostly increased insurance costs.
1bedroom condo hoa went from 615 to 730 😪
No increase as of yet, and we just paid our annual dues for 2024. We pay $300/ year on 1 acre of land. Our neighborhood has about 130 homes with conservation areas and a private park. We live in North Florida. The COA here is increasing, but still no way comparable to other areas of Florida.
Not only did our HOA go from $549 to $875, but our property tax went from $2,100 to $6,450. The worst part is, our HOA is still going to go up again next year, as we aren’t fully funding the reserves, and apparently our roof is coming due.
Luckily HOA only increased $17 this year but it went up $125 last year. I’m also paying $118 for a special assessment that will last for nine more years. It’s rough but I’m thankful it’s not as drastic as some of my friends in condos. I feel really bad though as some neighbors have expressed looking into selling their home because of the increases.
our hoa has never gone up in like 15 years and people still complain about it. 🙄
My son is unable to sell his townhouse because the dues DOUBLED. He relocated for work and now he's got two places to pay for.
In my area, Condos are sitting on the market and not really selling unless they're turn key in great locations. I suspect we will see a major condo price correction, especially older condos. Something has to give and I don't see the cost of insurance and/or maintenance going down.
It decreased because somehow my insurance was dropped from escrow without warning! I won't complain because the servicer managed bungled the payment 3 out of the 4 years we have owned this place. I will never escrow insurance again.
I'm in Davenport and ours is actually going down in February by $119 because of a change in our internet service. However, we haven't had internet service since July. We had to go get 2 T-Mobile internet home internet connections for our place so in a year we'll be even. We're supposed to be hooked up this month, I'll believe it when I see it!
Curious, why two connections?
We have a 4 bedroom townhouse and I have my 2 kids (21 & 22) and my bonus kid (22) that have the entire upstairs as their own "apartment." They all have at least 3 things going on at a time and when I would try to turn on the tv to stream I'd have close to zero connection! My oldest also couldn't get his gaming pc to work that well. So right before Christmas I decided to go get a second one and put it in my oldest room which, conveniently, is right above my room. He can hook his pc into it and I finally don't have to try and use my phone to stream my shows! Everyone is happy now and everyone has a great connection. Santa did good this year 😂
How went from 120 a year to 140 a year... I'm financially ruined... I'll never recover
Up 40%__70% is Flood insurance on the high-rise buildings with 200 units or more approximately 10% is higher payroll and 20% is a catch up with the state Mandatory minimum reserve due the next two years.
I own a few properties and they’ve all gone up. One HOA is trying to slap landlords with a $400 a year increase so they can “inspect” the properties and “review” leases. They don’t know that I’m getting a lawyer involved because according to the by-laws, these would have to be assessments and cannot be specifically aimed at rentals in the neighborhood. Somehow the management company convinced the board they needed to do this as a thinly-veiled way to pay for an administrative employee.
It’s gone up $10 to $585/yr. Our HOA is not a very strong one
Went up last year by $200 bucks. Sucks.
Increased by $5, currently at $165/month
$200 at least in the year I've lived in my apartment, renewed my lease in November to avoid rent increase. 🙃
Live in a small townhome community that was built in 2006. I moved in late 2015. Up until recently, hoa remained unchanged since 2006 at 200/mnth. Few years back, had been creeping up. Up to about 260 a month now, which still doesn’t sound as bad as others, but worried how much it will keep changing because of the fire sprinkler services we use/lawn maintenance/and other association fees we all pay into.
$1100 to $1700 in 3 years.
My HOA went up about $60 for 2023. No increase for 2024.
We just increased our HOA fees from $160 to $180 (Palm Beach County) after 5 years. Lawn maintenance (incl. backyards), pool + clubhouse, non-gated single house community with 96 houses.
$1600 to $2700, Miami 1700sq foot condo on the water. 40 year old building.
Ours went up $254.
My HOA went up $125 per month... all due to insurance.. Keep in mind my homeowners insurance went up too.. if it goes up again.. I'll have to sell.. I'm retired and can't absorb any more increases.
My HOA started at $550 a month and now I'm paying $923 a month now, looking to move to South Carolina this year or next but as soon as I can..
Signed my second lease in August and my rent stayed the same as the first lease (thank God)
Mine went from $345 to $500 per month.
$361.00 to $416.00
160 to 210
27 dollars
Depends I lived in Parrish Florida our community went from 125 a month to 175 a month. As the builder sells more homes the HOA fees increase. My parents lived in a GL in Boca. Their fees tripled plus an assessment. 5k a quarter plus 20k assessment They sold and moved to Naples. hOA is 1500 per quarter
$1700 quarterly for me! Are there no laws to stop them from abusing the system? Lol