For Rent signs rise in Charlotte County as market shifts

Across Charlotte County, For Rent signs have been appearing more frequently as homeowners adjust to a cooling real estate market, according to local Realtors. 

Cindy Marsh-Tichy, president of Realtors of Punta Gorda-Port Charlotte-North Port-DeSoto Inc., said many sellers are pulling their homes off the sales market and offering them as rentals until prices rebound. 

At one point, investors were coming into the county and buying up houses that they turned into rentals, Marsh-Tichy said. But some communities now have restrictions that require a landlord to have resided in the home for a certain period before renting. 

Leaving homes vacant comes with its own risks, Marsh-Tichy added. Properties left empty can be vulnerable to flooding or break-ins, and owners are often required to carry specialized vacant-home insurance policies. Renting helps avoid those issues while still protecting the investment. 

The shift is fueled by what Realtors call “post-pandemic conditions.” Libbie Scherer, property manager for Five Star Realty, said many people who relocated to Florida during the pandemic — either buying or renting homes — have since returned to their northern states and in-office jobs, leaving behind a wave of available properties. 

During the pandemic, people with second homes were converting them into Airbnbs. Later, they found it was more practical to offer the house or condo as a seasonal or annual rental rather than deal with short-term turnarounds. 

The surge in rental inventory has kept Scherer’s office busier than ever. “It’s the busiest I’ve been in 17 years,” she said. 

Carla Nix of the Nix Team at Sunstar Realty noted that the market has clearly tilted toward buyers, though a shift could come if sales strengthen later this year. 

Real estate professionals generally agree that six months of inventory represents the tipping point. Anything higher creates a buyer’s market, while anything lower favors sellers. 

Nix said, with interest rates being reduced — and more cuts expected by the end of 2025 — she's already starting to see buyers emerge. 

A quiet hurricane season could further encourage buying activity, especially with statewide talk of potential property tax abatements. 

Recent sales data also reflects subtle shifts. According to the Realtors Association, sellers of single-family homes in August received 91.1% of their listing price, up slightly from 90.5% in July. Inventory tightened to 7.1 months compared with 7.5 in July, and the median sale price held steady at $345,000. Homes also sold more quickly, with a median time to sale of 112 days compared with 124 in July. 

Condo and townhome sellers faced more pressure. In August, they received 86.7% of their listing price, down from 88.7% in July. The median sale price fell to $182,500, compared with $232,000 a month earlier. Still, properties moved faster, with a median time to sale of 114 days, down from 134 in July, and inventory decreased to 9.9 months from 11.1.