Single-family rentals on the rise in South Florida Single-family rentals on the rise in South Florida

Single-family rentals on the rise in South Florida

Monday, October 24, 2016

Investing in South Florida real estate market is always a good idea because this market has proven to be stable even during the real estate market crisis. Of course, this real estate market just like the markets around the US is changing. So, it doesn’t really matter whether you are interested in buying or renting property in this part of Florida, you should always follow the latest trends and statistics in order to be sure that you are making the right choice. According to many sources, single-family rentals are on the rise in South Florida and this is definitely something that real estate investors can take advantage of.

It turns out that sale prices for new and existing homes in South Florida have increased in the last two years. There are two reasons for this growth. First of all, the population of Florida is growing. Namely, many people from other states are moving to South Florida and this trend is followed by people from other countries too. Second, both international and domestic real estate investors are showing great interest in every type of property found in South Florida.

Yet, the latest news has confirmed that single-family rentals are on the rise in South Florida. This one unit dwelling building comes with open space plan and it is not attached to any other building. Both landlords and tenants are getting benefits from this kind of properties and deals.

First of all, the landlord has significantly fewer expenses because the tenants must take care of all utilities and take care of the yard. Furthermore, according to some surveys, tenants usually stay longer in single family homes due to their specific phase in their lives (parents with small children). Next, investors can sell single-family homes at a retail price. On the other hand, multi-family homes are usually bought by other investors which mean that you will have to wait for a longer period of time. Let’s not forget that single-family homes have lower property taxes in South Florida. With single-family homes, it is very likely that you won’t have to furnish appliances. Finally, the buyer base (in case you want to sell the property) is much broader.

On the other hand, tenants are glad that they have the chance to live in a home that meets all their requirements. These homes the right amount of space they need and the monthly rent is reasonable.

As we already said, there is a growing demand for this type of homes and it is expected that this trend will continue due to few different reasons. First of all, the demographics in this part of America and everywhere in the US is not expected to change drastically in the near future. Second, job creation in South Florida is improving which is why so many people are interested in rental properties in general. Finally, we should point out that there is limited supply when it comes to this type of property.

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