Gone are the days when Florida was just a tourist destination. In addition to being a popular tourist destination, Florida is also a haven for people looking for a safe property investment or new homes. Many people prefer it as their retirement destination, while others want to move here to improve their quality of life.
If you are interested in buying property
here for living or renting purposes, read on to know the best Florida rental
markets for property investment.
1.
Old Town, Dixie County
The traditional rental income in this
coastal unincorporated community is $1,395, and the Traditional Cash on Cash
Return is 5.71%. The Price to Rent Ratio is 14 (medium), and the Median
Property Price is $231,709. The Average Price per Square Foot is $177. As the
population density is low, this place is fairly quiet and good for investment.
2.
Suwannee, Dixie County
With a traditional Rental Income of $1,373,
Traditional Cash on Cash Return of 5.46%, and Price to Rent Ratio of 24 (high),
this unincorporated community is right for investment. The Median Property
Price is $392,445, and the Average Price per Square Foot is $294. This fishing
village offers an excellent investment opportunity.
3.
Florahome, Putnam County
Another unincorporated community, this
place has a Traditional Rental Income of $1,614, Traditional Cash on Cash
Return of 5.03%, and Price to Rent Ratio of 12 (medium). It also has a median
Property Price of $235,980, and the Average Price per Square Foot is around
$132. It is the right place to own rental property as it has a decent cash-on-cash
return.
Other Options
Some other Florida rental markets for
property investment options you need to consider are:
·
Margate, Broward County
·
South Palm Beach, Palm Beach
County
·
Jacksonville
·
Orlando
·
Ocala
·
Palm Bay
·
Palm Coast
·
Tampa
·
St. Augustine
Why are People Moving to Florida?
When scouting Florida rental markets for
property investment, you should also know why more and more people are moving
to this state. Here are the top reasons we think are important.
Ø Decent Population Growth
The population growth in the state is
decent. It has gained over 2.7 million new residents since 2010. Now, the state
is the third most populous after California and Texas. It is a home for more
than 21 million people. Over the next few years, the state is expected to gain
over 800 new residents per day.
Ø Business Friendly
Florida is a good option for business
owners as the government is quite business-friendly. It also attracts new
high-wage jobs for workers capable of competing on a global scale.
Ø Rising Home Sales
Home sales and prices are soaring in the
state. The inventory is going down, but the number of buyers willing to pay in
cash for single-family homes has increased quickly. Every metropolitan area in
the state saw home prices rise by double digits in Q3 of 2021.
Ø Strong Renters’ Market
Rents in some areas have risen by as high
as 24% thanks to the constant incoming of newcomers. New migrations are
allowing property owners to increase the rents to lavish levels. The thriving
job market of the state is the key reason many people are migrating from the Northeast
and West Coast. Lack of state income taxes and sunshine are two other reasons
for the increased levels of migration.
Ø Quality of life
The state offers an almost ideal work-life
balance, many job opportunities, great culture, several recreational activities,
and almost always has near-perfect weather conditions.
Sources:
https://www.mashvisor.com/blog/best-rental-markets-in-florida/
https://realwealth.com/learn/best-places-to-buy-rental-property/
https://learn.roofstock.com/blog/florida-real-estate-market