Since the Cuban revolution, and perhaps even before, Florida has been a very popular destination within the Latino community, whether to emigrate, go on vacation, or in general as a gateway to the United States. The interesting thing is that for about three years it has become an attractive destination for immigrants from all over the planet: Arabs, Europeans with the characteristic of being professional investors or entrepreneurs who see the state as a future Silicon Valley and an attractive destination to invest in homes for sale in Miami.
Many would think that the only city that is getting this trend is Miami, but in reality it is the entire state. Florida has a diversified economy that depends not only on tourism but also on port and logistics services, high-tech manufacturing, investment banking, etc. It is interesting to see how the region becomes increasingly attractive for owners of large capitals to make them their permanent home.
But the big question is, is it worth buying a property or renting it? It actually depends on your financial goals, profitability, location, pricing, etc. More than twelve years after the financial crisis of 2008, Florida has learned the lessons and applied them starting with the fact that not as many properties are built as in those years and banks no longer extend loans to anyone who asks for them.
Another factor to consider is the legal conditions necessary to sign a lease. The conditions vary if the contract is made with the owner directly or through an agency. Those who definitely do not meet any conditions opt for rental apartment complexes. Landlords may be more flexible than agencies, but the basic requirements are:
· Credit record with score above 620.
· Valid state ID.
· Demonstrate income of at least 3 times the value of the rent (for this you may need a bank account).
· No criminal record and/or record of evictions in the last 3 years.
Whether you are thinking of buying or investing, it is important to know the prices at which properties are rented in the most popular cities of the state. It is also important to know the city you are going to: cost of living, infrastructure, quality of life, etc. And the remaining factor is prices.
They depend on many factors: characteristics of the property, location, facilities of the sector, etc. The important thing is to know well your possibilities, budget, and of course, get advice from experienced professionals who can guide you.
Property prices vary greatly from city to city. For example, in Fort Lauderdale the average rent for an apartment is $2,301, while in Florida City it is $599. Below, the data of the main cities:
1. Miami: the average rental price of an apartment of two hundred square meters is $ 1,915. The cheapest are the apartaestudios, although you can get triplex of more than five hundred square meters. As in the rest of the USA, prices tend to rise. Learn about apartment options in Miami.
Three percent of leases range from USD 701 to $1,000, twenty-three percent range from USD 1,001 to $1,500, thirty-seven percent from USD 1,500 to $2,000 and the remaining thirty-six percent of properties exceed two thousand dollars per month. As for houses, forty-five percent live in a rented house, while the other fifty-four percent are owners. Learn about the home options in Miami.
The most expensive neighborhoods are Brickell Key (2,646), Brickell (2,393), Buena Vista and Miami Design District (2,321). The most affordable are Palmer Lake (986), Mays Gardens (1,118), Ascot Park (1,345).
2. Orlando: the average rental price of an apartment of more than two hundred meters is $ 1,611. It does not have as much variety as in Miami, but the architecture is more focused on designs for the family. The interesting thing about the city is that the average rental price is more expensive than the national average. And there is no downward trend.
Six percent of leases range from USD 701 to $1,000, forty percent range from $1,001 to $1,500, thirty-eight percent from $1,500 to $2,000 and the remaining sixteen percent of properties exceed two thousand dollars per month. As for houses, forty-five percent live in a rented house, while the other fifty-four percent are owners.
The most expensive neighborhoods are College Park, Lake Shore Village, Palomar and Spring Lake have rents of $ 2,028. The cheapest are Mercy Drive, Rosemont North, and Seaboard (1,062)
3. Fort Lauderdale: The average rental price for a two-hundred-and-ten apartment is $2,301. It is possibly the most luxurious area of Florida and is characterized, above all, by its spectacular architecture. For the same reason, they are very generous with the size of the properties.
Four percent of leases range from USD 701 to $1,000, fifteen percent range from USD 1,001 to $1,500, nineteen percent from USD 1,500 to $2,000 and the remaining sixty-two percent of properties exceed two thousand dollars per month. As for houses, fifty-one percent live in a rented house, while the other forty-eight percent are owners.
The average price far exceeds by more than seven hundred dollars, the national average with an increasing trend.
The most expensive neighborhoods are Beverly Heights, Colee Hammock, Hendricks and Venice Isles, Idlewyld, Las Olas Isles, Nurmi Isles, Riviera Isles and Seven Isles with average rents of $ 2,684. While the cheapest are City View Townhomes, Dillard Park and Dorsey with $ 1,200 per month.
It is interesting to see the dynamism of Florida’s real estate market. And in these uncertain times it is important to diversify the patrimony, put it in safe places and start renting in dollars. You won’t regret your investment.
In PFS Realty Group given our real estate activity we are focused on advising those individuals and families who are interested in making investments of this type in Miami and South Florida, we have been working for more than twenty (20) years and for this, twenty (20) years that give us a specialty in what we do, If you want to explore real estate investment opportunities, we can schedule a meeting, face-to-face or virtual, to expand this information. Write to us at info@pfsrealty.kinsta.cloud and also visit our website to learn more.
