Florida has always been a very attractive state for various investors. The Sunshine State is a mecca for finance, tourism, hospitality, and many other important business divisions. However, real estate investing has always been a big deal in Florida. When you have such an attractive location, it should come as no surprise. Before you decide is investing in a property in Florida the right option for you, here are some important facts that you should know. Remember, real estate investments in Miami are super lucrative.
Real estate investments in Miami
Welcome to the city where having a tan is a must all year round and where sleep is overrated. This city never sleeps and never stops. With an estimated population of over 2.7 million, it is no wonder that the streets are never truly peaceful and quiet. When contemplating real estate investing, you must consider prior real estate trends. Nevertheless, real estate investment forecasts might be even more important. You must research what might happen with your investment in the days to come. Miami is a different story than any other city in Florida and that is why it is the most in-demand. It is very attractive to singles and to families as well. At the moment there is a big trend of people moving from Brooklyn to Miami.
Miami real estate numbers
Of course, every investor wants to know what they are getting into. So, here are some crucial numbers that will give you a great idea of the Miami real estate market:
- Median property value: $532.650
- Asking price per square foot: $320
- Properties tend to stay on the market no longer than 180 days. They get scooped up very quickly.
- Future landlords can look forward to an average rent of $2300
Realistically, these amounts are no pocket change. Yet, people still make real estate investments in Miami. In case you already made the leap and invested in a property for you and your family, find reliable movers in Miami to handle all parts of your relocation for you.
Best cities for rental real estate investments
Clearly Miami is not the only city in Florida that has potential. Here are some other cities that might have the most potential when it comes to rental property. Still, you shouldn’t write them off, even as an option where to purchase your future home.
Tampa, FL
Even though the property prices have risen, the real estate market in Tampa is hot as ever. Employment rates are high, the city is beautiful and has many great neighborhoods to choose from. Also, the health care system and the school systems are on a very high level. In reality, there is not much not to love about Tampa. If you are considering where to live in Florida, this can be a great option.
Jacksonville, FL
Even as the largest city in Florida, Jacksonville is still experiencing population growth that is approximately around 8%. This statistic alone will give you a great idea the needed living space is in this full of the potential city.
Orlando, FL
How could we skip the home of the Orlando Magic? Since employment rates are going through the roof, Orlando has become the center for real estate investments. The most dominant and growing business sectors in this city are food services, social assistance, health care, and retail trade. Also, there are many great moving companies that can provide all the help you need when moving.
Florida market and real estate investments potential
Currently, Florida’s real estate market is slowing down. Overall growth is still present. Though, the pace of the growing market has substantially subsided. The overall forecast indicates that even Miami’s real estate market will take a little hit. Still, the hit is predicted to be so small that Florida’s real estate investors will not be losing a lot of sleep over financial losses.
The condo market is always trending
In Florida, there is always a great demand for condos. This goes both for living and renting space. Maybe the thought of finding an alligator in your backyard scares the death out of you or maybe you just want a property with a spectacular view. Regardless of what the motivation may be, condos are the preferred property option for many residents of Miami and other larger cities.
Short term real estate investments in Miami
Florida is an epicenter for tourism, entertainment, art scene, culture, international trade and many other exciting and wanted spheres. Thus, the need for short term rentals is always present. This can be a great focus for many future investors. Still, listing a property on Airbnb might be a bit more complex and complicated than expected.
Airbnb regulations in Florida
Airbnbing your place in Florida is legal, but there are many regulations and rules that need to be met by a property and its owner. Here is what you should know if you plan on using this popular short-term renting platform:
- You must acquire a Florida state DBPR license
- Registering with the Florida Department for revenue is mandatory
- Get a Miami Dade Certificate
- Confirm is your property in an eligible transect district
- Obtain a receipt for taxation from the City of Miami
Real estate investments that are meant to be used as vacation rentals might come across zoning issues. Thus, be careful and take care of due diligence before you make concrete investment moves.
We cannot tell you yes or no to investing in Florida’s real estate market. Real estate investments in Miami are indeed an everyday reoccurrence. Yet only you can know which real estate market is the best for your investment. In case you cannot decide on your own it is always smart to hire a professional financial advisor. No matter which choice you make in the end, do not make any fast and irrational decisions. Happy investing!