Florida has been a stellar state to invest in for many decades. Rental properties are especially well-positioned for profit in the state, so those that are looking to jump into the real estate game, or those who are simply looking to diversify their portfolios, should give serious consideration to Florida.
The intensity of the economic and population growth in the state alone makes it a safe choice for investments.
To help you understand why, here is some helpful info for investors looking into Florida properties, and four fantastic Florida communities ripe for rental property investors:
What to Look for in Florida Rental Investment Properties
1. Population Growth
The population growth in Florida has been impressive over the last decade. Researching just how much a city you’re considering investing in is growing can ensure you get the most ROI for your investment as possible.
As you research other areas of your potential investment, this will be the most important factor to consider.
2. Weather Patterns
Florida is seeing the effects of climate change perhaps more than any other state in the US.
To ensure your investment is safe from climate blowbacks, and that you will not spend a fortune in upkeep and insurance, understanding the weather patterns in any area of Florida you’re considering investing in becomes ideal.
3. Tax and Real Estate Laws
Knowing how much of your budget will need to be applied to taxes, property fees, and more is key to making a profit. Additionally, having an attorney who is knowledgeable about the laws that must be followed to keep yourself and your tenants safe is crucial.
Co-investors and other business partners can help you simplify this step, and boost your investment’s chances of success significantly.
4 Communities Ripe For Investing
One of Florida’s most beautiful cities, Tampa has been consistently topping lists for the best cities in America for real estate investing.
Its amazing economy, lively tourism scene, and large business presence all help provide a plethora of qualified, reliable renters to draw to your rental property investments.
Tampa is absolutely packed with properties that are rented instead of owned, and there are many beautiful vacation homes you can invest in if you want to benefit from Airbnb.
Some Important Statistics about Tampa:
– The average rent in Tampa is $1,430
– The average home price in Tampa is $261,314
– Tampa’s population grew 1.7% from 2020 to 2021 alone!
2. Fort Myers
Those looking for affordable properties with high-profit potential will find Fort Myers incredibly attractive.
There is a massive student population that provides a built-in renter base, and there’s a strong middle-class community in Fort Myers to rely on for family rentals.
There’s a more down-to-earth feel to Fort Myers compared to the larger cities on this list, but it remains a fantastic bet for rental property investors that are looking for the next hotspot in Florida they can profit in.
And the massive spike in population growth Fort Myers is seeing consistently sweetens the deal, as it will help future proof your financial investment.
Some Important Statistics about Fort Myers:
– The average rent in Fort Myers is $1,672
– The average home price in Fort Myers is $237,452
– Fort Myers’ population grew 5% from 2020 to 2021 alone!
Orlando is seeing a massive boom in economic and population growth, making the demand for rentals higher than it’s been in a long time.
To make matters that much better for rental property investors, over 40% of housing units in Orlando are being occupied by renters (and that number is likely to continue rising over the next decade).
Orlando, despite being seen as a tourist town to most outsiders, has a healthy middle-class and suburban area as well, so rental properties can appeal to a wide variety of potential renters.
Some Important Statistics about Orlando:
– The average rent in Orlando is $1,420
– The average home price in Orlando is $278,584
– Orlando’s population grew 1.93% from 2020 to 2021 alone!
Jacksonville is one of the most attractive cities in the US for not only retirees but younger professionals, as the town is becoming known as a hip new location to flock to.
As more potential renters flock to Jacksonville, real estate investors stand to make massive profits from rental properties in the area.
The thriving business districts, unique cultural attractions, and more casual environment of the city make it feel unique amongst both Floridian cities, but amongst all of the United State’s large cities. If you want to invest in a sure thing, Jacksonville is a strong choice.
Some Important Statistics about Jacksonville:
– The average rent in Jacksonville is $1,1162
– The average home price in Jacksonville is $218,194
– Jacksonville’s population grew 1% from 2020 to 2021 alone!
Florida is Ready to Make You Rich
An intelligent investment in Florida rental property can make you absolutely rich. If you’re looking to retire earlier, looking to boost your children’s education funds, or simply excited about the search for new wealth, Florida should be your destination.
With these tips on how to invest successfully in Florida and four amazing leads that will point you in the right direction of a profitable investment, you’ll be sure to achieve your investment dreams.
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Author: Sunny Aaron