Are you thinking about trying to invest in real estate in Fort Lauderdale, FL? Before you do, make sure you have a good understanding of the Fort Lauderdale property market.
If you don't know this property market well, you might not be able to turn a steady profit on a property investment. It's why you should take some time to learn about the market in Fort Lauderdale ahead of time.
Here are five important things you should know about the Fort Lauderdale property market.
1. A Large Percentage of People Rent in Fort Lauderdale
If your plan is to purchase a piece of real estate from the Fort Lauderdale property market and rent it out, you're in luck. There are plenty of people in the Fort Lauderdale area looking to rent properties.
According to the most recent U.S. Census, about 46% of households in Fort Lauderdale rent. This should make it easy to find tenants when you want to rent out a property investment.
2. The Average Rent Is on the Higher Side
The average rent in the Fort Lauderdale area is somewhere in the neighborhood of $2,500. This is a lot more than you'll be able to get for a rental property in many neighboring cities like Jacksonville, Tampa, and even Orlando.
You should be able to rake in some serious cash by investing in real estate in Fort Lauderdale.
3. Rent Varies From One Neighborhood to the Next
One thing to keep in mind as you shop around for real estate in Fort Lauderdale is that each neighborhood is going to have its own average rent. As a result, you'll want to shop around for rental properties in the right neighborhoods.
Nurmi Isles, Riviera Isles, and Seven Isles will be a few of the best options of the bunch.
4. The Average Household Size Is Small
The average household size in Fort Lauderdale only consists of about 2.3 people. It suggests that there is a real need for smaller rental properties in the area.
You might want to consider taking full advantage of this when you're looking around at different property investments in the area to buy.
5. Real Estate Prices in the Area Remain High
The housing market in the Fort Lauderdale area isn't quite as hot as it was a year ago. But it remains in much better shape than it was prior to the pandemic.
That might make now a good time to invest in real estate in Fort Lauderdale, especially if you're planning to rent it out. The hot market has forced more people to rent properties versus buying them, and this will work out well for you.
Invest in the Fort Lauderdale Property Market
Now that you know a little bit more about the Fort Lauderdale property market, would you like to get involved in it by purchasing a rental property? If so, you should give serious thought to hiring a local property management company to help you with it.
HomeRiver Group Fort Lauderdale can set you up with the property management services you need. Contact us today to get more information on what we can do for you.
