If you follow South Florida real estate, you may have noticed that rental costs have skyrocketed over the past five years. Last week, the Miami Herald published an article where they reported that renters in Miami Dade, Broward, and Monroe Counties are spending approximately 43.8% of their income on rent! Unfortunately for renters, this means that it is now even more difficult for them to save for a down payment to purchase a home.
Competitive rent pricing has created quite an opportunity for investors, however. There have been a steady stream of investment properties coming up for sale that are averaging at a 12-14% cap rate. For the past few weeks, I’ve been eyeing condos in the $100-$140k range and they have been selling FAST!
If you’d like to learn more about investment properties, call me at 305-812-2169 or send me an email at firstname.lastname@example.org. I’d be happy to prepare a customized analysis for you based on your budget and needs.