South Florida: boom in rentals

Tuesday, February 26, 2013

South Florida: boom in rentals

The US property market is well on the way to recovery it seems.

The latest evidence focuses on the demand for rentals in South Florida, especially in Miami (an area we will be focusing on in the new spring issue of our magazine, out on April 4th).

Demand for residential rental properties following the recession has boomed, leading to a higher median rental rate than at any time in at least the last five years, according to the Miami Herald.

In 2012, tenants leased an average of 200 properties per day in South Florida's three major counties at a median rental rate of more than $1,200 monthly for a 1,000-square-foot residence.

The rate represents a 10 per cent increase over 2011 when tenants leased an average of 182 residential properties in South Florida.

“At this leasing pace, South Florida now has about 80 days of residential rental inventory available, which in turn is driving price increases in 2013, as new rental developments are several months or even years away from completion,” says Brett Firestone of Miami based The Firestone Team of Florida Capital Realty.

Such news is great for property investors and the Firestone Team works with foreign buyers looking to maximize return by taking advantage of South Florida's strong rental market.

“We guarantee our investors of income properties return on investments of at least five per cent,” says Brett.

“Owning income property in South Florida has become a much desired way to build wealth for domestic and non-US investors alike.

“The Firestone Team has guided the way for investors and our clients often return to reinvest in like kind property or venture into other types of real estate investments with profitable returns for the short and long term.”

Click here to find out more about Firestone. Or to search for properties to buy in southern Florida, click here.


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