South Florida Real Estate Market -Different Angles To Focus On Properties for Rent and Sale
Rental properties in South Florida are definitely amongst the hottest options you can get in today’s real estate market. With that in mind, people should have an easy time finding a vacation rental property or an ideal home to move to. Whichever the case may be there is a definitely a good choice for anyone who comes with a certain set of preferences. Now, let’s take a look at the different aspects of renting or buying a property so as to give you the proper guidance every tenant needs, especially for fiscal year 2014.
How are the rates going?
Before we answer that question, to what region are you exactly rooting for? Rates are tightly adherent to which regions the properties fall under. For instance, primary areas like Brickell and Downtown Miami are now 15 percent much higher than in other areas when it comes to vacation rentals granted that they have a higher tourism rates annually. Businesses rise and fall and every region in South Florida is a business of its own as far as real estate goes, in which case the two mentioned areas have had exponential rise rates for tourism. Thus, the property values increased.
Is bypassing the hefty rates possible?
It comes to no surprise that new tenants will find the rental rates too high. Unfortunately, this is a reality that must be dealt with by anyone who longs to move into the city or spend one of their vacation periods within its parameters. Many people have actually been appalled by the cost of living the city required, leading them to look for another place to choose. On a rather positive note, there are indeed ways that you can curb down the costs to something that would be in line with your budget. There are even high end homes, both for vacation rental and purchase, leave some doors open for negotiation. As a heads up, you may the need professional assistance or middlemanship of an experienced real estate broker. You can also try to inquire online and book in advance to save on rental costings. If successful enough, you should be able to save 5 percent at the very least and 20 percent at the most from a property’s original market price.
Should I book in advance?
Yes, you should. For what reason? According to the Downtown Development Authority of South Florida, over 94 percent of the rental homes’ entirety are actually occupied. Due to the increasing demand, the competition gets tighter with lesser chances for those who come in late in the picture to reserve a spot. So as a tip, book your reservations 2 months before your planned departure to the region so as to secure a neat roof to stay under and have a more rhythmic vacation experience.
On another positive note, South Florida properties make a great investment. Meaning, if you have purchased a property in it, you can dice it up to multiple amounts in the market in due time, which gives you a rather satisfactory return of investment. Rental properties may be scarce particularly during peak seasons, but homes for sale are definitely not.
Photo: Brian Hawkins