If you’re thinking about buying an investment property in South Florida, consider investing in the Broward County real estate market!
Broward County has been a favorite destination for those who are tired of the hustle and bustle of crowded cities. With its warm weather almost all year round, Broward County offers a great quality of life.
Since 2020, Florida’s population has grown significantly. This is because of the increasing number of migrations from other states. Due to the pandemic, people were fleeing large cities like New York to states with more favorable setups.
Florida was among the top destinations! This is one of the reasons why Florida real estate has boomed substantially over the past couple of years and it has also become a favorite market among investors.
Investors who prefer a quieter ambiance and more serene beaches compared to Miami and Palm Beach areas consider Broward County as their next investment location.
Here are other reasons why you should consider investing in Broward County:
Favorable Tax Law
Since the tax reform in 2018, Florida has been a desirable place to live thanks to its favorable tax law that charges no individual income taxes and low property taxes.
This is also one of the reasons why the population in Florida is constantly growing, which opens more opportunities for real estate investors, particularly rental property owners.
Another reason why Broward County makes a lucrative investment location is its strong economy. Currently, the economy in Broward County employs around a million people.
The median household income is also relatively high, given the low cost of living in the area. There are also several economic development projects in line for the coming years, which is something that many residents are looking forward to.
Plenty of Job Opportunities
Residents love to stay in Broward County because it offers plenty of job opportunities. In fact, the area has seen a continuous increase in the job market by 1.9% from the previous year.
In addition, future job growth for the next decade is projected to be 39.5%, which is significantly higher compared to the US average of 33.5%.
The largest industries are healthcare and social assistance, utilities, hospitality, food services, professional, scientific, and technical services, and management of companies and enterprises. These industries are a great source of employment and livelihood among Broward residents.
Thriving Rental Market
If you’re planning to invest in Broward real estate, you should consider buying a rental property. With its rising population, the need for rental properties is also increasing continuously.
In fact, renters make up around 30% of Broward County’s population, and this number is expected to grow higher over the years.
Along with the high demand for rentals comes lucrative returns. Rental property owners in Broward County earn generous monthly rental income, making this place one of the best locations for a rental investment.
High Housing Appreciation Rates
Homes in Broward County are selling fast. With a high housing demand, home values appreciate fairly quickly.
As a real estate investor, you would benefit from increasing home prices because it means that your investment property will be worth more than double in just a few years. Should you decide to sell your property after a few years, you can expect to earn substantial returns from the sale due to the increase in property value.
Who wouldn’t want to stay in a place with almost perpetual sunny days? Broward County is a great place for warm-weather enthusiasts.
It offers plenty of outdoor recreational activities, allowing its residents and visitors to enjoy the best of Florida’s climate. It’s then no surprise that people from cold places want to migrate to the best locations in Southern Florida, and Broward County is one of them!
The Sunshine State is known for its beaches. But what sets the beaches in Broward County apart is that they are far less crowded compared to the beaches in the Miami and Palm Beach areas. This is perfect for those who want a more laid-back lifestyle while also getting the best of what Florida can offer.
If you want to target renters who love the great outdoors, you can’t go wrong with Broward County. Home to various attractions and nature parks, Broward is a great place for outdoor activities like hiking, biking, fishing, playing golf, surfing, and more.
You can also find cities and neighborhoods that offer views of lush greens, as well as easy access to various beaches.
Tips for Investing in Broward County
While Broward County is generally a lucrative location for investing in rental properties, it’s important to note that not all cities and neighborhoods may be optimal for rentals.
To become a successful Broward County rental property owner, it’s crucial to choose the best area to invest in to ensure profitability.
Here are a few tips for buying an investment property in Broward County:
- Make sure that the area or neighborhood is generally safe for your tenants. No tenant would want to stay in a place that may threaten their safety.
- Check the amenities in the area. The best locations offer essential amenities, like clean water supply, electricity, access to mobile networks, access to public transportation, and more.
- Check the facilities provided. Make sure that essential services are within close proximity. You may want to consider investing in an area that’s close to schools, hospitals, parks, supermarkets, and other businesses.
- Compare prices and study the rental market trends before buying a property. This can help ensure that you’re buying a profitable investment.
Investing in Broward County, FL is a great idea. You can target a wide pool of tenants due to the location’s increasing population and thriving rental industry.
Whether you’re a new or experienced investor, working with a property manager is a clever idea. Keyrenter Broward will help you find the best investment property according to your preferences.
We’ll also help manage your investment so you won’t have to worry about every small detail related to it. Contact us today to get started!