As you may know, real estate in the United States is an ever-growing market that always fluctuates. This is why year by year we see market trends switched between states and even regions in those states. Well, this may surprise a lot of people one of the latest and biggest goldmines in real estate is the Florida market. While many people know that the real estate in Miami especially closer to the beach is a very expensive and luxurious market the reality is that there is much more that this state has to offer to you if you are in the real estate game. So, let’s see how this state can offer you great additions to your portfolio and what profit there is to make there.
One of the biggest appeals of the Florida market is rentals. When we’re talking about rentals, we’re not talking about the Airbnb types of deals. What do you want to look for it’s of course mid-term to long-term rentals but mostly midterms. By midterms, we mean rentals that can go between one month to 12. These types of rentals don’t necessarily get beyond the casual tourists that come to Miami or Florida for a few weeks these are more ways to offer a short-term home to people who visit the state for business or longer vacations. When the snowbird phenomenon we know that a vast majority of the tourist that comes for winter in Florida will spend at least six months which can be a great business opportunity if you are the owner of midterm rental units.
The great thing about Florida real estate especially if you are looking into rentals is that no matter what you are looking for in unit types you will find somebody to rent it for at least a few months a year. By offering mid-term rentals you also make sure that your income stream is regular meaning that people rent for a few months. By offering accommodations that are good for people who need a short-term home you make sure that you’re always able to fill your unit with new people so that you can make a proper income every year. Especially following the pandemic, there is more demand when it comes to rentals since a lot of people are not able to afford buying currently so you will never run out of renters.
Florida is not only a massive retirement destination where there is plenty of tourists every year but over the past few years, it has seen its population booming. The state is now home to at least 23 million people in it has been growing constantly. Would be LAX regulations when it comes to business there has been plenty of movement when it comes to job availability and opportunities in the Sunshine State. What are you talking about Tampa, or Miami the reality is that the state is economically growing constantly, and its private expansion is making it very appealing to many businesses as well as people moving to the state. This means that not only are you going to see a boom in residential but also commercial real estate.
The other great thing that comes with owning real estate especially if you are planning to rent in Florida is that the laws are extremely favorable to landlords. This means that if you need to do repairs on your unit for plumbing or roofing, whether you do it yourself or with the help of the roofing company of Tampa Bay you are afforded many more rights than other states would. This also means that you are protected by life when it comes to evicting tenants for not paying since you can do it within 15 days. Not only does it give you a way to protect your investment, but it also puts the obligation of the renters under pretty tight scrutiny by the law. It is especially attractive to home buyers and real estate investors since you can raise the rent for any reasonable reason.
Of course, the last and best thing about Florida is the great lifestyle that it offers and the people it attracts. This is why we see more and more tech companies move their industry to the northern parts of Florida. Since Florida allows for better conditions when it comes to running a company and paying taxes it’s no wonder that many companies especially in the tech business, have been moving there and adding offices in the Sunshine State. The future can only tell if this growth will continue but as we follow the trends it seems that there is no stopping the great trends that Florida is going with. So, if you’re looking for somewhere to invest Florida is a great place to look. So don’t hesitate and look deeper into the opportunities that the Sunshine State is offering you and all that you can build there.