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February 26, 2024

Sunshine State Success: Unveiling Florida's Hottest Real Estate Investment Cities

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Welcome to the land of sunshine and soaring profits! Florida isn't just known for its beautiful beaches and theme parks -it's also a goldmine for real estate investors, which makes it one of the top 10 states to invest in the US. With home values skyrocketing by a jaw-dropping 81.7% in the last five years, the Sunshine State is a beacon for those seeking profitable rental property opportunities. As Florida's real estate remains in short supply, the rental market is poised for increased demand, with occupancy rates exceeding 93% and annual rent hikes reaching 55% in certain areas. Join us as we uncover the top cities and unover the secrets to success in Florida's red-hot real estate market.

Top 5 Florida Cities for Real Estate Investment:

1. Tampa:

- Median Property Price: $430,000
- Median Rental Income: $2,300/monthly
- Median Home Value Increase YoY: 25.4%
- Median Rent Increase YoY: 21.1%
- Average Property Tax: 0.91%

Renowned for its world-class beaches and affordability, Tampa emerges as a top real estate investment destination. With a strong job market driving its population to nearly 396,000, the city's limited housing supply pushes the renter fraction to 51%. Rent prices have surged by over 20% in the past year, making it an opportune market for investors.

2. Orlando:

- Median Property Price: $395,000
- Median Rental Income: $2,101/monthly
- Median Home Value Increase YoY: 25.8%
- Median Rent Increase YoY: 23.5%
- Average Property Tax: 0.89%

Known as the "Theme Park Capital of the World," Orlando boasts a population surge of 30% since 2010. With a job creation rate of 4.2% and a tourism increase of 114.7%, Orlando's real estate market is characterized by low inventory and high demand, with 63% of local real estate being renter-occupied units.

3. Jacksonville:

- Median Property Price: $321,000
- Median Rental Income: $1,350/monthly
- Median Home Value Increase YoY: 24.6%
- Median Rent Increase YoY: 19.6%
- Average Property Tax: 0.90%

Offering an affordable suburban lifestyle with access to big city amenities, Jacksonville is one of the fastest-growing metros in the country. With a winning combination of 24.5% property appreciation, low home prices, and 93.4% occupancy rates, it presents a favorable environment for real estate investors.

4. Miami:

- Median Property Price: $589,000
- Median Rental Income: $3,700/monthly
- Median Home Value Increase YoY: 29.4%
- Median Rent Increase YoY: 24.4%
- Average Property Tax: 0.90%

As the second most populous city in Florida, Miami's coastal allure attracts a population of nearly 440,000. With a cumulative real estate appreciation of over 100% in the past decade, Miami's price-to-rent ratio stands at 23. The city is occupied by renters at a rate of 70%, making it a compelling market for real estate investment.

5. Fort Lauderdale:

- Median Property Price: $625,000
- Median Rental Income: $3,334/monthly
- Median Home Value Increase YoY: 27%
- Median Rent Increase YoY: 26.2%
- Average Property Tax: 1.00%

Boasting a thriving city center and a booming job market, Fort Lauderdale attracts young professionals. With a 43% increase in the millennial population over the past decade and real estate appreciation of 167.30%, Fort Lauderdale offers a dynamic market. Annual rent increases of 26.2% complement the city's rapid expansion.

Investors eyeing real estate opportunities in the area can strategically explore this list of the best Florida real estate markets, with each presenting its unique blend of affordability, economic growth, and rental market potential. Connect with Waltz today to partner with local experts for your property search and benefit from a team of dedicated professionals to guide you through the process.

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