The South Florida Rental Real Estate Market – A Few Considerations for Tenants and Landlords

South Florida has become one of the most popular destinations for anyone trying to relocate to a sunny place that’s filled with exciting activities and events to enjoy.

Whether you’re looking for a place to rent in Florida or you want to profit from the recent upsurge of tenants searching for a new home, there are a great number of advantages and considerations you can take into account in order to make your pursuits as successful as possible.

Living and Working in Florida

With regards to living conditions and work opportunities, Florida definitely has a lot to offer. If you’re looking for relocation, many of the properties you’ll be able to find are equipped with all necessary facilities for comfort and fine living, and are also under constant inspection to ensure the proper functioning of all appliances and systems such as heating or air conditioning.

Finding work in Florida is also quite easy, and if you are a landlord, your income can skyrocket after you move here, buy one or more rental properties and combine your regular income with the rent you’ll be gathering.

Whether you choose a house, a condo or any other place as your new home, employment opportunities will abound in industries such as tourism, medical, aerospace or arts. What’s more, a variety of leisure activities will also be available – including fishing, boating, hiking, horseback riding or waterskiing – with the beach and numerous attractive venues being easily accessible by car.

The Prospect of Becoming a Landlord

Renting out a good piece of real estate in Florida will often bring an aspiring landlord a lot of potential benefits if they play their cards right:

The most obvious advantage is that your rental property can bring in a steady income from one or more tenants over the following years.
You will find that, in South Florida, the taxes, bills and service fees required are more convenient to manage, making it easier to maintain a profit from your rent income.
South Florida rental property investments have been less expensive lately, especially if you’re considering buying one or more affordable properties and investing a small amount into refurbishing tasks so you can charge more for rent.
Fixing up an older home can also provide you with a real sense of accomplishment while allowing you to learn more about keeping your own property in shape and paying less for repairs and maintenance.
A rental property can also be useful for family needs or in case you need collateral for a substantial loan.

Advantages for Tenants

As a tenant, you will, of course, want to ensure that you and your family can get the best in terms of convenient living, friendly neighborhoods and all the services and venues you may require. Following are just a few of the advantages you will gain when finding a new place to rent in South Florida:

Being a tenant in Florida can be an extremely positive prospect for many of those who enjoy affordable rent amounts, a warm, hospitable climate and favorable living conditions.
The properties available in most South Florida areas are owned by respectable landlords, many of whom will do everything they can to ensure that their tenants have everything they need for a comfortable stay.
High average temperatures in the winter months will help you reduce energy and gas bills, spend less on warm clothing and enjoy fun trips to the beach all year round.
As a tenant, you also profit from favorable legal and tax benefits available in South Florida which will protect you from evictions, unexpected expenses or privacy related issues.
Services, education and entertainment are kept in high regards in South Florida, and in most cities you can find everything from large museums to libraries, schools and cinemas, as well as numerous sporting and fitness facilities.

Taxes, Insurance and More

Each rental property owner will have to provide timely tax payments involving the main Florida sales tax and other county based taxes – such as the county development tourist tax – which may vary depending on which county you live in.

Also, keep in mind that landlord insurance policies may cost more, but they will offer optimal coverage when it comes to loss of rent, emergency assistance or paying for quick repairs.

As a tenant, on the other hand, you may have to cover local and state taxes, as well as the bills for gas, electricity or water – especially if the landlord doesn’t live on the property.

In most cases, however, a single monthly payment will be enough to cover everything, so you don’t have to worry about the timing and hassle associated with paying each fee or bill separately. Also, since the property is not yours, you will not need to worry about insurance costs either.

Rights and Responsibilities

As for legal issues, each landlord and tenant in the state of Florida is required by law to observe certain rights and responsibilities.

If you own a rental property, for instance, you will be required to keep it in good order, making sure that all appliances and facilities are in a viable condition. Also, you have the right to inspect the property; however, tenants also have a right to privacy and can even deny paying the rent in some cases, if the landlord ignores his responsibilities.

Finally, regardless of whether you’re a tenant or a landlord, the law requires everyone involved in a lease agreement to present the other party with timely notices before any decisions are made in matters such as eviction, withholding rent or selling the property.

A Successful Business and a Happy Lifestyle

Whether you’re thinking of several new properties to buy and rent out in South Florida, or you simply want to find cheap rent in a place where you can be close to the beach and benefit from all the most modern facilities, at least some of the benefits presented above are sure to work to your advantage.

For tenants, Florida can be an excellent destination, whether you’re looking for permanent or temporary accommodation. On the other hand, new landlords can enjoy an abundant lifestyle while steadily raising their profits and dealing with friendly tenants and reputable maintenance services.

Please feel free to browse through our pages dedicated to landlords and tenants to find out more about what you need to take into account when it comes to Florida rental real estate. Finally, don’t be shy to contact our Realty45 Inc experts in case you need any additional information related to rentals.