Impressive Return Rates
The rate of return for landlords is quite impressive in Miami. According to the New York Times, a whopping 70 percent of households in Miami are renter-occupied. Best of all, 77 percent of all rental apartments ask between $1,500 and $2,000 a month for rent!
Miami is Landlord-Friendly
This means you’ll have more freedom as a landlord. For example, there’s no limit on how much you can charge for a security deposit, and there are no rent control laws currently in place.
Strong Tourism Market
In 2019, Miami recorded over 15 million unique visitors. During this time, overnight visitors were reported to have spent over $25 billion in direct expenditure. While these numbers have not been replicated in recent years due to the coronavirus pandemic, experts are confident that the market will see a rebound.
Large Retiree Population
Every year, retirees relocate to Miami looking to live out their golden years under the palm trees. The last thing on a retiree’s mind is to sell their home. This means there may be fewer homes on the market for prospective buyers. This can actually be a good things as it drives up demand causing the prices of properties and the demand for rentals to increases.
Investing in Palmetto Bay real estate can be an excellent investment decision. So what are you waiting for? Markets are always subject to change so be sure to contact Income Realty Corporation today and start investing in Palmetto Bay real estate!
How Income Realty Corporation Can Help
Income Realty Corporation is a trustworthy realty and property management company. We have the skills, experience, and resources to help your investment goals succeed and grow. We ensure customer satisfaction and open communication so that you feel in control of your investments and supported every step of the way.