The cost of rent in South Florida now often matches or exceeds the cost of the mortgage on the property. This is good news for homeowners, especially those who own properties that they rent out.
The median price for a home in Miami is $130,000, and the average rent has climbed to $1,236.
A study by the national housing group says that the increased rent in South Florida is due to depressed real estate values and a limited number of homes available, leading to an increase in rent rates. Rental properties are a good source of income, and with the reduced value of real estate property, now is the time to buy.
If you are interested in purchasing a rental property or apartment complex, or if you are tired of paying rent and are interested in purchasing a home, contact Boyer Law Firm’s real estate attorneys today.