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Florida is popular for its sunny weather and proximity to beaches. But if you plan on visiting or living in Florida, you will find in some areas rental prices in Florida is too expensive. Knowing rent prices will surely encourage you to become a rental property investor. The average rent in Florida is about $1,790, which is higher than the national average of $1,468. Despite this, Florida remains a popular choice for investors for several reasons, making this sunshine state have a steadily growing population and robust economy.
Florida is such a big state, and it can take a lot of work to know which city has a high rental price. Below are some of Florida’s top cities with the highest rental prices.
Weston: Rental Prices in Florida
At the top of our list is Weston, a city with a population of 70,220. The median household income in this city is around $100,110. Many renters flock to this area in search of houses for rent Florida because of the extensive job opportunities and outdoor activities.
The average cost of rent in Weston is around $2,079, which tops the national average rent in Florida. This high rent in Weston could be because the median home price is high at $499,000.
Located in Palm Beach County, Boca Raton is one of the best places to live. It has a population of 95,745, up 1.9% from the previous year. Boca Raton is quite dense because it is a city that boasts plenty of job opportunities, health, education, and hospitality.
Boca Raton also has an excellent public school, many outdoor activities, and a great place to raise a family. While the median household income is around $80,938, the average rent in Boca Raton is $2,043.
Fort Lauderdale is the largest city in Broward County with a population of 178,783, which is 0.9% more than the year before. The abundant employment opportunities in Fort Lauderdale make it no surprise that new residents flock to this city.
Additionally, the median household income in Fort Lauderdale is around $55,269, and the average cost of rent is about $1,981. Fort Lauderdale also has many outdoor activities, exciting nightlife, and a booming culture and art scene.
Miami Beach, or South Beach, is a popular vacation destination for many people. Miami Beach is home to over 91,826 residents, and renters make up more than half of this population. The average cost of rent in Miami Beach is about $1,980, while the median cost of homes is about $497,500.
The median household income in Miami Beach is around $53,328. Miami Beach has abundant outdoor activities, from the Lummus Road to the Sound Pointe Park Pier to the Miami Beach Botanical Garden, and so on.
Coral Gables is a planned community that boasts a Mediterranean feel. Coral Gables has a population of 50,931, thanks to its thriving economy. The employment opportunities in Coral Gables are quite massive, as the median household income is about $100,000.
But apart from the employment opportunity, Coral Gables attracts a decent amount of renters because of its excellent schools, diverse culture, outdoor activities, fair weather, and so on. The average rent in Coral Gables costs about $1960.
Doral is another great city with a population of about 58,265, which is 3.53% higher than the prior year. The median household income in Doral is about $77,418. Similarly, people move to Doral in search of better employment.
The average cost of rent in Doral is about $1,799, while the median home cost in Doral is about $415,000. Also, Doral is home to numerous parks like Downtown Doral Park, Doral Meadow Park, Doral Central Park, and so on. Also, Doral boasts an active nightlife and diverse culture.
Maitland is a small city located in the Greater Orlando area. This city has an active history and art community and offers its citizen culture and accessibility. Like most Florida cities, Maitland also has many museums, parks, and attractions.
The average cost of rent in Maitland is about $1646, which is 11.32% higher than the previous year. This high rent could be because this city is near Orlando, and its proximity to Orlando makes it a destination for many young families and business people.
If you have the resources to invest in real estate in Florida, now is the perfect time to get things done. One thing you should learn about the trend is that the real estate market will always become profitable. Investing in rental property in Florida is a lucrative investment as the state is filled with several business opportunities. Hence, you wouldn’t have to worry about a shortage of renters, and you are sure of a respectable yield.