|Specialty||# of Agencies|
|Single House or Condo||10|
|Home Owners Association||8|
|Total Local Companies||23|
Homestead, FL Rental Market Overview
Investor Interest Builds Outward From Miami
While a number of foreclosure studies, including the CoreLogic's recent 2013 National Foreclosure Report rank Florida at the top for foreclosure inventories, the Miami-Dade County region shows promise. Currently Miami enjoys some of the lowest vacancy rates (3.5% in 2013) in the state, and as more developers build out from the metro region, Homestead should attract more investor interest. To a degree some reports, including the Marcus & Millichap 2013 National Apartment Report, suggest that this might be happening, especially with apartment complexes in secondary areas outside Miami's urban core, including the southern section of the county, trading at cap rates closer to 7 percent. Traditionally Homestead has always been a family-friendly suburb of Miami. While younger renters usually gravitate toward Miami's core, older renters, especially households with children, typically move to the outer edges of the metro core where their monthly rent can potentially buy more amenities and space.
Significant Entry Options for Small Investors in Homestead
Right now many large institutional investors prefer big projects involving high density apartment units near urban cores or large employment centers. Homestead's suburban environment is ideal for independent investors seeking affordable single-family homes in good condition. With Miami's 2013 3.5% vacancy rate and more than 22,300 jobs anticipated in the county this year, renters should be compelled to look beyond the metro core for accommodations. The tricky part might be understanding and correctly anticipating Homestead's rental property market. That's why many independent investors consult with property management companies before adding assets to their property portfolios. In addition to providing marketing, accounting and tenant screening services, many Homestead property managers are real estate professionals who work firsthand with both tenants and landlords. They can provide local market insights that most institutional investors won't find in executive summary reports. Make a property plan. Ask for a second opinion. Check out our listing of Homestead property management company profiles and then request your free information today.