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Loriann M. Harrison's Blog

By Loriann M. Harrison | Agent in Pembroke Pines, FL

To Rent, or Not To Rent....That is the Question; Especially in the Sunshine State!


To Rent, or Not To Rent....That is the Question; Especially in the Sunshine State!

Great news for South Florida real estate! Not only was Miami among the 10 most searched real estate markets on Realtor.com last year, but it also ranked among the top 5 metro areas in the U.S. where the average cost of ownership is now less expensive than rental.

While the increased demand for properties in sun-drenched cities seems completely logical considering the harsh winter weather so many experienced this past year, many factors have also influenced the latter, including an increase in the number of prior homeowners who have entered the rental market since losing their properties to foreclosure, and thus increasing demand and pricing. Investors have also flooded the market, scooping up distressed properties and capitalizing on the fierce competition among prospective tenants.

As for local market conditions here in Pembroke Pines and Miramar, we are also seeing rental prices increase over previous years along with reduced days on market for new rental listings.
 
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