The demand is actually very similar with rentals of condominiums in Boca Raton averaging about 116 per month and single family homes about 92. However far more of the closed rentals of condominiums are "seasonal" short term rentals so in reality the numbers are much closer.
However that does not mean a condo is better as it all depends on the numbers which have to be carefully evaluated on any investment. The best return on paper does not necessarily mean the best investment.
In the 3 bedroom market in Boca Gardens we have had 9 units rent through the real estate community over the past 6 months with another 5 under contract. As of this afternoon we have 8 active listings so the inventory level is a little above 5 months so if you want your unit to rent quickly it needs to shine above the competition; condition, location, price and marketing are the main factors you have to use to your advantage. Sitting empty is expensive for investors.
As you are probably aware there are a number of different 3 bedroom product types in Boca Gardens ranging from villas that are a little smaller than 1,300 livable square feet all the way up to units with just over 1,900 square feet. You need to carefully review the metrics of this units that have most recently rented and compare those attributes to your unit. The median rental price over the past 6 months has been $1,600 while only 2 of the active listings are priced at that number or lower. With the median sales price over the past 6 month of $181,500 you should be able to garner a nice return with the proper strategy. Finding a tenant who will not only take care of your property and pay their rent on time is the key and finding one that will stay over a year is just icing on the cake.
A very clear description of your specific investment goals is the best place to start your property search and if I can be of service to you I would appreciate the opportunity to be one of the agents you may choose to interview. We are experts in finding our clients that "needle in the haystack" and would love to help you find yours.
Best of luck and if I can offer anything additional please let me know.
Always at Your Service,
Tom Priester e-PRO
"Results Driven Real Estate"
Keller Williams Realty
Families typically move to homes in Boca in order to take advantage of the highly rated Boca Raton schools.
When they search for a Boca Raton home, families usually opt for 3 bedrooms or more. Your townhouse in Boca is likely to become the new residence of a happy family sooner rather than later.
Marc Jablon, the Jablon Team
Re/Max Complete Solutions
Feel free to give me a call, email, or text me if you would like an update on what recent rental prices have been in Boca Gardens.
JOAN LORBERBAUM MOORE
Broker Associate, GRI
9858 Clint Moore Road
Boca Raton, FL 33496