Home Buying in Boca Raton>Question Details

hwkeye05, Home Buyer in Fort Lauderdale, FL

In Boca Raton, is the demand for rentals higher for condos or single-family homes?

Asked by hwkeye05, Fort Lauderdale, FL Fri Nov 22, 2013

I'm just looking in Boca Raton. I know every situation is different, but when it comes to buying a place for the purpose of renting out, is it typically better to purchase a condo or a single-family? For which property type is there typically more demand from potential renters?

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4
hwkeye,

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.

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
561 308-0175
tom@tompriester.com
0 votes Thank Flag Link Sat Nov 23, 2013
Well besides your rental income, appreciation is important and single family homes are much better than condos.
0 votes Thank Flag Link Fri Nov 22, 2013
Condos in Boca Raton are in high demand by renters. Condos inland typically attract working couples and single people. Condos near the water attract working people and vacationers, but vacationers typically want to rent for 3-4 months during the season. Seasonal rents are far higher per month than annual rents.

However, Boca Raton condos, and condos elsewhere always have condo fees that go along with them. However, those fees also cover the cost of wind insurance. Many condos allow only 1 or 2 rentals per year, and more and more condos are opting for no rentals at all.

Single family homes are always in demand and are almost always rented on an annual basis. In many communities there are monthly HOA fees that homeowners must pay, but if you ask your Boca Raton realtor, he or she will probably be able to find you a Boca home in a community with a low or non-existent HOA fee.

The largest expense you will have with a single family home is likely to be hazard (hurricane) insurance. Although, if you pay cash for the home, and you're willing to self-insure, you are not required to carry that coverage. Houses typically have more expenses associated with them.

Unlike owners of Boca condos, owners of single family homes in Boca Raton are responsible for care of the roof, painting the outside of the house, and lawn maintenance.

Balance those expenses against monthly condo fees.

Right now, the overall vacancy rate in the area is hovering around 4%, which is extremely low. As a result, rents are stable or slowly rising.

Without knowing your investment goals, it is difficult to advise you on which is better.

Marc Jablon, the Jablon Team
Re/Max Complete Solutions
JablonTeam@gmail.com
561-213-6139
http://www.JablonTeam.com
0 votes Thank Flag Link Fri Nov 22, 2013
There is demand for both property types. Condos' need association approval of the tenant and there are always restrictions as to how many times a year can be rented and amny times one ahs to wait a year until can rent. Single family has more owner maintenance as opposed to a condo. So take year choice. Call me if needed. Greg Glover Realty Associates 561-213-2556
0 votes Thank Flag Link Fri Nov 22, 2013
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