Broward County truly is an attractive county and the available real estate listings include a healthy mix of new and old construction, which are either for sale or rent. Property owners and developers in this area is taking advantage of the low inventory. In addition, the lack of new construction is giving current landlords the upper hand over renters.
Just like there was a perfect storm of events that burst the bubble on the real estate boom, some events have fueled a quick reversal in rent rate that simply may not last. A lot of the new communities are catering to a more upscale clientele. It is a great time to be a buyer in Broward County, due to the current rent increase, and move-in requirements. Compare your options, and see which route would be best for you!
Because of the increasing rent rates, in a stagnant economy, many renters are attempting to buy in order to save money. Unemployment rate, the production of new properties, and current owners not selling, will have major impacts on the market during the next economic shift. The scarcity of industrial zoned land to develop speculative inventory may continue to help low vacancies and demand higher rental rates.
However, throughout 2017 over 17,000 new units will be available for renters! The good news is unemployment rates has been consistent over the last past six months, a better economy always equates to a better market. The stable economy has prompted real estate to grow immensely in the area.
A lot of service jobs are contributing to a stable economy. A service driven job creates more self- employed residents and other residents have secured long-term government jobs. This is definitely one of the reasons why more and more people are making Broward County real estate very popular; Florida’s population has grown immensely over the past few years.
The real estate market in Broward County really can give you a big boost. Do not be shy on investing here because taking a closer look at it, property values and rent rates are on the rise. Florida will always be in high demand, due to the perfect weather conditions and advancement opportunities!