Commercial real estate market appears strong for landlords

Commercial real estate market appears strong for landlords

Renting expenses take a larger chunk of people's paychecks in the southern part of Florida than they do almost anywhere else in the United States. The area's rental prices continue to increase as well. This may be encouraging news for people who are interested in making the most of Florida's commercial real estate market by selling their commercial rental properties.

Renters in Florida's southern section spend more than 40 percent of their earnings on where they live. The average nationally is just 30 percent, based on research. South Florida's rental burden has actually jumped nearly 30 percent in the past decade, while the burden nationwide has climbed just 15 percent.

Many renters are stuck renting because they can't easily become homeowners in today's stiffer home lending environment. Median rent in the Broward County area jumped from just over $1,240 to more than $1,370 in the past three years. The median house price in the Palm Beach County area has also skyrocketed by over 30 percent since 2011; this is much higher than the 18 percent increase realized nationally. This shows that the state's real estate market overall is getting stronger by the year.

Now appears to be an opportune time to take advantage of the commercial real estate market in Florida, particularly those who are interested in selling their apartment complexes or condos. It also appears to be a hot time for people to sell their residential properties in Florida. Understanding related laws may help individuals to facilitate effective deals and thus achieve their goals in our state.

Source: sun-sentinel.com, "Rentals: Rising costs, tight market in South Florida", Paul Owers, Aug. 29, 2014