Best places to buy rental properties in Florida

January 13, 2022
● Written by
Teddy

Florida

Investing in Florida

When someone thinks about Florida, beaches, sun, theme parks, and oranges immediately come to mind. But, there's another side to the Sunshine state that makes it a popular tourist and living destination -- the fact that they don't have income tax and the average Florida property tax (0.98%) is lower than the US average (1.08%)! It's widely seen as one of the friendliest states for retirees. For those reasons, Florida may make sense for short and long term rental property investors to consider.

The Nophin team crunched the numbers and found the five best places to invest in Florida rental properties.

Statewide vacancy rates

FL Rental Vacancy Rate via Federal Reserve Bank of St. Louis

Orlando, FL

Orlando is home to many theme parks including Walt Disney World and Universal Studios. It's a popular destination for tourists making it place worth considering when thinking about investing in short term rentals.

  • Population: 307,573
  • Median household income: $55,183
  • Median 1-bedroom monthly rent: $1,703
  • Median listing home price: $399,000

Miami, FL

Miami is known for its beaches, nightlife, and vibrant culture. With millions of yearly tourists and rapidly increasing rents, Miami can be a good place to invest in properties.

  • Population: 442,241
  • Median household income: $44,268
  • Median 1-bedroom monthly rent: $2,500
  • Median listing home price: $571,000

Tampa, FL

Tampa is one of the hottest real estate markets in the United States. It's also known as the Cigar Capital and the birth place of the Cuban sandwich.

  • Population: 384,959
  • Median household income: $55,634
  • Median 1-bedroom monthly rent: $1,775
  • Median listing home price: $435,000

Jacksonville, FL

Jacksonville is the largest city in the continental US by land mass and averages 270+ days of sunshine each year.

  • Population: 949,611
  • Median household income: $55,531
  • Median 1-bedroom monthly rent: $1,299
  • Median listing home price: $321,000

Tallahassee, FL

Tallahassee is Florida's capital city and a college town, as it is home to Florida A&M and Florida State University.

  • Population: 196,169
  • Median household income: $46,461
  • Median 1-bedroom monthly rent: $860
  • Median listing home price: $275,000

Nophin is landlord banking and software for rental properties

With FDIC-insured bank accounts and cards that seamlessly integrate with easy-to-use software, Nophin helps landlords increase returns and automate rental property finances. Check out what we offer on the Nophin homepage!

Methodology

To help us determine the five best cities in all states, the Nophin team used data from several sources including the 2020 United States Census, the Department of Housing & Urban Development, Federal Reserve Economic Data (FRED), the National Association of REALTORS®, Zumper, internal data, and other reputable sources.

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Please note: Nothing above should be construed as legal, investment, tax, nor financial advice. This content is for informational purposes only. Consult a lawyer and/or an accountant if the above is right for your personal situation.

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