Fort Lauderdale homes have appreciated by over 7% in the last year, which is 3% above the national average.
If you're investing in a property in Fort Lauderdale, it's important to learn all you can about the real estate market. There are various up-and-coming neighborhoods that can still present a great deal of value for your money. It's just a matter of knowing where to look.
In this post, we're going to tell you about the best neighborhoods in Fort Lauderdale to invest in. South Florida is a great place to expand your portfolio, but some investments are better than others. Keep reading and learn which areas you'll find the best investments in.
The Victoria Park neighborhood was established in the early 1900s, making it one of the oldest parts of Fort Lauderdale. It's not a neighborhood for the faint-of-heart investor, as the median home price borders on $700,000.
If you've got the money, however, it's going to pay huge dividends in terms of rental income. The average rent is over $2,800 per month, which people are happy to pay to be in one of the best areas of the city, so close to downtown and the beach.
Riverland is a bit outside the city center, bordering Lauderdale Isles and Chula Vista. It presents something more affordable for new and frugal investors, however, with properties going in the low $200,000 range. Its residents are on the young side, which presents an opportunity for would-be landlords.
Traditional rental income is around $1,500 per month. There are plenty of bars, restaurants, and shops around, not to mention 2 good-sized parks for young families.
Moving back closer to downtown Fort Lauderdale, Tarpon River is an up-and-coming family-oriented neighborhood full of single-family homes. It's conveniently located near the water, as well as supermarkets and shopping centers. All of this makes Tarpon River a desirable location for singles and families alike.
The median property price is just shy of $300,000, with rent coming in at around $2,000 per month. It's also centrally located by the water and downtown, making it an ideal spot for a vacation rental.
Las Olas is a tiny community within the community of Venice. It's comprised of about 10 streets, so the pickings will be slim. That said, it's one of the most desirable places in all of Fort Lauderdale, so if you've got the capital to purchase a luxury home, Las Olas is a great option.
The median list price is about $2.5 million, so it's not a cheap investment if you're looking for a home. You'll also have the option of investing in luxury condos and co-ops.
Choosing Between Neighborhoods in Fort Lauderdale
These are some of the best neighborhoods in Fort Lauderdale to invest your money in, but there are plenty more. If you're investing in property, Fort Lauderdale is one of the best locations, not just in Florida, but in the entire country.
Whether you're new to this or a wily old investor, your investment properties will be better looked after with the right property manager on your side. At Home River Group, we've helped countless property owners across the country find tenants, collect rent, and maintain their properties.
If you need help caring for your investment, don't hesitate to contact us to find out how we can help.