Florida has long been known as a transient State. People are always coming and going to and from the Sunshine State. Snowbirds come down from the North to escape the cold winter months. Many people decide to retire in Florida. While many people are permanent residents of the State, not everyone owns a home or wants to own a home. In all parts of Florida, there is a robust rental market.
WHY DO PEOPLE CHOOSE TO RENT?
There are many good reasons to rent in Florida. Perhaps you have just moved to the State and are not sure where you want to locate. You may find that Miami is too crowded or that you prefer the Gulf Coast and the St. Petersburg area of the State. By renting for a year or so, you are not making a major commitment and are free to move after your lease is up. It gives you a chance to explore other areas of Florida and see where you want to settle permanently.
Another reason for renting is that you can get a nice place to live for less money than buying a similar property. Many people do not qualify for mortgages or just do not want to deal with the problems associated with home ownership.
Finally, when you rent, you do not have to worry about paying for repairs. If the air-conditioner stops working, you might sweat for a day or two, but the owner or landlord is responsible for the repair.
WHY DO PROPERTY OWNERS RENT OUT THEIR PROPERTY?
The obvious reason is that they want to earn some money. While renting a house or condominium can bring in some extra income, it can also become something of a burden, especially if you get a bad tenant. Assuming you screen potential tenants well and get a good tenant, rental income can cover your mortgage and maybe even through off some extra cash each month. It also comes with certain tax advantages and allows the owner to build equity in the property.
CHOOSING A PLACE TO LIVE IN FLORIDA
Miami and Ft. Lauderdale - This is a diverse area encompassing many cultures. Everything from professional sports teams and pari-mutuel gambling to fine restaurants and shopping are only a short drive away.
Naples and Ft. Myers - Across the State on the Southwest Gulf Coast, this area is a little less hectic that Miami and Ft. Lauderdale. Enjoy great golfing, beautiful beaches and many of the fine things in life.
Tampa and St. Petersburg - A few hundred miles up the Gulf Coast, St. Petersburg is a favorite place for retirees. Tampa is a working class city with several million residents and has an international airport, big military base and all of the shopping, dining and attractions you would expect to find in a large city.
Orlando - The Orlando area in the central part of the State is home to Disneyworld, Universal Studios and all of the family themed attractions that bring millions of tourists to the State each year. While it is very crowded right around the tourist attractions, there are many quiet suburbs within a 30 minute drive of Disney.
Jacksonville - Known as the River City because of its location on the St. Johns River, Jacksonville is one of the largest cities, in terms of area, in the entire country. There are many diverse neighborhoods that cover the gamut from lower income, inner city housing to multi-million dollar houses in exclusive neighborhoods.