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International Property Investment News
South Florida offers great rental income
A sluggish housing market in south Florida has improved the fortunes of potential landlords.
Owners of condominium apartments in the sunshine state have found their plans for renovation and resale disrupted by falling house prices.
However, some quick-thinking owners are profiting from the weakness of the property market, by pulling in substantial rental income.
Emmanuel Fremin, a New York art dealer, told the Miami Herald that he is able to rent out his 600-square-foot condo, for $2,000 a week, or a superb $300 a night, making a greater capital return that he would through resale.
Mr Fremin confirmed the great potential of Floridian rental income, saying: "I can cover almost three times my mortgage."
The rising vacancy rate for South Florida and condos – up from 2.3 per cent in 2005 to 3.4 per cent in 2006 – points to a growing awareness among owners of the possibilities for profit.
Widespread construction of new apartment blocks shouldn't prevent British investors gaining profitable rental income either as - despite the problems of the Florida housing market - the majority of people still choose to rent rather than buy.
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