If you’re wondering where to purchase a South Florida rental property, put Palm Beach County on your list. With its sunny weather, diverse cultures, and variety of activities, it’s the perfect place to live for many people. In this article, we tackle why Palm Beach County is one of the best places for real estate investments in terms of its desirability. We also share a couple of tips on how to manage your Palm Beach Property, should you decide to go for it.
Why Palm Beach County Attracts Tenants
Let’s take a look at why your tenants will love Palm Beach County:
#1 Endless Sunny Days
The weather in Palm Beach County is so sunny – that’s why the county draws the attention of “snowbirds” every year! Tenants who are tired of the snowy North will find themselves falling in love with Palm Beach County’s warm, year-round temperatures. Don’t get us wrong – there are still a few rain showers, but for the most part, Palm Beach County is a sunny place.
#2 Perfect for Outdoor Fun
Palm Beach County has plenty of beaches, parks, etc., making it the perfect place for some outdoor fun. It’s a dream come true for tenants who want to snorkel, surf, swim, and more. Plus, there are miles of trails, making it the best place to be for tenants who like to hike, bike, and take walks.
The county is particularly popular for its golf – in fact, it’s considered Florida’s Golf Capital. Considering that it has more than 160 golf courses, it’s safe to say that it has earned that name!
Pro Tip: If your rental property is near a golf course, you or your Palm Beach County property management company can use that as its selling point!
#3 Diverse Variety of Neighborhoods
There are 39 municipalities in Palm Beach County, meaning you can purchase properties in a wide range of neighborhoods. For instance, if you plan to rent to families, you could purchase a property in Greenacres as it’s a family-friendly community. Or, you could buy a waterfront mansion in Palm Beach if you have wealthy clients. You’re free to choose a property that aligns with your goals. There’s a place in Palm Beach County for every type of tenant!
#4 Plenty of Schools to Choose From
The School District of Palm Beach County covers about 180 schools with more than 192,000 students. It’s the 10th largest school district in the United States. Some of Palm Beach County’s best public schools include Morikami Park Elementary School and Binks Forest Elementary School. What’s more, Palm Beach County public schools have an average score of 62% when it comes to math proficiency, versus Florida’s average score of 59%. With that said, Palm Beach County is a worthy choice for families who are concerned about education.
#5 Great Place to Retire
According to the U.S. Census Bureau, a significant number of Palm Beach County residents are aged 65 years or older. Considering that the city has great year-round weather and plenty of things to do such as saltwater fishing, it’s the perfect place to wind down and retire.
If you prefer to rent to seniors, you can buy a single-family home in one of Palm Beach County’s retirement communities such as Brookdale in Lake Worth. Make sure to remodel it so that it’s safer and more elderly-friendly. A property management company can help you determine which features senior tenants are looking for.
#6 LGBT-Friendly City
According to the Cultural Council for Palm Beach County, the county is one of the most LGBTQ-friendly communities in all of Florida. West Palm Beach, in particular, is home to one of the biggest LGBTQ communities in the U.S. It was named the second-best city and “most accommodating” place for LGBTQ retirement in 2019. Palm Beach County also hosts the Palm Beach Pride every year, one of the biggest pride events in the state.
Tips on Running a Palm Beach County Rental Property
If you decide to purchase a rental property in Palm Beach County, you need to understand how to run it properly. Even if Palm Beach County’s demand for rent is pretty impressive, that doesn’t mean you don’t have to do your part. Here are some of the best tips on managing a Palm Beach County rental property:
#1 Study the Real Estate Market
Never invest in real estate if you haven’t done your research yet. Get to know the markets (Google is your best friend) to discover every municipality’s average rental income, rental rates, employment and unemployment rate, population growth, and more. Be sure to crunch the numbers with the help of a property management firm so you don’t end up with a worthless investment.
#2 Consider the Location
Even if most of Palm Beach County is beautiful, you still shouldn’t buy the first property you can find. Some areas will have more potential than others, which is why it’s a must to assess the location. Only purchase properties in locations with steady growth and that are close to schools, multiple modes of transportation, and other amenities. Don’t be tempted to buy a cheap property because it seems like a steal – chances are, it won’t make money.
#3 Know the Law
When owning a rental property anywhere in the country, there are plenty of federal, state, and local laws to consider. With that said, don’t forget to read the laws of where your property is located. For instance, if your rental is in Lake Worth, make sure to understand Lake Worth rental laws on top of Palm Beach County laws and U.S. laws.
#4 Assess the Property’s Condition
Palm Beach County may be one of the U.S.’s wealthiest counties, but that doesn’t mean it doesn’t have its fair share of fixer-uppers. As you “window-shop” for a rental property, you will find properties that need repairs. Ask yourself if you can afford it and if you can recoup those costs from your future rental income. You should also hire an experienced property management company to inspect the property and let you know if it’s worth fixing up.
#5 Hire a Palm Beach County Property Manager
If you aren’t from Palm Beach County, it’s a non-negotiable to hire a local property manager. Keep in mind that you don’t know the Palm Beach County market, so you’ll probably fail to find tenants, turn a profit, and more. Property managers have the expertise and experience, and are well-versed with local laws, ordinances, and landlord-tenant rules.
Palm Beach County is generally a good place to live in. That’s why plenty of people have moved to municipalities such as Jupiter, Boynton Beach, and Palm Beach over the years. But just because the rental demand is there, doesn’t mean you can be lenient when managing them. You need skilled professionals to manage your Jupiter property or any of the Palm Beach properties.
Considering running a rental property in Palm Beach County, FL? Improve the management of your Palm Beach County property by partnering with luxury Property Care’s expert team today. We’ll help you with everything, from choosing which property to invest in, to making sure your rental makes money for years to come. Contact (561) 944 – 2992 or fill out our contact form to schedule a commitment-free consultation.