If you’re growing your Florida investment portfolio, one of the areas to add to your radar is Margate. This Broward County city may not be as lively as the big cities, but it does have a suburban charm that many tenants will love. In this post, we’ll take you to Margate and go over a few details you should know if you plan to invest in this market.
Where Is Margate?
Margate is a city in Broward County, neighbored by Pompano Beach. The name “Margate” is believed to have been derived from the first three letters of the founder’s last name (Marqusee) and the first four letters of the word “gateway”. It was once farmland, but in the 1950s, Margate grew to become a town due to a boom in land development. Then in the 60s, it was incorporated as a city.
Reviews on Niche.com will tell you that this suburban city is so well-loved for its clean, peaceful, and tree-lined streets. Over the years, the city has won several awards and was named the “28th Safest City in Florida” by the National Council for Home Safety and Security in 2019. Furthermore, the city has been named a Tree City by the Arbor Day Foundation for its forestry efforts for 23 years in a row.
What Is the Average Rent in Margate?
If you were to rent out your Margate home, on average, how much would you collect every month? According to Rent Cafe, the average rent in Margate as of 2022 is $2,186. This is a bit higher than the average rent of Margate’s neighbor (Pompano Beach) of about $2,088.
You’ll mostly find single-family homes in Margate, but it also boasts its fair share of condominium communities, such as the Palm Springs Condominiums and The Laurels at Margate. In these condominium communities, prices for units sell for $100,000 to $300,000 depending on the number of bedrooms and the condominium’s amenities. According to Realtor.com, the best neighborhoods to live in Margate are Coral Bay, Oriole Gardens, and North Margate.
Who Might You Rent to in Margate?
Wondering who your renters might be if you buy a rental home in Margate? Below, we’ve broken down a few key details about Margate’s demographics:
Margate is home to more than 58,000 people as of the 2020 U.S. Census.
According to Data USA, the city has a year-over-year population growth of 0.76%.
According to Point2, the city’s median age is 47.1, with a year-over-year change of 1.5%.
The city’s median income is $46,460.
There are more women than men in Margate, although the gap isn’t that significant (46.25% are men while 53.75% are women).
Of the population, 59.31% are family households while 40.69% are non-family households.
Only 19.79% of households (or 4,685) have children.
You’ll find a culturally diverse community in this South Florida city. Data from the 2020 U.S. Census shows that 30.94% of the population is White, 31.48% is African American, 27.11% is Hispanic, and 4.26% is Asian.
Is There a Rental Demand in Margate?
One way to tell if you’ll be able to rent out your Margate home is by examining how many properties are currently renter-occupied. According to Point2, 73.42% of homes are owner-occupied, while 26.58% are renter-occupied. Don’t be discouraged, though – just because it’s going to be hard to find tenants, doesn’t mean you can’t get the job done. Remember, Margate’s population is growing, so it’s still possible to be a profitable rental owner. It will be harder to rent out your Margate property but it can be done particularly if you partner with a Margate property management service.
Do note that the ideal (and more accurate) way to find out if there’s a rental demand in Margate is to consult a Margate property management company. They’ll help you find out if it’s practical to rent, considering the current market and economic conditions.
What Is the Average Property Sales Price in Margate?
One option that investors have when they purchase an investment property is to rent it out now, and then sell it for a profit down the line. To find out how much you can sell your property in a specific year, consult with property investment services.
Current data from Realtor.com shows that the median list price is $314,000 and the median sold price is $250,000. Furthermore, the sale-to-list price ratio is 98.03%, meaning that homes in Margate sold for 1.97% lower than the list price. Homes also remained on the market for 65 days – this is significantly less than Florida’s average days on the market of 79 days.
Consult a Margate Property Management Company About Your Prospective Investment
Regardless of the property type you end up buying, be sure to partner with a Margate property management company to meet your rental’s day-to-day demands. A property management expert such as Luxury Property Care can help you with duties such as:
Regardless of the property type you end up buying, be sure to partner with a property management company to meet your rental’s day-to-day demands. A property management expert such as Luxury Property Care can help you with duties such as:
Property inspections. We perform multiple inspections to make sure your property is in prime condition at all times.
Property repairs and maintenance. Whatever the problem, we have a vast network of vetted vendors who are here to help 24/7.
Tenant screening. Avoid troublesome tenants with our tried-and-tested tenant screening procedures.
Rent collection. We use cutting-edge tech to collect rent and remind tenants when their rent is due. In that way, your cash flow will be as consistent as possible.
Rule enforcement. Whether you don’t want to allow pets on your property or ban sublessees, we respect your rules. We’ll do what we can to ensure your tenants follow them.
…and many more
If you’re not yet sure if you should invest in Margate, it would be worthwhile to consult an investment specialist. At Luxury Property Care, our expert team doesn’t only provide full-service property management, but we also advise landlords on what their next investment move should be. Call us at (561) 944 – 2992 or complete our contact form to schedule a one-on-one consultation today.