Miami is one of the fastest growing rental and real estate markets in the country. Learn more about investing in and managing a rental property in Miami, Florida.

The Local Investors’ Guide to Miami Real Estate

Smart people have long seen the enchanting possibilities of Miami — that’s even how it got its beloved moniker of Magic City. The tropical climate, vibrant neighborhoods and culture has made it one of the fastest growing rental and real estate markets in the country. 

If you own a single-family home or condo in Miami, or are considering a rental investment in the city, this guide will direct you to tips on everything from school districts to property taxes and rental management for Miami. 

Why Miami is a great place for rental investors with single-family homes

Demand for single-family rental homes is soaring across the country, with Americans of all generations wanting larger homes with outdoor spaces. While rents have grown significantly for single-family homes in all markets, CNBC reported that Miami homeowners have been the biggest winners, with single-family rents soaring over 36% (up from 2% the previous year). 

Housing affordability can be an issue when breaking into the Miami housing market as an investor. RealtyHop’s affordability index ranks Miami as the least affordable housing market in April 2023, beating out LA and New York. Affordability is calculated by the average earnings of Miami residents, estimating that potential buyers need to spend 80.46% of their monthly income on the cost of homeownership. 

It's great news for people who own a rental home in Miami or have recently inherited a house in Miami. Because even as one of the least affordable rental markets, long-term renting is a better option than trying to break into the buyer’s market for many residents. This is keeping demand buoyant for rentals and should for some time. 

Best school districts in Miami to own rental property

Single-family homes attract parents. If you’re interested in investing in Miami real estate, you’ll want to understand the role school districts play in how potential residents will evaluate your rental property.

Miami is home to the fourth largest school district in the country: Miami-Dade County Public Schools. The school district your home is located in can have a real impact on how potential residents value your property, impacting your pricing and return on investment. 

If you’re researching neighborhoods, check out our list of the best school districts in Miami, or check out sites like Niche and GreatSchools to do your homework on cities such as Orlando and Tampa. 

Read More: Best Miami School Districts To Own Rental Property

We’ve already established that the Miami rental market is red-hot, but how much rent is too much to ask? How do you price a Miami rental and optimize long-term rental income when the market has gone a bit mad? With realistic, real-time rent valuations. 

The simple fact is that the rental market in Miami isn’t the same market of years past. Property values have changed too much, we’re all playing a different game now. Yet, it seems this is news to the property management industry, who are still using a handful of comps to price Miami homes in this complex rental market.

Belong addresses these rapid changes by taking a modern approach to pricing homes on the rental market. In fact, Belong has ditched the property management model to offer a completely new approach to the rental market.

When helping homeowners in Miami, Belong uses technology to blend live market data with an all-important metric: real demand for each home. We determine the right price for your home that will maximize rental income and keep vacancies low, long-term. And because we extend our services to renters as part of our community, we attract the best of the best to place in your rental property. Learn more about real-time rental valuations for Miami in this article. 

Read More: The Realistic Way To Price a Miami Rental Home When The Market is Mad 

How much property tax will I pay in Florida?

Property taxes in Miami are collected by the Tax Collector's Public Service Office for Miami-Dade County. While the tax will vary per property, the average property tax rate for Florida is 0.89% (accurate as of August 2022). Compared to other states, this places Florida around the middle-range, ranked 23 out of 50 for the lowest property tax rate.

Who are the best property management companies in Miami?

The best way to ensure your investment home is well-kept and profitable is to find the best company to help you manage it. But when comparing the best property management companies across Florida, you’ll be looking at a handful of differences between them all. Things like how much they charge in management fees and how often you are going to get slogged for more (if they even tell you!). 

With Belong, there’s no comparison. Because Belong isn’t a property management company, it’s a completely unique experience that is humanizing the rental market. 

Belong does things differently in Miami, by offering owners of rental homes:

Guaranteed Rent: Receive your rent on time, every month, regardless of when it’s paid by residents. 

24/7 Concierge Support: Both homeowners and residents have access to real-time support, going beyond emergency maintenance requests.

Transparent fees: No hidden costs like setup fees or lease renewal charges.

Modern-day marketing: Virtual tours and video marketing is included in listings.

User-friendly app: Belong's app provides convenient access to documentation, cash flow insights, and financial and insurance solutions. 

Long-term residents: Belong takes a personalized approach to match the right people, so they stay longer and feel at home.

Innovative financial solutions: Homeowners can manage cash flow effectively, even splitting the cost of maintenance and placement fees.

Eviction protection: Owners are shielded from legal costs if we ever place the wrong people

Extensive vendor network: Belong connects homeowners with a vetted network of over 10,000 professionals for repairs and renovations.

Comprehensive insurance solutions: Belong offers insurance options that protect homeowners, their properties, and residents.

Market-driven insights: Belong utilizes market data and real-time interest to maximize the value of your home.

Even though Belong topped the list (you can see the rankings here) when we compared Miami’s top-ranked property managers, it became clear we were comparing apples with oranges. 

Read More: Why Florida's Top-Rated Property Managers Are More 80s Than Miami Vice

As a land of sunshine, high demand and low taxes, Florida is an attractive state to own a rental home. If you own a home in Miami, now is the time to find out if you’re eligible to join the Belong residential network. We specialize in single-family homes and condos, helping individual homeowners to achieve their financial goals in the rental market. 

Here is a snapshot of what Florida homeowners are saying about Belong…

Great personal experience with Belong. They treat you like people versus other agencies that are focused on numbers. I recommend Belong 110%” - SBF

Wonderful experience with Belong Property management. They are taking wonderful care of my tenants. The level of professionalism they have shown is impressive, I will continue working with them as long as I have properties.” - Thalina V

I contracted with Belong to do construction and paint work at Curaleaf. Their price, quality, and timing was on point. Great people to work with!” - Danielle G

Think your Florida home belongs with us? Check out one of our local homeowner pages below to see if you qualify:

To speak to someone about listing your rental home, you can also call 786-628-0600 (English) or 786-786-1073 (Español).  

Before buying a home with an HOA, learn the HOA red flags to avoid.

HOA Red Flags to Lookout for Before Purchasing a Home

If you purchase a home in a community or building with a homeowner’s association (HOA) and intend to rent out that property, you must evaluate the HOA to understand if they will be supportive. A homeowners association or HOA is responsible for managing a community or building. Generally, HOAs are led by a board of directors, and the association’s members are residents of the community or building.

While HOAs can be a vital part of a thriving community, a poorly run HOA can cause headaches, fines, additional costs, or even require a homeowner to engage in legal action. Several things may indicate issues or prompt future consideration if you purchase a home with an HOA. 

HOA reserve funds are set aside for unexpected costs or maintenance. The HOA budget and this reserve are comprised of member fees. If an HOA does not have a healthy reserve in its budget, it could indicate improper budgeting or that its expenses exceed its member dues.

If there is a limited reserve fund and unexpected costs arise, members of the HOA could face a special assessment. In the case of a special assessment, the HOA would require homeowners to pay an additional fee on top of current monthly or annual payments to cover the unexpected cost. 

To better understand the HOA’s financial situation, consider asking if they have any renovations planned in the coming months or years. Asking this question can help you assess their approach to large maintenance projects. Do they plan for major repairs or renovations, or do they rely on special assessments rather than a well-planned budget? 

If you are considering buying a rental property inside a larger building, it’s wise to inquire about the roof and other major systems like HVAC or a boiler. If the building needs to make a significant replacement or repair, you could be facing a special assessment if their reserve funds won’t cover the entire cost. 

Community guidelines can be a helpful way to ensure that the neighborhood or building remains in good condition and is well maintained. However, unreasonable or excessive rules may indicate a likelihood of issues or conflict in the future. Well-intentioned maintenance rules help to keep a homogenous look and feel within a community. However, these guidelines can sometimes be outdated or fail to account for new trends and approaches.

For example, does your HOA entirely prohibits the use of xeriscaping instead of providing helpful guidelines on how you can execute it? As a homeowner who plans to rent the property, consider how you might expect the residents of your home to maintain the landscaping. If xeriscaping is part of your maintenance plans for a rental property, you’ll need to review the HOA guidelines closely. 

You will also want to review maintenance rules and potential consequences or fines carefully. Keep in mind that you will ultimately be responsible for those fines. You may also consider including HOA guidelines in your future lease agreement. 

Amending HOA rules is difficult or prohibitive 

The purpose of an HOA is to protect the best interests of the community it serves. As with any organization, the governing documents should be regularly reviewed and updated. It’s prudent to carefully review HOA documents, looking for the process by which an association member can amend rules. 

If a policy change requires a vote with 75% support, you may be looking at an HOA that is unwilling to change to adopt new guidelines. For most associations, a majority vote is an excellent way to gauge the communities desires and respond to the evolving needs. 

You will also need to watch out for issues with quorum. Quorum will be defined in the HOA documents and may require that a certain number of people vote among the total number of possible voters. Quorum policies can quickly complicate or make rule changes more difficult. 

While it’s not uncommon to see consequences or fines for the rules outlined by an HOA, it’s wise to keep an eye out for escalating penalties. These types of fines double or increase significantly every time they are issued. For example, the first maintenance fine might be $25, the next might be $50, and the third could be $100. 

Escalating fines could indicate that residents are apathetic about penalties issued by the HOA. The HOA may feel it’s necessary to increase the fines to gain the attention of residents. In this case, closely inspect the neighborhood or building. Does the community seem well-maintained? 

Escalating fines, especially if they are excessive, could also suggest that the HOA is a bit overzealous. Are fines issued for significant violations, or do they seem petty? If it looks like the HOA has a nit-picky approach to penalties, you may spend excessive time and money addressing violations. 

Rules limiting the number or percentage of property permitted to be rentals 

In some communities or buildings, HOAs have implemented amendments that restrict leasing. These changes are designed to improve the community’s financial strength but can impact how you move forward. 

If they permit you to lease the home you are planning to purchase, you may be at an advantage since there will be limited competition in the immediate area. However, the HOA may not be able to guarantee you will be permitted to lease the property, or they may have already reached their leasing percentage limit.

Read More: How To Rent Your Home and Stay HOA-Board Approved

If the HOA is currently facing a lawsuit, you may want to investigate further before moving forward with your purchase. Litigation is expensive, so most people will not proceed with a case unless they think they have good reasons. Carefully research any pending litigation to understand the scope and origin of the issue. For example, a slip and fall claim may not be alarming, but keep an eye out for anything that may be more substantial.

Suppose there is pending litigation against the HOA. In that case, insurance will likely cover the costs associated with legal proceedings. Still, you can expect that the HOA’s insurance will increase the following year and that the HOA will extend those costs to association members. 

Once you know how to identify concerning trends, you’ll need to complete a careful assessment of any potential HOA. You can learn more about the HOA and gather the information to help decide if the association will support your investment property in their community. 

Financial documents can provide significant insight into how an HOA approaches its responsibilities. As discussed, you want to look for reserve funds that equal to or exceed 10% of the monthly/annual dues. You can also verify that reserve funds are allocated in the budget to cover any overages. 

HOA financial documents should also indicate the number of units or homes delinquent on dues. If there is a significant number of delinquent association members, it may be difficult for the HOA to meet its financial obligations, and the HOA may pass on those additional costs to homeowners. 

Similarly, you’ll want to look for a record of how many units or homes in the community are currently in foreclosure. If many residents default on their loans, they are unlikely to have paid their association dues. Further, this may indicate more significant issues in the community. 

Finally, you should verify that the HOA has fidelity coverage which protects them from theft or embezzlement. 

In recent years many HOAs have begun to record their meetings, and viewing or listening to these recordings can give you significant insights into the association’s state. If you see the same issues coming up monthly, you can expect those same things to be a problem if you purchase in the community or building. You can also look for mentions of recent fires or other insurance claims. If the association recently made an insurance claim, you can expect their insurance costs to go up the following year.

Chat with neighbors or building residents

Don’t be afraid to talk with people you see in the neighborhood or building. Most people are happy to share their experiences. If they negatively perceive the HOA or have had bad experiences, they will likely share it openly. In contrast, you may find that neighbors speak positively about the community. 

A successful real estate investment strategy requires the right support. Once you've identified the ideal property with a supportive HOA, consider building a team of experts to support your next steps. Belong offers homeowners an alternative to traditional property management. We’re not a property management company but a complete residential network and service that goes above and beyond for homeowners and their residents. 

With guidance from our team of real estate and maintenance professionals, your home will always attract the best price and the best residents. With Belong, you can expect fewer vacancies, good people who care for your home, and profitable rental income. 

Learn more about Belong and see its role in your real estate investment strategy.

A poorly run HOA can cause headaches for homeowners, especially rental property investors. Before buying a home with an HOA, learn the HOA red flags to avoid.

Home Owner Association Red Flags to Lookout for Before Buying

Which will be more profitable for your home? We cover the pros and cons to weigh up your options

Short-Term Rental vs. Long-Term Rental: The Pros and Cons

Short-term vs long-term rental, airbnb vs property management — if you’re looking to rent out your home, this is one of the first decisions you will need to make. Is it more profitable to rent it to a single person/family or can you optimize your rental income by listing it as a short-term vacation rental on platforms like Airbnb, VRBO and HomeAway?

Ultimately it will depend on your personal circumstances, including how much time, money and energy you have to invest in managing the home. To help you weigh up your options, we dive into the pros and cons of both short-term and long-term rental for your home. 

The pros and cons of short-term vacation rentals

On the surface, the economics of renting your home as a vacation rental look promising. With rates charged per-night and huge fluctuations during holiday seasons, in the right location a vacation rental can be lucrative. It also allows you to access the home whenever you want it, so if you use the home throughout the year, this is a great option (provided you don’t mind the wear-and-tear on your furniture).

On the flipside, the payday that can come from a popular vacation rental becomes a lot less attractive when you factor in the number of hours you’ll spend working as a frontline customer service agent for your own property — especially when many Airbnb hosts are reporting a big increase in vacancy rates. 

Flexibility — you can rent out the home as little or as much as you like

You won’t need to put your furniture in storage if you are leaving temporarily

The per-night/per-week rates are higher than a flat monthly rental rate and can therefore be more profitable if the home is in a tourist hotspot and booked regularly 

There are several online platforms that are simple to list and manage bookings yourself

The property will be cleaned after every stay to help maintain the condition

You may be able to claim some costs on tax — such as fees, maintenance and cleaning

There is no guarantee of regular income as bookings will be inconsistent and you’ll be subject to last-minute cancellations

Many Airbnb hosts are reporting an increase in vacancy rates and that the work involved is making the option less profitable/unprofitable

You will need to handle all of your guest inquiries and demands — most likely on weekends, evenings and during holiday periods

You are removing housing options from your neighborhood and contributing to the rental price squeeze that is impacting families that are priced out of home ownership

The property will need to fully furnished and you will be responsible for the upkeep and replenishment of all amenities

You will need to hire a professional cleaner or be prepared for a lot of hard work between guests, cleaning the home throughout and laundering all bed linen and towels

You risk your home being destroyed during parties and a high turnover of guests (they’re technically banned, but there’s little you or Airbnb can do to stop them)

If guests are unsatisfied with the home or service, you could be forced to give a full refund within 24 hours, in accordance with Airbnb policies

There are ever-changing local regulations to comply with — some areas like LA have even outlawed short-term rentals for investment properties

You may need to collect and pay additional taxes or fees to have a legal short-term rental under local ordinances, which are becoming increasingly common 

You will have additional costs such as paying for all electricity, water, internet access etc

Neighbors don’t like short-term rentals, so you risk souring any relationships if you intend to come back to the home (and you could be in violation of your HOA agreement)

Management fees are high — if you don’t want to handle the workload yourself, you will pay up to 20-50% of total income generated for a company to manage a short-term rental



Airbnb guest coverage doesn't provide the right insurance to protect your home, with short-term rental insurance costing between 10-70% more than a homeowners policy

With rising inflation and property values in recent years, more Americans are feeling locked out of home ownership so they are renting for longer. There has been a sharp increase in rental pricing as a result, meaning the average rental homeowner is receiving drastically more money in rent than previous years. 

This means it’s a great time to hold an investment property and if you don’t intend to use the home during the year, having a long-term lease agreement on your home may be more profitable than a short-term rental, even at a lower per-month rate. 

Predictable income, with less vacancies and one person/family living in your home for 12-months or longer

High demand and attractive rental rates locked in for the lease term

Residents are vetted and screened, helping you to place responsible people in your home who will treat it as their own

With the right management, income can be truly passive, with no need to play customer service representative for holiday-makers

Provides a stable living environment for people who don’t want to, or can’t, buy their own home

Favorable tax breaks and capital gains depreciation

No need to furnish the home or worry about cleaning costs and replacing amenities

No utility costs, as residents will typically pay for these unless it’s included in their rent

Management fees are lower, usually around 8 - 10%

Less local ordinance hoops to jump through

You won’t have access to the home throughout the year as residents will be living there full-time

Short-term vs long-term rental, airbnb vs property management - which will be more profitable for your home? We cover the pros and cons to weigh up your options

That is why Belong can make your life so much easier!

Find The Perfect Rental or Rent Your Home Hassle-Free

Renting a home is an exciting and life-enhancing experience. Where would you like to live? What kind of home would suit your family best? And how do you find it all hassle-free? Belong is here to help with everything. Whether you own a home and want to put it out for rent without lifting a finger or you want to find the perfect rental for you without the hassle of driving around looking for available properties. We're here from start to finish, so let us take the stress out of renting or finding your home!

Access all the tools and support you need to rent your home with Belong

We manage your rental, so you don't have to worry about it.

If you ever rented out your home, you might have encountered many different problems and situations with renters. That is why Belong can make your life so much easier! 

Our software is designed to make renting easy, and we provide a full suite of tools and support to manage your rental. Our tech-enable platform allows us to offer the most seamless experience and take care of everything from managing tenant applications and background checks, collecting rent payments, and maintaining leases to reporting on any maintenance issues that arise at the property.

Sounds good? Well, it gets better. We're here for you every step of the way. 

These are some of the benefits you get when listing your rental property with Belong:

As you can see, Belong is not your regular property management, we offer happiness management so you can spend your time (and extra money) doing the things you really love. 

Find the perfect rental and enjoy a stress-free moving experience.

Renting is the perfect solution for many people. It gives you flexibility, a good return on your investment, and the ability to move around more quickly if needed. But finding the right rental can be difficult and time-consuming, especially in popular areas. That's where Belong comes in! With our easy-to-use website and simple but reliable software, you can browse thousands of properties all over the area instantly, anywhere, and any time. With Belong, finding the perfect rental for your specific needs has never been easier! 

Goodbye property management, hello happiness!

Rental services like ours can make your life easier. When you rent with Belong, you're dealing with one company that is an expert instead of many different ones. Our team does everything in-house: we manage the property, maintain it and take care of all incoming repairs. You don't have to worry about collecting rent or finding new tenants if someone moves out — we do that for you! You also won't need to deal with unexpected expenses like utilities or remodeling because they are included in our monthly fee.

All this saves time and allows you to focus on what matters most — your family, friends, and hobbies. At Belong, we believe property management is outdated, which is why we offer services that spark joy. 

Are you ready to list your rental? Get started today! All you have to do is enter your home address, click a button, and if you qualify, we will take care of the rest!  

On the other hand, if you are finding for the perfect place to rent, just go to our website, select the city you want to belong to, and just sit back and relax while we find the best property for you! 

If you have any questions about Belong, reach out to us! We are here to help.

If you ever rented out your home, you might have encountered many different problems and situations with renters. That is why Belong can make your life so much easier!

Legislation changes ripple through the real estate market. Before you buy your next property, here are 4 impactful initiatives on the ballot in the US in 2022

2022 Ballot Initiatives That Could Impact Homeowners

A plethora of factors can influence the real estate market and give you cold feet before you’ve even signed on the dotted line. 

Property availability, prices, and investment potential are mainly influenced by demographics, interest rates, and economic cycles, but they’re also closely tied to government policies and legislation, including tax incentives. 

Whether you’re a new or soon-to-be real estate investor, knowing what’s on the ballot can help you make smarter investment decisions and mitigate risks. 

Even if an initiative isn’t currently on the ballot in your state, popular measures are often echoed in other areas across the country. With that in mind, here are some of the most impactful initiatives to get familiar with before you purchase your next property. 

In November 2022, we’ll see the Wealth Tax to Support Clean Air Programs on the ballot in California. 

The proposition would implement a 1.75% tax increase on personal income over $2 million, which could generate $3 billion to $4.5 billion annually to create funds for electric vehicle incentives and wildfire prevention. 

Wildfire management costs California billions every year. Businesses, environmentalists, and public health organizations alike argue more needs to be done to fight climate change.

The wealth tax initiative further encourages zero-emissions vehicles and infrastructure, a program that has already been adopted in 12 states. Funds will also be used to support low-income communities or those who live in heavily polluted areas, as well as provide additional wildfire protection and prevention.

Similar to property taxes, a wealth tax would apply to all property in your ownership. Residential and commercial real estate will be subject to the tax.

A wealth tax could help address the growing housing shortage, which has discouraged first-time home buyers and renters, as well as contributed to homelessness.

King County, Washington’s Proposition 1, Property Tax for Natural Areas, Trails, and Green Space Funding Measure is an effort to restore and preserve conservation in the region.

The proposition would enact a property tax of $6.25 per $100,000 of assessed value to provide an advisory committee and funding for green spaces like natural areas, wildlife habitats, trails, river corridors, farmlands, and forests within King County.

Conservation directly affects flood protection and air quality in King County. Green spaces allow for more recreation and community connection, which is critical because many King County communities experience disproportionate racial, social, environmental, and economic inequities. 

Land stewardship can benefit homeowners and residents alike — particularly low income families experiencing excessive heat, poor air quality, or flooding. Supporting communities’ health and prosperity in this way can significantly influence the real estate market.

In 2023, King County will see Initiative 135 on the ballot, which would establish the Seattle Social Housing Developer to create permanently affordable housing. This measure is also generating interest in California and Hawaii. 

According to the National Association of Realtors, “there are many misconceptions about affordable housing, the main one being that they decrease property values. A recent study in Alexandria, Virginia has proven that affordable housing actually increases or has zero effect on property value.”

3. Florida’s Flood Resistance Improvements

Florida Amendment 1, Disregard Flood Resistance Improvements in Property Value Assessments Measure would allow the state legislature to pass laws blocking the consideration of flood resistance improvements when assessing a property’s value for taxes.

Florida experiences the highest amount of property value losses due to flooding, with Dixie, Franklin, and Monroe Counties at risk of losing property value the fastest. In 2022-23, legislation from the Florida House will dedicate $100 million to mitigate the impacts of flooding on homes and businesses. 

Public service workers could soon receive a tax break to buy a home in Florida. Florida Amendment 3, the Additional Homestead Property Tax Exemption for Certain Public Service Workers Amendment would provide an additional homestead property tax exemption of $50,000 on assessed values between $100,000 and $150,000 for property owned. 

The amendment is designed to lessen the financial burden purchasing a home may have on the public workforce. Those eligible include essential workers like K-12 classroom teachers, law enforcement officers, emergency medical technicians, and more.

It’s estimated that approval of the amendment would reduce local property tax revenue by $85.9 million, resources that typically fund local governments. As property values and taxes increase, this initiative could improve the accessibility of the real estate market for first time buyers. 

Make moves on your rental home with confidence

Making predictions about the real estate market and how to price your rental home isn’t as simple as looking at the latest news cycle — we recommend seeking expert advice. If you have a rental property and are seeking a hassle-free experience with an expert crew to support your investment goals, book a consultation with us at Belong.

Find out how to evaluate your rental property's location to price the rent accordingly.

How To Evaluate The Location of Your Real Estate Investment Property

Location is one of the most critical factors potential residents will consider when choosing a rental home. If your real estate investment property is in a better area, you can expect higher rent prices, more interest in your property, and increasing property values. 

What factors determine if a property’s location is good or bad?

While the location of every property will have unique characteristics that impact desirability, you can expect these factors to affect almost all homes in a rental market. 

In metropolitan cities, a centralized location can significantly impact how desirable your real estate investment property is. In areas with limited opportunity to build new homes or add to the rental market inventory, there will be a fixed number of rental properties and growing demand. As such, rental homes in these areas will become more desirable over time and increase in value. You can also apply this principle to any popular place where the addition of new homes is limited. 

Accessibility of a real estate investment property 

Many residents may choose a rental property easily accessible by car or closer to transit hubs like bus stops, subway stations, or bike-share locations. The impact this has on the location of your real estate investment property will vary depending on your specific city, suburb, or community. In some cities like New York or Chicago, potential residents will look for a rental home within walking distance to specific public transportation stops or on certain lines. In suburban locations, public transportation may not be as desirable. 

Some residents will look for neighborhoods near main transit routes, especially if they commute to work. For many, an ideal location will allow residents to access the home via several routes.  

Amenities within proximity to the real estate property location 

It will surprise almost no one that many residents look for rental homes near essential amenities. Some will evaluate your real estate investment property based on its proximity to their grocery store of choice. It will likely be deemed a better location if your home is close to more desirable or boutique grocers. Similarly, homes near areas with music venues, restaurants, and coffee shops may attract more interest.

The local school district can also impact your investment property’s location. You can also expect home values and rental pricing to be higher in areas where school districts are favorably rated. When high-quality schools attract homeowners and residents to a specific location, the value of those properties increases. However, if your property’s school district ranks average or below, your rental pricing may not be affected dramatically because not all potential residents will prioritize the quality of schools. 

Appearance of the rental property location 

When potential residents evaluate the location of your real estate investment property, they will inevitably take a visual inventory of the neighborhood and surrounding areas. At the very least, potential residents will assess how well the community is maintained. They may carefully evaluate if roads and nearby businesses are well maintained. If they see unkempt landscaping, trash, or other unsightly things, they make them think twice before moving forward. 

More discerning residents may look for well-maintained and plentiful trees and quality landscaping. Some residents may prioritize locations where they can easily access walking trails or neighborhoods with sidewalks, crosswalks, and a pleasant landscape. If your real estate investment property is located near parks, walking trails, playgrounds, or dog parks, it will likely be more desirable to potential residents. 

Development and growth plans for the location 

It’s helpful to consider future developments and plans for growth so you can understand how the location of your investment property impacts your rental pricing and popularity. Neighborhoods and communities experience near-constant change. To best evaluate the location of your rental property, you should consider plans for schools, hospitals, and public transportation. You may also want to research civic infrastructure plans, including road expansions or improvements. 

Remember that commercial or residential development can be both advantageous and disadvantageous. In some cases, residents may be excited that they are building a new grocery store. However, they may dislike the addition of a gas station or large apartment complex. Understanding how your community is changing can help you better evaluate the location of your real estate investment property. 

Specific location of the lot or building 

When it comes to the location of your real estate investment property, you’ll need to consider both the surrounding area and where your home is located within that area. While potential residents may want to be close to major roads, the location of your rental property becomes less desirable if the home is located on or next to a major highway. Potential residents are likely to express concerns about noise and safety. 

Similarly, if the rental property is located in an area with limited parking, it may be more difficult to find residents, especially if the property does not have onsite parking. Generally, homes with a view or located near a body of water, park, or other open spaces tend to be more desirable. In some cases, older homes needing more updates may command more interest simply due to their specific location. 

How to find residents who will love the location of your current real estate investment property 

It’s helpful to understand who may be most interested and attracted to the home to find the best possible residents for your real estate investment property. To do this, you can list your location's specific benefits. Then, decide which types of people might be likely to prioritize the location of your particular property. For example, parents with young children might prefer a home in a high-quality school district. Retirees might like homes near plentiful outdoor spaces, and young adults might look for a rental home near entertainment and amenities. Once you’ve evaluated your property in this way, you can market your rental to attract the best residents. 

You may also want to consider affordability, the current job market, and trends in the community. In a best-case scenario, you attract the best rental property residents while simultaneously returning a profit to you.

How to consider location if pricing your real estate investment property 

While location will be one of the most critical factors in pricing your real estate investment property, it should not be the only feature that impacts your pricing decisions. You should also consider the age and condition of the home, the local real estate market, your home’s size, nearby amenities, and your home's curb appeal. To ensure that your rental property remains cash flow positive, you should also calculate your annual maintenance and management costs. 

Do you need a partner to help you price and find the right residents for your real estate investment property? 

Belong is a modern, people-focused alternative to old-school, fee-ridden, low-tech property management. 

Belong helps you set the best possible rental price by using market data and real-time interest from potential residents to maximize the value of your home. We do this by analyzing the number of impressions, clicks, tour-sign ups, and the total number of applications in progress for your rental property. A real-time evaluation allows us to adjust our pricing strategy to maximize your rental value. This unique combination of technique and technology will enable us to exceed the industry average in placing new residents, which means your home gets rented sooner. 

Belong’s work doesn’t stop there. We work with you to attract, screen, and retain residents who will appreciate your property. When prospective residents start reaching out about seeing the property, we schedule and show the home on your behalf. Once we’ve found the right residents for your property, our concierge team will collect rent, schedule any visits, and support you and your residents.

Enter your home address to see rental pricing for your property.

How do you evaluate the location of a real estate investment property? Find out how to evaluate your rental property's location to price the rent accordingly.

Is San Diego a good choice for real estate investment? With strong demand, learn more about short-term vs long-term renting for San Diego rental properties

The Local Investors' Guide to San Diego Real Estate

If you’re keen to hold property in a city with super strong demand for rentals, San Diego is a great choice. With miles of picturesque coastline, sunny climate and a healthy economy, it’s a desirable place for residents and single-family homes can attract strong returns. While it’s not the cheapest place to buy real estate, it can be better value than many parts of California and the State’s rent control provisions are more favorable toward homeowners in San Diego than Los Angeles. 

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