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South Florida

South Florida cities among top U.S. home rental markets: report

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Fort Lauderdale, West Palm Beach and Miami are among the top 50 markets for expected returns on rental properties, according to a survey from HomeVestors of America and Local Market Monitor. Fort Lauderdale ranked 12th on the list, followed by West Palm Beach at 19 and Miami at 28. “We think this is the best opportunity for investors to accumulate rentals in the last 30 years,” said HomeVestors Co-President David Hicks. The rental data was gathered in the second quarter of 2012, examining future relative returns of single-family homes. While Florida tied with Texas for the most cities of any state on the list, Local Market Monitor urged caution on the Sunshine State. “Overall, the Florida markets will be slow to recover because so many homes were sold as ‘investments’ and now sit empty,” Local Market Monitor President Ingo Winzer said. Miami’s rental market has seen a stark turnaround in years since the downturn, reaching 93 percent occupancy in March, according to the Downtown Development Authority. — Alexander Britell