A recent survey of the top US real estate markets for this year finds that Florida property takes 3 of the final 20 rankings. Tampa sits in the highest position followed by Miami and Orlando. In niche markets such as multifamily acquisition and build-to-rent, other Florida metros such as Orlando and Cape-Coral rate among the highest in the country.
Overall best US real estate markets
The survey compiled by CrowdStreet considered 25 criteria. Macroeconomic aspects included higher than average population, employment and rental rate growth. In the microeconomic section, focus on the tech sector as well as airports with above average passenger traffic were important. Other factors included market dynamics, quality of life measurements and tax considerations.
Raleigh Durham in North Carolina ranks as the best US real estate market in 2021. This metro area delivers as third best or higher in four of the investment criteria. CrowdStreet also highlights Raleigh as one of the “hottest work from anywhere markets”.
Austin Texas stands in second place for its many competitive advantages including strong population and employment growth. Closing the top trio is Phoenix, a top market in the west of the US and a favourite for relocators from California.
Three Florida metros in top 20
The Sunshine State also does well when it comes to the best US real estate markets to invest in this year. Tampa-St Petersburg takes the highest position in eighth place. CrowdStreet emphasizes its strong population growth, affordability and business-friendly environment. The survey concludes that Tampa real estate “is an attractive market across nearly every asset class”.
Miami takes 16th position in the survey and takes out for its hospitality sector. Hotels in Miami are expected to see strong growth in 2021 as tourism returns to the iconic destination. America’s favourite holiday spot, Orlando, stands in 18th position with a rebound expected in tourism this year.
Best for buy-to-let property
The survey considers different asset classes including multifamily investment. Florida metros occupy 5 of the top buy-to-let 25 positions. Orlando and Tampa sit in the top 10 while Palm Beach, Jacksonville and Miami stand in 18th, 23rd and 24th place respectively.
Buy-to-let property in Florida regularly ranks among the best US real estate markets due to the state’s growing population and job creation.
Cape Coral best for build-to-rent
Build-to-rent investment has surged in the US as the demand for single-family homes in suburban areas grows. CrowdStreet refers to this assets as one of their “current favourite strategies” with a strong outlook fuelled by the present tenant migratory trend to the suburbs.
Cape Coral-Fort Myers in Southwest Florida is the only metro in the Sunshine State to feature in the top ten build-to-rent markets this year. This part of the state offers good options for land as well as high quality of living. For example, prime plots in nearby Englewood start at US$26,500.
Florida best for manufactured housing
This niche housing sector also features in the best US real estate markets for investment this year. CrowdStreet considered four fundamentals in their ranking for this asset type: level of supply; inbound population trends particularly among retirees; the cost of living; and a temperate climate.
Unsurprisingly, Florida ranked as the best state for investment in manufactured housing in 2021. Robust demand in tandem with short supply lead analysts to predict that the market will continue to boom for the rest of this year.
House price growth in 2021
In their housing forecast for this year, Realtor.com predicted strong house price increases in many Florida metros. Tampa will see the highest growth in values for Florida property with a 7.5% uptick this year. Miami comes close behind with an expected rise of 7.1% while house prices in Orlando will go up by 5.8%.