Boca Raton has a relatively higher cost of living. However, the city makes up for it with plenty of job opportunities, a diverse community, a thriving arts & culture scene, great weather, and a wide variety of activities to do.
While a majority of Boca Raton residents own their homes (72%), a significant portion still favors renting (28%). There are 1,215 rental properties in the city, with rent ranging from $750 to $100k. The median rent is $1,440 for a studio, $1,600 for a one-bedroom, $1,900 for a two-bedroom, $2,765 for a three-bedroom, and $3,900 for a four-bedroom. Though the average rent price is quite high, renting is still a more affordable option in the city. This, along with the city’s thriving tourism industry, draws many rental property investors to Boca Raton.
Of course, investing in a rental property is just the first step. You need to manage it, too, in order to reduce your vacancy rate, increase your retention rate, and maximize your profits. When you own a lot of rental properties, though, Boca Raton property management is nearly impossible to do alone. This is why many owners opt to hire professional property management companies. A property manager can take care of everything on your behalf, from marketing your property to move-out inspections.