Economic Outlook – What Can Landlords Expect In 2020?

2019 ended on a high note for landlords in Miami with a high demand for rental properties while property values continued to increase as well.

With 2020 being an election year, and change on the horizon with more cities nationwide favoring rent Control ordinances, it’s likely that most landlords in Miami and across the United States are curious about what the economic outlook is that they can expect this year.

 This article will provide you with our perspective regarding the economic outlook for 2020 and what we can expect as we get closer to the elections in November.

Economic Outlook for Miami

As of January 2020, the economic outlook for Miami has remained strong. Although the unemployment rate in the Miami area is a little bit higher than the national average, we’re continuing to see strong growth in the jobs market. This is definitely helped as Miami in Florida as a whole has remained ideal relocation destinations for people from across the United States.

Miami has seen the job market increase by 0.8% over the last year. Future job growth over the next ten years is predicted to be 42.7%, which is higher than the US average of 33.5%.

Tax Rates for Miami

– The Sales Tax Rate for Miami is 7.0%. The US average is 7.3%.

– The Income Tax Rate for Miami is 0.0%. The US average is 4.6%.

– Tax Rates can have a big impact when Comparing the Cost of Living.

Income and Salaries for Miami

– The average income of a Miami resident is $21,724 a year. The US average is $28,555 a year.

– The Median household income of a Miami resident is $30,858 a year. The US average is $53,482 a year.


Rental Inventory Will Remain Tight

With more people continuing to relocate to Miami, we can expect rental inventory to continue remaining tight throughout 2020 but the good news is that there are more multifamily properties that are being developed in the Miami area and once this inventory is released, it should help ease the demand for housing in Miami Florida.

Will The 2020 Election Influence the Economy?

Even though we have a major election coming up in November, the reality is that candidates from both political parties will be less than eager to “rock the boat” economically and this means that we can expect things to remain as they currently are throughout the rest of this year.

Contact Miami Property Management

Do you need property management for your money investment property? If so, contact Miami Property Management today by calling us at (305) 428-3904 or click here to connect the best online.

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