As South Florida real estate continues to grow in value, investors want to know where they should sink their hard-earned dollars. When it comes to multi-family properties, I often recommend that my clients invest in Fort Lauderdale.
So: Why is Fort Lauderdale a good place to invest?
Though the city is often overlooked by outside investors, Fort Lauderdale holds a lot of sway in the South Florida real estate market. To me, it has it all: great beaches, a vibrant downtown, a thriving arts and cultural scene and great business opportunities.
Here are my top reasons why you should invest in Fort Lauderdale:
A Reformed Downtown
Fort Lauderdale is no longer held back by its former reputation as a spring break party town. Today, the city has made investments in its downtown that are making a difference. In fact, the International Downtown Association identified Fort Lauderdale as an “established downtown,” on par with San Francisco, Seattle, Pittsburg and Miami. The study rated metrics like growth, job availability and transportation options.
Multi-family investors should note that the downtown has grown by 20,000 residential units, half of that coming in the last five years, according to the city’s Downtown Development Authority.
Business and Population Growth
The pandemic changed everything. For Fort Lauderdale, that meant even more people from places like New York, Chicago and California decided to move to the city. Many chose to move south because they could work remotely and enjoy the Fort Lauderdale weather and beaches during their off hours.
However, the city also has been attracting more high-paying jobs based in Fort Lauderdale. From 2018 to 2020, downtown Fort Lauderdale jobs grew by 33% in the finance field, 16% in professional services and 10% in technology jobs. More younger, college educated people have chosen Fort Lauderdale as their home.
The Fort Lauderdale beaches are a reason to invest in Fort Lauderdale all by themselves. Don’t believe me? Check out the Fort Lauderdale Beach live web cam. If it happens to be raining, check back in an hour for more sunny skies, blue waters and warm beaches.
The Brightline quickly connects Fort Lauderdale to other metropolitan hubs. After closing during the pandemic, the private train recently reopened to passengers in November 2021, once again linking West Palm Beach, Fort Lauderdale and Miami. An extension of the train, which will connect the existing stops to Orlando (and later, Tampa), is under construction and expected to open in 2022.
Along with an international airport, Fort Lauderdale residents can utilize Broward County Transit buses; the free, downtown-based Sun Trolley; and even water-based travel, including the Water Trolley and Water Taxi.
The FATVillage in downtown Fort Lauderdale and stands for Flagler, Arts and Technology. On the last Saturday of every month except December, the four-block creative district hosts the city’s Artwalk, from 6 to 10 p.m. The event is a chance to showcase local artists with exhibits, booths for artisan-made gifts and goods, live entertainment and of course, food.
The Music & Arts South of Sunrise (MASS) District encompasses FATVillage and similarly supports the growth of the arts in Fort Lauderdale. The district hosts the Sunny Side Up Market on the second Sundays, featuring artists, local produce and goods, live music and food trucks.
The art galleries, shops and restaurants along Las Olas Boulevard make up a charming and well-known district all of their own. The boulevard serves as the quaint gateway between Fort Lauderdale beaches and the busier downtown.
These are highlights but don’t even graze the surface of everything Fort Lauderdale has to offer. As new residents are pouring into the area, now is the time to invest in multi-unit residential properties. Check out these opportunities to invest in Fort Lauderdale.
Royal Empire Realty is ready to help you grow your Empire in Fort Lauderdale. Contact us today!