Florida Investments in Single Family Homes and Rental Prices

[Peter S.]

Hello,

I am interested in single family homes for rent in Florida.  Looking at areas including Jupiter and Wellington.  Prices for homes range from 400-600k or so. The question I have is, are these rentable properties at these prices?  Rentometer states that they are and the upper limits in a place like Jupiter are $6700 a month. I cannot wrap my head around someone paying that amount to rent when they can just buy. Does anyone know if these are realistic prices that can meet the 1% rule? If so, which demographic of renter is paying these prices? Thanks so much for any information you can offer.