If you’re an investor in the Orlando rental market, or you’re thinking about buying property in this area to rent out to tenants, we have some good news for you. The real estate market in the Orlando area for 2019 is looking strong. You shouldn’t take our word for it. Ask the experts. Zillow recently rated Orlando as the second hottest market in the country.
Today we’re going over some of those key driving factors.
Orlando Rental Market: Why So Strong?
The current surge in the Orlando market is driven by a surge of new residents. These tenants are flocking to the south in search of affordability and jobs. According to Cushman Wakefield, the next five years is projected to bring close to 400,000 new residents to the Orlando area. That’s going to mean a total projected population of 2.8 million by 2022. This is a staggering amount of growth, and it’s important that the rental market is prepared to absorb the influx of new residents. If you’re an investor, this is the time to start buying new properties. Well-maintained homes will be very attractive to the people moving into Orlando.
Whether you’re thinking about buying your first investment property or you’re an experienced investor looking to add some profitable homes to your current portfolio, Orlando is definitely an attractive and stable option. Even if you have a property that you’re thinking about selling – you might be better off hanging onto it. You can earn short term rental income and long term returns on that investment. While your property continues to grow in value, you’ll have a responsible and reliable tenant paying you rent and bringing down your mortgage debt. It’s an excellent time to invest in Orlando.
Economic Factors in Orlando
Much of Orlando’s growth can be attributed to strong job creation in the area. The Orlando economy adds an average of 1,000 jobs per week, and the unemployment rate here is 3.3 percent, which is the lowest in the state.
Orlando’s average household income is $46,000 per year, and the average home price is $237,000. This leads us to a solid $1,550 average monthly rent per month.
If you do the math, you’ll see that those rents mean a healthy cash flow and a great long term ROI. When you offer a good home, you’ll attract good tenants. And, those good tenants will be willing and able to pay the market rents.
Investing in the Orlando Rental Market
With all the new data that we have to show you, it’s easy to see that as a real estate investor, you have a lot of opportunity in Orlando. Whether you’re hoping to invest in a single-family home or a multi-family property such as a duplex or a quad, you will have no problem finding well-qualified tenants, and you’ll be well-positioned to earn high rents while your home grows in value. Even if you’re investing in a newly constructed property, if it’s scheduled to be finished in Q1, you’ll have a large pool of residents who are searching for all home types.
This is the best time to invest in Orlando real estate. Smart investors know that the help and guidance offered by a professional property management company can be invaluable. In fact, you’re likely to earn more and spend less on that investment home.
If you need any assistance with your Orlando property management needs, please don’t hesitate to reach out to us. Contact The Listing Real Estate Management, the best choice for property management in Orlando Florida, and we’d be glad to tell you more.