One of the biggest reasons that investors purchase rental property is for the ongoing income stream it can provide. Oftentimes, the amount of monthly rent that can be charged is based on the size of the property and the amenities it offers (such as furnishings, laundry facilities, etc.)
But location also has a lot to do with it. And if you own residential units in Florida – particularly in the Tampa, Jacksonville, and/or Orlando area, you may not be getting as much as you could (or should) be.
In fact, even with all of the challenges that the year 2020 posed, the rental property market in Central Florida was quite good for investors. There are several reasons for this – starting with its warm climate, and in turn, the ability to have meals and other social gatherings outside all year round.
It is also estimated that between early 2021 and mid-2024, Florida’s population is expected to grow by an average of more than 900 new residents per day. This equates to over 700,000 people in just the next two years…and they all need a place to live.
There are other incentives, too, for potential tenants opting to reside in the Sunshine State. For the past few years, Florida’s economy has proven to be dynamic, with a multitude of businesses moving (or keeping) their headquarters there.
Just like any other product or service, the need for real estate can fluctuate based on the laws of supply and demand. So right now is an excellent time to own Florida rental property, as well as to consider the amount of rent you’re charging to both new and existing tenants.
While operating residential rental property can be lucrative, it can also require a lot of time and energy – especially if you own multiple units. This is where a property manager can help. If you’d like to delegate tasks such as marketing property, collecting rent, and managing tenants, give us a call and we’ll provide you with more details.
“Why Investors Still Love Florida’s Real Estate Market in 2021.” By Jeff Rohde. Roofstock. https://learn.roofstock.com/blog/florida-real-estate-market