If you’re considering the purchase of Florida rental property (or, if you already own investment real estate in the Sunshine State and you’re planning to secure more), knowing which areas to focus on could make the difference between bringing in a regular passive income and being on a constant hunt to fill vacancies.
According to a recent Forbes survey, Orlando is one of the top three areas in the state of Florida to be an investment property owner. While there is certainly a draw to Orlando from tourists and short-term visitors, this Central Florida locale has also been booming in terms of more permanent residents.
One reason for this is the increase in employment opportunities. In fact, based on the Forbes information, Orlando’s population increased by nearly three times the average U.S. figure between 2013 and 2018.
Here you will find a median rent figure of almost $1,480 per month. In addition, rent grew in Orlando by roughly 2.3% in just the past year. This is ahead of the overall U.S. growth rate. Driving this is the lower home prices in the City Beautiful – which can make owning rental property in the Orlando area a profitable endeavor.
If you’ve considered branching out and buying property in additional areas of the southeast U.S., some of the other hot areas for rental property owners in Florida include Jacksonville and Tampa.
If you are an Orlando / Central Florida real estate investor and you’re hoping to free up more of your time to concentrate on other things, hiring a local and experienced property manager could allow you to do just that – while at the same time earning income from your properties.
Want more details on how an Orlando property management team could work for you? If so, just contact us today.
Sources
The Best Cities to Own Rental Property in Florida. Forbes. September 15, 2008.