Rental Property Advantages
Although the COVID-19 outbreak has caused countless hardships for individuals and businesses, there are actually some industries that are thriving. One of those is the housing market. But, while low mortgage rates are enticing to home purchasers, not everyone is ready to buy.
So, if you own residential rental property in areas like sunny Florida where the temperature is pleasant all year round, you could be in a good position to lock in some long-term tenants at an attractive monthly rent rate.
Florida has consistently been one of the most desirable states in the U.S. due to its weather and tax climate. This has been one of the primary catalysts for the Sunshine State maintaining a strong daily average population growth over the past couple of decades.
But given the social distancing requirements of the Coronavirus pandemic, there is another big reason why there are now approximately 1,000 people moving there every day. For instance, it can be difficult at best to enjoy outdoor dining in the northern region (as well as the Midwest) of the United States during the cold winter months.
In addition, some experts feel that people are also moving to the southern regions – and to Florida, in particular – out of fear that there could be another wave of COVID coupled with flu season.
Because many people who are moving into a new area rent before they buy, this could pose some significant advantages for residential property owners. Even so, an influx of potential tenants could mean that you’ll have to spend more time showing property, taking applications, and screening potential renters.
We Can Help!
If this is something that you would prefer to delegate, we can help. Having a professional property management team on your side can free up time for you to participate in other activities – even while your rent checks continue to arrive. So, if you own rental units in Orlando and/or the Central Florida locale, contact us for additional details.