Over the past ten years or so, since the U.S.’s great recession of 2008, the housing market in Central Florida – which was hit extremely hard – has come back quite nicely. In fact, according to Zillow, the current Orlando median home value of $230,000 marks an increase of roughly 8.6% over last year – and this rise is anticipated to continue, with a prediction of a 5.3% value increase between now and fall of 2019.
The median Orlando rent has also continued to rise. Currently, the median rent price in Orlando is just a tad under $1,600 per month. That being said, Central Florida landlords and investment property owners could start to see their tenants moving on to become home owners.
That is, unless you can offer them an incentive to stay.
So, how exactly can that be done? There are actually a number of strategies that you can use – starting with ensuring that your rental housing offering continues to provide your tenants with value, convenience, and possibly even some added amenities.
For instance, in order to justify charging higher rent prices, real estate investors could add items like on-site laundry, covered parking, and / or paid internet service. Regularly communicating with tenants can also be key.
Even if you own just one Orlando rental property, though, the time that it can take to manage and maintain it could cut into hours that you would rather spend doing other things. If that is the case, it may be time to consider hiring an experienced Central Florida property management team.
At CFL Property Management, we can take on a long list of time consuming tasks, such as regular and emergency maintenance and repairs, rent collection, and tenant marketing and management.
Want more details on how CFL can help you to keep your investment(s) running smoothly, without taking up your precious time? Give us a call today.