The Many Benefits of Owning Rental Property in a Vacation Hot Spot
As the home of the “happiest place on earth” – as well as numerous other theme parks and attractions – Orlando is one of the most popular vacation hot spots in the world…and the year-round warm temperatures provide an added bonus as Central Florida is also enticing for snowbirds and retirees.
While many vacationers visit the area for only a short period of time, others make it a habit of staying for half the year, or possibly even longer. In addition, many of those who work in the theme park and attraction industry rent their housing. Given this, more than 50% of the housing units in Orlando are occupied by renters.
All of these factors can make owning residential rental property in a desirable destination like Orlando very appealing. With that in mind, it should be no surprise that Orlando was recently ranked as one of the best places to buy rental property in 2022, based on several factors, including:
Affordable property prices
Expanding job market
It also appears that these trends will continue throughout the remainder of the year.
A recent study showed that the median rent in Orlando, as of June 2022, for a 3-bedroom home was $2,190 per month. Further, the rent prices in the metro Orlando area increased by 16% over the past year.
Yet even though residential rental property ownership in Central Florida can provide you with ongoing income and equity growth, being a landlord is often a lot of work. So, if you’re interested in buying rental property in the area – or adding to an already existing portfolio – it could make sense to bring a local, experienced property management team on board.
Want to know more about how an Orlando property manager can make your life easier? If so, give us a call and we’ll provide you with more details.