Top Locations in Central Florida to Buy Rental Property
Central Florida is a vibrant area that has a lot to offer. Orlando in particular brings millions of tourists in each year, given its wide array of attractions and year-round warm climate – and many of these people decide to make The City Beautiful their permanent home. Before purchasing a house or condo, though, a significant number opt to lease.
As with other large metro areas, though, there are some good and not-so-good areas to live. So, as a residential real estate investor, where should you focus your property purchases?
According to experts, the top five spots in Orlando for buying rental homes are:
Lake Nona – With its townhouses and single family homes centered around a beautiful lake, the Lake Nona area is ideal for owning rental property – and is also highly attractive to potential tenants.
Winter Park – Close to Rollins College, Winter Park, Florida, is ripe with beauty, which drives new residents there on a regular basis. This is a catalyst for rental homes being leased quickly, so your income can continue to flow in.
College Park – Located just outside of downtown Orlando, College Park is a charming locale that boasts future rental rate growth and property appreciation.
Baldwin Park – Over the past year, the home values in Baldwin Park have appreciated by more than 12%. This is an excellent sign that rental property in this area will continue to rise in value, too.
Curry Ford West – Curry Ford West has been deemed as “Orlando’s newest main street.” Given its revitalization, this is another top choice for Central Florida renters.
Owning residential rentals in Orlando – even in the best areas of town – can still be a lot of work. So, if you would like to take advantage of passive income and equity growth, but without the hassles of finding tenants, collecting rent, and responding to calls about leaky toilets, you could hire an experienced local property management team.