Over the past two years, there has been a multitude of surprises in the real estate industry – both for homeowners and residential rental property owners alike. First, as the COVID-19 pandemic initially hit the U.S., the massive job losses led to the inability to pay rent for millions of tenants – which in turn, impacted the incoming cash flow of investment property owners and landlords.
But then, given a significant migration towards the Sun Belt, demand for rental housing not only rebounded, but began to boom. So, what should investors in residential rental properties – and in particular, multi-family structures – prepare for going forward?
While nobody has a crystal ball, there are some driving factors that could continue to shine a positive light on Florida residential rental property owners. One is that, even without the Coronavirus effect, the Sun Belt is growing more rapidly than the Midwest or the Northeast – and it has been for decades.
That being said, on average across the U.S., wages are not growing as fast as rent prices are rising in many areas. So, making sure that your rent is priced right – and is in line with the various amenities that are offered, such as on-site laundry – can also make a big difference.
If you own residential rental property in Orlando and/or the Central Florida area, and you plan to hold on to it for the long term, bringing on a property management team could help you to continue receiving regular cash flow, but without having to spend time doing all of the necessary tasks on your own.
For more details on how a local, experienced Orlando property manager could benefit you, give us a call or you can send us an email with any questions that you may have by going to our Contact page. We look forward to hearing from you.
Source:
With Traditional Multifamily Rent Drivers Disrupted What Is The Future? By John Triplett. June 20, 2022. Rental Housing Journal. https://rentalhousingjournal.com/with-traditional-multifamily-rent-drivers-di