As the owner of rental property, you may be unsure about when – and how much – to raise the rent on your investments. But if you own units in Central Florida, worry no more. That’s because rents have been steadily increasing here over the past few years.
In fact, according to the Yardi Matrix monthly survey of 124 markets across the United States, Orlando renters faced rent increases that were roughly double that of the national average during most of 2016.
And, based on survey results, it is anticipated that these increases will continue going forward. But, while this can be concerning for more budget-conscious renters, it can also indicate that investment property owners can count on getting an annual “raise” in the coming years.
Some of the highest rents can be found in areas like Oviedo, as well as near the University of Central Florida, where units can rent for more than $1,600 per month. Likewise, other areas that have seen – and are expected to continue seeing – higher priced units include Lake Nona, Lake Buena Vista, Celebration, and downtown Orlando.
What exactly is driving this steep increase in residential rents?
One factor is the projected job and population growth in Orlando – particularly in the areas of health care and tourism-related fields – which in turn, is continuing to drive competition among renters (which keeps rents going up).
Regardless of how much your properties are bringing in, managing and maintaining rental units can still be a time consuming task. But it is one that you don’t have to take on yourself. Rather, by turning over duties such as marketing and screening tenants, as well as property maintenance, to a property manager, you can spend your valuable time doing other things.
If you own investment property in Orlando and / or the surrounding Central Florida area, give Incentive Properties a call today to find out more about how working with a property management team can benefit you.