As one of the most popular vacation spots in the world, Orlando attracts millions of both temporary and permanent residents every year – and those who plan to stay for the longer term will oftentimes be seeking a place to stay. With that in mind, if you’ve been considering the purchase (or another purchase) of rental property in the Orlando/Central Florida locale, where should you ideally be focused?
First and foremost, according to Forbes, Orlando overall ranked third last year in terms of the best cities to invest in housing.1 But in narrowing down your options with regard to neighborhoods or vicinities, there are some that could fare better than others for you as an investor, depending on what your goals are for your investment(s).
For example, Oviedo is close to the University of Central Florida, so it is an attractive area for students to live. You will also find some large employers in the Oviedo area, including Siemens and NES Global.
If purchase price is one of your key concerns, one of the more affordable areas of Central Florida is Kissimmee. There are a number of attractions in the Kissimmee area, including several of the world-renowned theme parks.
Because of that, you could opt to go with longer-term tenants (which will oftentimes include Disney and Universal Orlando employees), or instead go with more of a short-term vacation rental option, where the turnover is much more frequent, but you can command a higher dollar figure in terms of rent.
Regardless of where you decide to purchase, managing and maintaining rental property can be a time-consuming endeavor – that is, unless you opt to delegate these tasks to a property manager.
If you’d like to learn more about how working with an experienced Orlando property management team can benefit your real estate investing, just give us a call today.