Like any other type of investors, those who own residential rental real estate will typically research the performance potential – as well as possible future values – of an asset prior to purchasing it. And if you’re considering adding homes or units in Orlando, the news is currently good!
With the surge in housing demand across the entire U.S. over the past two years, Central Florida has followed suit. In fact, the Orlando metro area has seen home prices rise in the neighborhood of 20%, placing it near the top of the list of locations that saw an annual listing price of 18% or more.
What is driving this – and better yet, why should residential real estate investors pursue property at what could be the “top of the market?”
One reason is the massive number of people who are moving into the area – many who are seeking less dense areas (as compared to southern California) where the cost of living is reasonable, and the price of real estate is still affordable.
The job market in Orlando and the Central Florida locale is also showing positive stats, with it being rated as the 6th-best place in the U.S. for job growth. The tremendous number of individuals who work in lower-paying hospitality-related professions can also be good news for real estate investors.
Further, the population growth rate in Orlando ranks second on the list of the 30 largest cities in the United States. The area welcomes more than 1,000 new residents each week – and many of these people opt to rent before they buy.
So, if you plan to move forward with the purchase of (additional) residential investment property in Central Florida – but you don’t want to spend more time working in your real estate business – bringing on a property manager could be the answer.
For more information on the benefits of working with an experienced Orlando property manager, contact us today. We look forward to talking with you.
Sources:
The Orlando real estate market: Stats and trends for 2022. By Jeff Rohde. Roofstock. https://learn.roofstock.com/blog/orlando-real-estate-market