You don't have to be a snowbird to long for the balmy, subtropical climate of Orlando, Florida. In fact, only Denver, San Diego and Seattle are higher on the list of cities to which Americans would like to move, according to a Pew Research Study. But the weather isn't the city's only draw. Orlando offers, by design, "a diverse spectrum of amenities," according to Mayor Buddy Dyer. It is these creature comforts that keep the city's residents firmly rooted here and attract the rest of the world to her gates.
Hear all that construction noise? That's the sound of progress, and that's exactly what you'll find fueling Orlando's economy. Universal Orlando's construction of another hotel and the new downtown soccer stadium are just two of many new projects either underway or in the planning stages. And these projects bring jobs to the city's economy.
Sure, the state has the second highest job growth rate in the country (right behind California), according to the U.S. Bureau of Labor Statistics, but what state can't use more? From jobs in the leisure and hospitality industry to construction and financial services, Orlando is on tap to realize its dream of a diversified economy.
Most Orlando residents are over the Disney attractions - or, more accurately, the crowds. But there are plenty of things to keep them busy and much closer to home. Orlando has its own opera and ballet companies, philharmonic orchestra, and classical music and theater festivals for those who are more culturally inclined. The downtown area is quite walkable and dotted with bars, a weekly farmer's market, art shows and more.
More active folks channel their inner Arnold Palmer at one of the city's more than 30 golf courses, play tennis at the Orlando Tennis Center, take to the athletic fields in one of the city's parks or putter in their gardens. Orlando is, after all, a gardener's paradise where just about anything will grow.
Orlando boasts more than 100 lakes, but most locals avoid swimming in them. Algae blooms, deadly bacteria, snakes and alligators do not make good swimming companions.
Q2 2015 Orlando Rental Market Update
In Q2 2015, Orlando was the fifth-best housing market to own rental properties in and 19th-best in the country as a whole. It jumped one spot in the Rental Ranking Report's regional rankings and six spots in the national rankings since Q1 2015.
Orlando's housing market is far from perfect. The local vacancy rate, 7.00 percent, is slightly below the national average. The median age of housing inventory, 72 days, is close to a week and half greater than the national average. Insurance costs also bite deep into rental property owners' profits there; thanks to tropical storms, the average annual homeowners insurance premium in Orlando is north of $2,000, the fourth-highest average premium in the country.
Regardless, Orlando rental real estate is still lucrative for those who own it. Orlando property values spiked 9.69 percent year-over-year in Q2 2015, the sixth-best increase for that metric and more than twice the national average during that time period. Local median rents also increased by an impressive 5.55 percent, more than 10 percent greater than the national average. Orlando's excellent annual job growth rate, 4.26 percent (more than twice the national average and the third-best in the country for that metric), seems to hint that its rental real estate will continue to be lucrative for many quarters to come.
What data is this Rental Ranking Report based on?
To calculate the statistics found in the Q2 2015 Rental Ranking Report, All Property Management gathered data, including the most recent government housing and jobs data, for 75 metros across the United States. Specifically, we looked at home vacancy, capitalization, home value appreciation and job growth rates, changes in rental prices, and the average number of days properties have been on the market to determine which U.S. metros will give investors the highest returns on rental investments. Click here to learn more about the Rental Ranking metrics.
Should I invest in Orlando rental property?
Thinking about renting out a property in Orlando? Save time, avoid hassle and maximize your rental income by having a professional property management company operate your rental property for you. Click here to get a free quote from a local property manager or call 877-780-4510 to have the All Property Management staff get quotes for you.
All Property Management specializes in connecting rental property owners with professional property managers in communities across the United States. These property managers help set rental rates, advertise properties, screen and manage tenants, collect rent, manage vendor relationships and ensure compliance with local, state and federal housing regulations. They take the hassle and worry out of managing rental properties - all while maximizing rental property owners' rental incomes.