Rents in Orlando, Florida, have remained steady or risen slightly during the past six years, the Orlando Sentinel reports, while the city’s home prices have been cut by half.
Landlords have been able to buy properties in the metro area for far less than in the past, according to the source. Demand has been high, and Florida has been hit hard by foreclosures, leading to problems in the for-sale homes market.
One apartment data firm reported that average rents for the Orlando metro area reached $833 in October, compared to $822 six years before. Occupancy rates for rental properties have reportedly increased from 87 percent to 92 percent in the past two years, the paper states.
“This is one of the most profitable times for landlords,” a local industry stakeholder told the Sentinel. “Prices will stabilize and there will be a huge increase in foreclosures but, at the end of the day, if I can buy a property and can get it for a very good price, I can rent lower and still make a profit on my investment.”
Property owners and rental managers in the area are no longer offering incentives as much as they did in previous years, since demand has made them unnecessary.