The Orlando real estate market is one of the best in the world. We have gathered a list of seven reasons Orlando is the perfect real estate investment market.
Orlando’s GDP is expected to grow 3-3.5% in 2018 which is higher than the average growth expected nationwide. Because of Orlando’s focus on tourism, the tech industry, and medical sector, many companies are building locations in the Orlando market. These companies attract more jobs to the region. With more people moving to the area, the demand for housing increases and property values rise. This trend isn’t expected to end anytime soon in Orlando as there are major commercial development projects projected for years to come!
Affordability and Rental Potential
The average cost of homes in Orlando is around $277K which is still below the national average of $350K. Because Orlando is one of the fastest growing regions in the United States, there is a huge demand for rental properties ensuring that your investment won’t stay empty for long increasing revenue streams your property can return.
Location and Climate:
Orlando’s subtropical climate is appealing to many. With warm temperatures year-round, theme parks and beaches nearby, and low cost of living, Orlando has many perks! It’s a really attractive region for both businesses who want to move their headquarters to the area and people who move to the region for job opportunities and more pleasant living conditions.
Infrastructure development has been at the forefront of Orlando’s growth. Currently, over 40 million dollars will be invested in Orlando’s infrastructure via the I-4 Ultimate Project and the second phase of the Sunrail commuter train program. These capital improvements will help make it easier to travel throughout the region allowing more people to live, work, and play more comfortably no matter what part of town they live in.
A lot of large scale entertainment projects have come to fruition in the past few years which gives a lot of options to both residents and visitors to the area. This makes Orlando a more vibrant and attractive market for those considering a move to the area.
Just within the last few years, Orlando has welcomed a multimillion dollar performing arts center in the Dr. Phillips Center. Now phase two is underway with two new theaters slated to be a part of the Center by 2020.
Other capital investments in entertainment are a new soccer stadium for the major league Orlando City Soccer Club and an updated 207.7 million dollar update of Camping World Stadium in 2014. Plus, word famous acts filter through technologically elite area via the Amway Center.
Add to those projects the constant investment in the tourist area and Orlando becomes a very attractive choice for anyone who may want to relocate and wants a lot of entertainment options.
World Class Hospitals and Technology:
Growth in the medical and technology sectors has been paramount to Orlando’s vision of the future, and the local governments are investing heavily to ensure they attract the right types of companies to the area to achieve this vision.
In Lake Nona, Medical City is the medical hub in town and is home to some of the leading hospitals, universities, research institutions, and health and life sciences companies. Their goal is to be a new destination for medical innovation globally.
Near downtown Orlando, the Creative Village will be a mixed-use urban space that will focus on the digital media industry and will include both commercial and residential spaces. There will also be a public school and university campuses right in the neighborhood.
In Osceola County, the manufacturing and research facility BRIDG will be the center of a planned mixed use walkable green community called NEO City. This long term project is slated to bring billions of dollars into the region over the next few decades.
And of course! Number 1 Tourist Destination in the World:
Orlando attracts a record-breaking number of tourists each year. In 2016 alone, an increase of 2 million visitors came to the area. Reports from the first 9 months of 2017 saw the largest tourism numbers the state has ever seen at 88 million—a large majority of that in the Central Florida market.
Because of the increase in visitors, there is a rising demand for vacation rentals for them to stay in. The short-term rental market is booming! There are dozens of communities in the attractions area for investors to choose from.
If you want to make smart real estate investments in Orlando to expand your investment strategy, we can help. Contact Milena@vivaorlando.com to find out more about the Orlando real estate market and how we can help your investments grow.