Many wonder why invest in residential rental property in Orlando. The first answer that comes to mind is because Orlando offers a huge potential. In this city the long-term rental market is one of the strongest in the entire United States due to the growth of population and give fantastic opportunities to investors.
Orlando is an emerging city, and is known for its fabulous weather and world well-known theme parks. But not just that. The city attracts not just tourists, also job seekers, many families, retirees, students and young professionals move to Orlando due to the extraordinary quality of living and the low property taxes and insurance, when we compare with other US cities.
In addition to the tourism industry, we have top industries for job seekers, such as healthcare, high technology and government facilities.
But, why many people choose to rent instead of buying their own home?
There are numerous reasons and individual circumstances, but these are the top 3:
1- The new American dream – Freedom to choose
A great trend in the United States and even worldwide, is the growing job-hopping workforce. People now like the freedom to choose where to work and live almost every year or every certain number of years and not for extended periods of time. This is why the Millennial generation change jobs frequently, taking advantage of better opportunities and as a result, it is more attractive for them to rent for one or just two years. In fact, according a Gallup survey, Millennials are the least engaged generation in the workplace and that gives them freedom to work and live in multiple places during their lifespan.
People moving into the area want options to choose between different types of properties and here there are plenty of options to consider. It can be a one bedroom apartment, a villa or a huge property for a multi-generational family.
With Orlando’s diversity and world-class tourist attractions, many find here the perfect place to combine work and recreation, in addition to enjoying the excellent facilities offered by the communities.
2- Many still can’t get a mortgage to buy
There are still people that have affected their credit record, without recovering their ability to qualify for the purchase of their home. They must rent, even though they already have very good jobs and income, while they finish rebuilding their credit record and a good economic base.
On the other hand, the growing debt of student loans burdened many of our young population. In the United States, debt reaches 1.6 trillion, according to Forbes and continues to increase. Many people here work to pay those loans, in addition to paying the rent and living expenses. This makes it difficult for them to save for the down payment or closing costs of the loan.
3- They rent to know the housing area and have the flexibility to choose their property at the right time
In this group are many of the newcomers to Orlando. Even when they come to make Orlando their permanent place to live, they choose to rent first to explore the areas and then determine where they would like to buy their home. Others also postpone their purchase and prefer to rent because they do not want or are not ready to assume the responsibilities of the owners.
The demands for rental properties will continue for various reasons. This includes because thousands of new residents arrive monthly attracted by the lifestyle of our city, (a number that is expected to continue to grow) or because those who already live here seek convenience, flexibility or just want to wait for the right time to buy. For all these reasons, there are great possibilities to be successful when investing in real estate in Orlando.
We know the Orlando rental market and can present you opportunities in the areas where the highest demand for rental, providing you with all the guidance for your purchase and support you with the entire process that guarantees your success.
And if you already own and need help with the administration and rent of your house, call me, and we will talk about your property.
Milena – 407.922.4620 – email@example.com