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Monday, October 14, 2019

Orlando being pitched as Florida's top city for buying rental property, and that's bad news for renters

Posted By on Mon, Oct 14, 2019 at 11:50 AM

click to enlarge PHOTO VIA ADOBE STOCK
  • Photo via Adobe Stock
As rental rates in Orlando soar, a new report from landlord-software TurboTenant is touting Orlando as the No. 1 place in Florida to buy profitable rental property.

The report says Orlando is followed by Jacksonville, Tampa and St. Petersburg as the most lucrative area in which to snag real estate and hike up monthly rental fees. Orlando made the list due to the city's rapidly growing population and increases in home values.

click to enlarge IMAGE VIA TURBOTENANT
  • Image via TurboTenant
The company provides resources for landlords like tenant screening, and combined data from sources such as Zillow's Buyer-Seller Index and AreaVibes' Livability Score with their own data to determine that Orlando is the best place for renters to make a profit.

"If you are looking to enter the real estate market or expand your portfolio, we have the data to help you make the best decision," the report promises.

Orlando is currently facing an affordable housing crisis worse than cities like Las Vegas and Los Angeles, with a paltry average of 13 affordable rental properties for every 100 low-income renter households in need.

We reported in March this year that a report released by the National Low Income Housing Coalition actually lists the Orlando-Kissimmee-Sanford area as the worst among the 50 largest metropolitan areas in the country when it comes to affordable housing.

TurboTenant's report this month focuses on Florida, the third most populous state in the U.S. As of July 2019, the statistics on buying rental property in Orlando show that population growth went up by 4.8 percent, and employment growth increased by 3.5 percent. Home values have also increased by 10.7 percent, with the median sale price being $254,000, according to the report. On average, rental properties get 34 leads and stay on the market for 19 days.

With stats like these, it's no wonder Orlando is a goldmine for profit-seeking landlords.

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