Encouraging real estate investors to buy a rental property in Orlando doesn’t usually require a hard sell. Everyone knows that Orlando is a strong rental market, full of great investment opportunities and poised to grow. We work with new and experienced investors who are local to the area and based all over the world. The questions isn’t usually whether they should invest in Orlando; it’s what they should buy.
At R. Russell Properties, we’re big fans of single-family homes. When you’re looking for an Orlando investment property, we’ll probably encourage you to consider a single-family residential home. These are the five reasons why.
Diversity of Neighborhoods
Orlando is a large city geographically and population-wise. It’s growing, and the new development, existing construction, and influx of people from all over the world who want to live in Central Florida is fueling a strong economy and a great rental market. There are some beautiful single-family homes throughout Orlando and the surrounding communities. When you decide to buy an investment property here, you’ll have a lot of choices.
We like neighborhoods such as Kissimmee, Lake Nona, Oviedo, Winter Park, and Altamonte Springs. In these areas, you’ll find well-maintained single-family homes in good school districts with lots of space, privacy, and easy access to Interstate 4, the Florida Turnpike, and some of the area’s best attractions.
Stable Orlando Tenants Rent Single-Family Properties
We also like single-family homes because they attract high quality tenants who are interested in staying in place for the long term. You will have less tenant turnover with a single-family home, and that means fewer vacancy and maintenance costs. Multi-family homes and apartments often have tenants moving out after the lease term expires. They’re more transient and less interested in establishing roots in a particular neighborhood.
Demographic and Economic Shifts Favor Single Family Homes
The demographic and economic outlook for Orlando supports our belief that single-family homes are the best properties to invest in. We are seeing two specific demographic groups who are especially interested in renting single-family homes. These are millennial tenants, who may be feeling more secure in their careers and starting families. They’re not sure home ownership is in their future or part of their grand plan, but they want to feel stable and secure and raise a family in a house in a good neighborhood.
The Baby Boomer generation is also making up a large part of the single-family tenant pool. Many of them are retiring to Florida and they liked living the home they once owned, but they’re hoping for a lifestyle with less maintenance and fewer costs. By renting a single-family home, these tenants can still enjoy the privacy and security of a house without having to invest in its upkeep.
Better ROI with Single-Family Orlando Investments
Another benefit to buying a single-family home is that you can charge more rent and earn more in the long term. Your single-family home will appreciate in value faster than a multi-family building will. You’ll also ask for higher rents, and the good tenants you’re hoping to attract will be willing to pay them. In most circumstances, you’ll get more for your money when you buy a single-family Orlando home.
Orlando Rental Property Maintenance and Management
While maintaining a rental property in Orlando can be time-consuming and expensive, there’s no need for you to worry about it. This is why you hire an Orlando property management company. We have great relationships in place with some of the best vendors and contractors in Orlando. We’ll take care of all routine and emergency maintenance, and we’ll keep an eye on preventative measures to save you money on your investment in the long term.
Contact us at R. Russell Properties to hear more about how we can help you invest in Orlando.