As the housing market in Orlando continues its recovery, more people are able to consider buying their first investment property, or an additional rental property, than in recent years. More tenants are also finding themselves in a position to buy, or to upgrade to a better rental situation. Those tenants are looking for better properties in nicer neighborhoods, and they’re also looking for added-value services as part of their lease agreement.
Buying Investment Property In Orlando
The population of Orlando is showing steady increase now, and as the local economy continues to grow, the population gains will continue, creating a need for more rental homes as real estate prices increase. Whether you’re new to purchasing and owning rental property or you’re looking to expand your portfolio, there are some things you should consider before your next purchase.
Location is more important than it has been at any time since the recession because now, prospective tenants are in a better position to renegotiate current leases, or simply move to a better rental property and location. Consider what the local area has to offer tenants: shopping, good schools, entertainment venues, transportation, parks and houses of worship. Choosing a great location will help you win good tenants now, and will offer better resale value in the future.
Next, consider the property itself and how it can help you attract and keep good tenants longer. If the property has a great yard, including gardening services in the rent protects your property against neglect and gives the tenants better value. Likewise, if the property has a pool, including pool service in the rent adds value for you and your tenants.
Residential Property Management Helps You Keep Up
One area where new rental property owners tend to significantly underestimate costs is in their time to manage the property. Hiring professional residential property management not only saves your time, but also helps keep other expenses in line. Issues like maintenance and repairs, tenant screening, marketing vacancies, and collections and evictions get handled efficiently and typically at a lower cost, because of vendor agreements and contract rates. Give Belmont Management Group a call or contact us online to learn more about the areas and amenities tenants want most, and how working with us can make your rental property more profitable.
Please keep in mind that this is mostly a summary of the important points, but by no means does it constitute or cover all of the rental market trends.