Seeking Space in Sunny Florida? Take a Look at These Top Hotspots!
When choosing a great Central Florida Neighborhood as a landlord, you're making a significant investment of time and money. You want to ensure that your investment gets more valuable over time. You also want low vacancy rates so that you can continue to receive your desired passive income. When choosing between the options in sunny Central Florida, there are many options and distinct possible neighborhoods and cities to choose. The main criteria are generally based on proximity to you, affluence of communities, and the desirability of the location, among others.
While known nationally as the home of Walt Disney World, Orlando has so much more to offer as a Central Florida city. With about 290,000 residents, it is a comfortably large city without becoming a mega-metropolis, and the many outlying suburbs provide variety for those not seeking the urban feel. Orlando is a tourism hub, both due to being in Florida with convenient access to a variety of beaches, and due to having the busy Orlando International Airport. Because tourism generates so much work, you can expect to rent to people who are in some way connected to the tourism industry; either through conferences in downtown hotels or through theme parks that make Orlando the "Theme Park Capital of the World." According to Zillow, the average home value is $241,700, and that number is projected to grow somewhat in the coming year.
Convenient to Daytona Beach and Ormond Beach and the home of the enormous Daytona 500 at the Daytona International Speedway, the city of Daytona Beach is a destination for sports and summer relaxation alike. With a permanent population of a little over 60,000, it offers a thriving backdrop to the much bigger crowds that arrive for races and to enjoy summer vacations. The tourism industry is also a thriving source of income for this region, making retail, dining, and other tourist-fueled jobs available in abundance. If you choose to invest in a Daytona neighborhood, you get the benefit of the potential for both short-term and long-term rentals. Though renting a home like a beach house on a week-to-week or month-to-month basis is a much more involved choice. Vacation rentals require a very different schedule of upkeep and cleaning, for instance. Plenty of homes are available as investment properties for long-term rentals as well; the average home value, according to Zillow, is currently $145,300. However, it looks set to climb in the next year.
If you want to invest in property in a Floridian oasis, search no farther than Winter Park. Known for its Central Park and the Mead Botanical Garden, the quality of life in Winter Park Florida cannot be beaten. With just over 30,000 residents, it is an excellent in-between, more prominent than most towns but not quite big enough to be a city, and renting out an investment property is very attractive here. There are plenty of jobs in nearby Orlando, and the feeling of being a resort community with a wide variety of retirees and vacationers can give it a year-round relaxation vibe. Consider purchasing a home to rent in Winter Park now, or give it a little bit of time while you watch the market. The average home value in the area is set at $409,600 currently, but Zillow predicts that prices will fall just slightly in the next year. This means you might be able to find an excellent deal before a future price spike.
From unusual museums to the charming Maitland Farmer's Market on Saturdays, there is much to do in this great Orlando suburb. With just over 17,500 residents, Maitland is the town where your renters will feel genuinely at home and connected to their local community. With plenty of work available in nearby Orlando, Maitland can offer some respite from the hustle and bustle of the tourism industry with a reasonable commute and all the warmth and tropical comfort that Florida has to offer. If you choose to purchase an investment property in Maitland Florida, you'll find that it is both conveniently close for weekend beach trips but inland enough to experience less of the risk that beachfront property experiences. Maitland's housing market is poised for good deals, with the average home value at $365,600 on Zillow with room for prices to fall a little farther this coming year, making them ripe for purchase and use as rental properties.
Regardless of Location, Protect Your Investment!
No matter which neighborhood you choose to invest in, you'll want to consider how to protect your investment. One excellent first step is to work with an expert property manager in Central Florida like Verandah Properties. However, another step toward peace of mind is to invest in Landlord Protection Insurance; which offers you insurance against malicious damage, loss of rent, eviction costs, and other potential scenarios in which you as a landlord might otherwise be liable. Pair Verandah's comprehensive property management assistance with protection insurance to truly make your Central Florida investment properties well covered and excellently managed.