Orlando is set to remain among the fastest growing metros this year for family real estate rental markets, thanks to its growing leisure and hospitality sectors.
That’s the view of a new report from HomeUnion (https://www.homeunion.com/blog/top-single-family-rental-markets-for-2016-research-report/) website, which says Orlando’s tourism sector, which reached a record 66 million in 2015, supports the region’s job growth and renter household formation.
HomeUnion predicts Orlando asking rents will remain strong in 2016 and will rise 6.1% to $1,431 per month in 2016.
“The investment market in Orlando will be one of the most sought-after in the nation in 2016 as buyers attempt to place capital in the improving region.
“Orlando will remain among the fastest growing metros this year as signiﬁcant additions in the leisure and hospitality; construction; and trade, transport and utilities sectors support tenant demand,” says HomeUnion.
“The metro has already broken all national records in the last two years by welcoming over 60 million visitors annually, and will attract new visitors, employers and job seekers this year as well.
“Thousands of payroll additions will be required for constructing the SunRail Transit Project, Interstate 4 reconstruction, and building the University of Central Florida’s new Orlando campus. In three years, the campus is expected to house 13,000 students and 1,900 staff.”
Garrett Kenny, Chief Executive Officer of leading Central Florida real estate specialist, Feltrim Group, agrees that real estate buy-to-let investors from around the globe are drawn to Orlando’s rental sector.
“With Orlando expected to go on to reach new record visitor numbers in 2016 and beyond, the potential of the buy-to-let investment sector just keeps growing.
“Add to that double-digital increases in capital values, a robust local jobs market and increasing road and rail links and you can see why the appeal of real estate investment in Orlando is so strong.
“As an indication we had 28 properties in our project Tuscany Preserve completing early this year. We rented them all within 5 weeks”.
“In addition, with offers like the Feltrim Resorts leaseback option at our luxury lakeside development, Balmoral at Waters Edge (http://balmoralflorida.com), south of WaltDisneyWorld, Orlando, which offers 6% net for up to three years, then there’s even more reason for investors to buy.”
The figures back up an earlier story recently covered by Feltrim Group a few weeks ago, from the ApartmentList.com (https://www.apartmentlist.com/rentonomics/) website, which suggests Orlando apartment rental returns grew at around 9% on average in the year to March 2016, placing it in the top three in the United States.