Florida rental rates keep increasing, however a data analysis by Forbes discovered that Tampa and Orlando still offer Florida investment opportunities – great places to purchase and own rental property.
The ideal cities to own rental property in Fla.
Tampa, despite its rising home prices, still has an array of neighborhoods where investors can purchase properties at reasonable prices and rent them out for $1,405 to $1,527 monthly normally.
Another one of Tampa’s perks is its economic prospects. As outlined by Bureau of Labor Statistics data, U.S. nonfarm employment rose about 1.6% from 2017 to 2018, versus a 2.3% boost in Tampa. Additionally, Tampa’s population has risen by 12% since 2013, one of the highest rates in the nation.
Jacksonville also ranked high as another city with strong job and population growth, together with great affordability. The city has one of the highest average rental yields in the country, in addition to a top-notch healthcare system and flourishing biological sciences sector.
Its population has expanded roughly 8% from 2013 to 2018, while the median home price is $210,000 in comparison to the national average of $278,900. The city’s rent increased 2.6% year-over-year on average.
Finally, Orlando stands out when it comes to employment and population growth. From summer 2017 to 2018, employment increased 4.3% – almost three times the U.S. average rate of growth. Its population surged by 14% from 2013 to 2018, and rent grew 2.3% in the last year.
Rent yield in Orlando will also be higher when compared to the majority of other cities.
Have a questions or concern? Nick, Cindy & Nicholas Davis with RE/MAX Premier Group are here to assist you.
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