The newest study by Local Market Monitor ranks Orlando as the number 4 city in the United States to purchase rental properties. They also believe the average home price will increase just over $35,000 by 2015 from $115,000 right now, to $150,491. They go further by saying the average rental will increase just over $13,000 annually in the next 3 years!
Leading these trends is the popular community of Dr Phillips. Homes in Dr Phillips start in the low to mid 200s, average in the mid 300s, and go all the way to $10 million and up. There are not too many rentals on the market in Dr Phillips right now, and there is a high demand for them. It seems everyone wants to get a slice of this wonderful community.
With interest rates being so low right now, it is a great time to capitalize on rental income. For example: if you purchased a home in Sand Lake Point, right on Big Sand Lake, for $300,000 and your monthly payments were $1,500. Include homeowners insurance, property maintenance, and landscaping and your monthly housing expenses could reach $1,800. All things considered, a reasonable rental rate for this property would start at $2,100. Hold this property for 5 years and sell it for $340,000 and you could be looking at an income of over $57,000 from one property in 5 years. Sounds like a pretty good return on investment to me!
Don’t get caught watching the housing market come back strong without you, call today for free advice on how you can get in the game.
http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=277781