While Florida is known for its many tropical beaches, Orlando sits inland and primarily boasts land destinations. It is known as the Theme Park Capital of the World, thanks to the Walt Disney World Resort and Universal Orlando Resort. The city also offers numerous entertainment, dining, and shopping options as well as a thriving sports scene. As such, it attracts plenty of visitors each year.
In Orlando, most residents — 65% of the population — rent their homes. The other 35% own their homes. The median rent price sits at $1,200. Apartment complexes and single-family homes make up most of the real estate market, at 49.2% and 32.5%, respectively. Most of the homes offer 2 to 3 bedrooms. The average rent for a studio apartment is $1,200, 1-bedroom units have an average rent of $1,225, and 2-bedroom units have an average rent of $1,400.
After buying your rental property, the next step is managing it. Orlando property management is no easy feat, though. It demands a specific skill set as well as plenty of time. As the city is one of the most attractive rental markets in the country, rental property owners must exercise smart management in order to remain competitive. That includes expert advertising skills, a clear understanding of market trends, and knowing how to set the appropriate rental rates. For many rental property owners, this can all be a burden. As a result, they look to professional property management services.
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