When it comes to rental property investments, one state that often comes to mind is Florida. Known as a top vacation destination state, Florida provides investors with ample opportunity to purchase vacation rental homes, condos and other property to generate income. With so many cities in the state, how do you choose the right area to invest? Below are two of the top cities in Florida, both providing the best chance for investors to see a quick return and consistent results.
Of course, Orlando is going to be on the list as it is the number one vacation destination in the state. In Orlando, travelers will have access to Walt Disney World as well as Universal Studios, among many other attractions, events, etc. By purchasing rental property in Orlando, you stand a great chance of creating wealth. Orlando is considered one of the best cities to invest in rental property, be it a vacation rental or rental home.
Orlando is home to over three million residents and continues to see new people move into the region due to a job opportunity, retirement or students looking for housing. Investing in a residential home or vacation property can easily see a quality return in a short amount of time. Property prices are affordable, especially when compared to other real estate markets in the United States. During a search, you may find several options for investment, able to complete several purchases at a low price point to begin renting property in the state.
Located near Orlando, another city to considering investing in rental properties is Tampa. The metropolitan area of Tampa is heavily populated with more than four million people and is considered a top tourism market. The area is also home to Fortune 500 companies, so the city can be an option for not only short-term rentals but also long-term.
Tampa offers investors a mix of real estate including high-end properties and affordable residential homes. The property price, when compared to Orlando, is actually lower, so depending on your rental plans, you might be better off investing in a property in Tampa.
Doing Your Research
Before investing in property, it is smart to do your research. You want to consider several factors before completing a property purchase. The location of your property is essential to the type of rental you will be offering. If you are considering a vacation rental property for short-term rentals, then the property needs to be located near major attractions, dining, and shopping.
If you are considering a long-term rental property, the home or condo will need to be placed in an area that is more suburban and will be enticing to families, couples or singles. By doing your research and determining which type of rental property you wish to operate, you can make the best decision when considering an investment in Florida. No matter what type of rental you have, you want to make sure that you do thorough background checks and tenant screening to ensure quality renters.
Tampa and Orlando are just two of many cities worth considering when reviewing potential investment areas. Take your time and find the right area for your investment needs.