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Even with some cooling trends, The Realty Medics believes in Central Florida real estate. Orlando’s home prices are high, and rentals are holding steady.
ORLANDO, CENTRAL FLORIDA, UNITED STATES, August 9, 2024 /EINPresswire.com/ — Despite headlines raising concerns over a cooling market, Orlando’s The Realty Medics projects that Central Florida rental property will continue to be a strong investment.
The latest Orlando Regional Realtor® Association (ORRA) market reports highlighted increased inventory (~10k homes), the highest since November 2015, and a 10% decline in sales. Many have seen this as indicators of a cooling housing market, especially as interest rates have not fallen as quickly as anticipated.
However, in the same ORRA market reports, the Orlando market hit an all-time high median home value of $388k in April and again in June at $395k. Plus, despite the increased inventory, the reports noted that closing sales prices were within a few percentage points of original listing prices.
“In a lot of ways, the data doesn’t make sense,” said Chris Rich, outside sales and marketing manager and spokesperson for The Realty Medics. “Inventory is high, closings are down, and yet we’re still seeing increases in home values.”
Meanwhile, median rent in Orlando and Palm Bay each saw modest increases while Ocala stayed fairly flat. Vacant rentals stayed on the market slightly longer (an average of 26 days), depending on the area and the number of available vacant rentals available.
“The slight increase in days on-market can be attributed to a number of factors, many of which are well within a landlord’s control,” Rich said. “Many are marketing rentals weeks before they’re available and at rent rates far too high for the market to support.”
Rich said this can create stale listings that give the impression a property has issues and higher listings will be ignored in a market with other, appropriately priced rentals that tend not to stay vacant for long. For someone who is thinking of selling investment property in a saturated market, price typically becomes the determining factor, which means someone may be better off holding a property for another tenant instead of selling.
“The bottom line is that investors should make fully informed decisions by not relying solely on one or two variables,” Rich said. “Florida is a strong market to own rental property given the home appreciation, migration rate in the state, and overall strong rental rates.”
About The Realty Medics
The Realty Medics is Orlando, Florida’s, highest five-star rated property management company, overseeing more than 1,600 rental properties. Using advanced technology developed by a NASA scientist, The Realty Medics combine technology and customer service to engineer a better experience for clients and tenants.
Chris Rich
The Realty Medics
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