Landlords or owners of rental property want to charge as much rent as feasible. This only makes sense but how do you determine what to charge? What might affect pricing in the near future and what is affecting pricing right now?
Normally furnished homes should cost more each month. A good rental insurance policy might even protect some furnishings from damage (not wear and tear). Since leaving a home furnished will save the owner storage and moving fees some rent their homes furnished. Depending on the quality of the furnishings this can have an affect on pricing. However, you will likely lose some tenants which have their own furnishings.
Since we are talking about Florida most of the time there is a local attraction but obviously some homes are closer than others. Walt Disney World and proximity to the beach are the greatest draw and you will definitely see those areas have higher pricing.
In Tampa this does not apply as much. Tampa has South Tampa, Davis Island and the downtown area which are the greatest draws. Central Florida has Horizons West and Lake Nona which are newly developed area and a great place to invest in rental properties. Property management companies love these two areas because the homes rent so quickly. Not to mention they have plenty of land available, close enough to Disney and are projected to grown for the next 20 years.
Escalating home prices cause some home buyers to shy away and seek a rental property to wait out the boom. This may or may not be a good option but it is a factor. Florida is always growing and in 2020-2024 everyone believes there will be no slowing down. If a median priced rental is priced anywhere near correctly that home will lease in just a week or so. Possibly even sight unseen.
One thing that new communities in the greater Orlando area have figured out is people like the perception of free things to do. Namely community amenities with the cost shared through the Home Owners Association. Some neighborhoods have pools which actually look more like waterparks. Some communities have not only pools but even mow your grass for you. Communities such as Waterleigh in Horizons West have huge fitness centers, mow your grass, have several incredible pools and all kinds of parks while being within 5 miles of Walt Disney World. The HOA is just slightly over $200 per month. A great place to lease or own a home to lease.
If you live outside of the state or area and are interested in purchasing rental properties reach out to us. We know this area (Central FL) very well and also assist the buyers and sellers of real estate. We offer full service property management and know all of the factors which affect residential rental pricing.