1. It is full of local and tourist attractions.
Nearly 70 million people visit Orlando each year, attracted by the area’s world-class theme parks such as Disney World and Universal Orlando, dozens of golf courses, and premium shops.
As the pandemic comes under control and the economy begins to recover, these iconic resorts are likely to benefit from the accumulated demand for visitors.
While tourism and conventions are big business in Orlando, the city is much more than just fun and games.
Orlando is an important industrial and high-tech center with one of the largest research parks in the country. Economic growth in the region amazes many U.S. cities.
Other parts of the country enviously see people coming to Orlando looking for opportunities and great quality of life that can only be found in Central Florida.
2. The labor market
Forbes ranks Orlando, Florida as the 23rd best place for business and careers and the sixth best place in the country for employment growth.
According to US News & World Report, the average annual wage in Orlando is below the U.S. average. Due to the large number of underpaid hotels and service jobs.
That’s good news for investors, because these kinds of jobs help keep the demand for rental properties high as the economy begins to recover.
• The Orlando Business Journal reports that over the three years before the pandemic, employment growth in Orlando was 11%, with almost 129,000 new jobs added to the economy.
• Orlando’s average employment is expected to grow by 19% by 2030, almost double the U.S. rate.
• The fastest growing employment sectors in the Orlando region over the next ten years include health and home services, manufacturing and construction, engineering and transportation, and computer systems design.
3. Real estate market
• We couldn’t stop talking about another reason to invest in real estate in Orlando: Home sales recently soared by nearly 25% in Orlando, and homes came under contract less than 30 days after they were put up for sale.
• Home values in Orlando increased by 19.7% over the last year.
• The average price of a home for sale in Orlando is $330,000 according to the latest Realtor.com report (October 2021).
• The list cost per square foot of a home for sale in Orlando is $198.
• The average price of a home sold in Orlando is $328,500.
• Market days (medium) are 49.
• The ratio of the selling price to the list price is 100%, which means that the houses are sold approximately at the selling price.
4. Attractive tenant and rental market
Orlando was ranked as one of the best places to buy rental properties in 2021, according to key investment criteria such as cash flow, affordable property prices and a growing population and labor market.
To make the market even more attractive, Florida has no state income taxes and it’s hot.
Those are just two of the many reasons why so many people and businesses are moving to Orlando from other taxed urban areas and the cost of living is soaring.
• Rents in the Orlando metropolitan area increased 23% over the last year.
• 55% of housing units in Orlando are occupied by tenants.
5. Quality of life
When Niche.com asked 1,800 Orlando residents how they liked living in the city, a staggering 86% called Orlando a “great” or “great” place to live.
The truth is that almost everything related to Orlando makes it the perfect place to live, do business and invest in real estate.
• Orlando is ethnically diverse due to strong inbound migration both within and outside the U.S.
• Education is a priority in Orlando, with about 29,000 new teachers needed by 2030 due to the rapid increase in the region’s population.
• The film, television, gaming, and entertainment industries in Orlando ensure that there is always something new to see and do.
As you can see, Orlando is a great place to invest in real estate, not only because of the great opportunity to increase your real estate investment earnings, but because of the high demand due to the growth of sources of employment.