What makes Central Florida such a great opportunity for multi-family housing and hospitality investors? The year round desirability and when compared to other major cities, rents are rising ridiculously fast! Not only there a continual demand for year round renters who are local, it is one of the top vacation spots in the world!
“Orlando’s fast-growing rents outpaced the nation’s largest renter hubs Of the top 20 largest renter hubs in the U.S., Orlando apartments are seeing the highest increase in rent over the past year, 7.7%, reaching $1,393 in August,” according to RentCafe.
In the City Beautiful, the cost of renting an apartment is up 3.1 percent practically every year. With the population continuing to grow, it doesn’t show signs of slowing down any time soon!
Orlando is about $100 higher than the national average, at $1,270 a month for a median two bedroom apartment. Other cities around Central Florida, such as Lake Mary, the average one bedroom apartment cost around $1,350 a month, which is a 1.7 percent increase from last year, and a whopping $1,610 or a two bedroom. And Maitland showed a 6.8 percent jump.
Most of the major cities in Florida have seen this increase, the average is 1.5 percent across the state, Jacksonville saw a 2.4 percent climb.
Zillow reported that the rents for apartments in Orlando was growing faster than any other big city.
With the population showing a continual growth in metropolitan areas, in 2017 Orlando soared past 2.7 million people, the demand for multifamily housing is expected to skyrocket.
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SWET Construction Group has become one of the most trusted Multi-Family, Communities, Hospitality, Apartment, and Student Housing contracting companies in the Southeastern United States. We specialize in new construction and rehabilitation of existing buildings, including drywall, metal framing, flooring, painting, waterproofing and disaster services. We strive to surpass the expectations of our clients.
We devote the energy and time to understand the exclusive needs for your project. We take great pride in creating comfortable and safe environments where residents, patients and customers can thrive.
If you want high returns on your next project, contact SWET Construction Group today.