2024 Trends in Orlando Property Management

In the tourism destination of the world, rental property management is a thriving industry in Orlando, Florida. Orlando will remain a relevant real estate and rental property market, making it one of the best cities in the United States to purchase and own rental property investments.

As the rental property inventory continues to grow, the property management industry has evolved to accommodate for the changing preferences of renters throughout the Orlando Metropolitan area. As experienced rental property managers, we’ve compiled a list of the top 5 trends in Orlando property management in 2024.

1) Online Processes

Whether its virtual tours or tenant portals, completing property management processes online is a must in 2024. Facilitating processes online makes property management more effective, and also helps to maintain satisfied tenant relationships.

A study conducted by Buildium found that “90% of renters want to complete at least some of the leasing process online”. Adhering to tenant preferences is essential in the leasing process — doing so will help make your properties stand out as desirable and aid in expediting the leasing process.

Once the leasing process is complete and a tenant is moved into the property, accommodating their preferences should not stop there. In an effort to establish a trusting relationship with your tenants and ensure a satisfying living experience, offering online processes should remain a priority. 

Although not all aspects of property management can be completed online, we’ve seen a shift towards digital processes in the following areas:

Marketing and Property Listings 

Here at The Listing, we offer a premium marketing package to create upscale property listings that enhance the desirability of our client’s properties. As technology evolves, it’s essential to keep up with the changing landscape of online listings. Including drone footage and virtual property tours, in addition to crystal clear pictures, enhances the overall appeal of the property.

Not only do virtual tours showcase the property more in-depth than pictures, but they also show that extra effort was put into the listing. A property manager or rental property owner that goes the extra mile will be a green flag to a prospective tenant. 

Tenant Portal 

Offering access to an online tenant portal is one of the most effective and highly recommended ways to communicate with tenants. Tenant portals store lease documents, allow tenants to pay rent with the click of a button, submit maintenance requests, and can be used to communicate announcements or general information. 

An online portal offers an easier solution to property management. With the ability to submit rent payments and maintenance requests, communication between tenants and property managers can be limited to emergency situations and specific inquiries. This allows us as property managers to keep our tenants informed and satisfied while being able to focus on other aspects of our job.

orlando property management trends
Courtesy of Buildium

Text and Email Communication

As 97% of Americans own a mobile phone, communication preferences have shifted from written notices and phone calls to text messages and emails. Unless there is a pressing, emergency, or confidential matter, communication done by text or email is faster and more efficient.

We’re all busy these days and answering a phone call is not always in the cards. Instead of trying to schedule a time to speak with your tenants or calling multiple times until you reach them, text or email communications are much more efficient and will be greatly appreciated. 

2.) Move-in Specials

Move-in specials are common in Orlando and throughout Florida in apartment complexes, single-family homes, and multifamily properties. Move-in specials are deals offered to prospective renters that include a discount or a waived fee for signing a lease. 

There are various types of move-in specials, the most common ones include:

  • Waived application fee
  • Discounted rent
  • Free rent for X amount of time
  • Waived or discounted security deposit

Move-in specials make a rental property more enticing and can be a selling factor of that specific property. Move-in specials are common in apartment complexes and other rental properties when the demand for housing is low.

If your rental property has been on the market for an extended period of time, I highly recommend offering a move-in special. Offering a move-in special for you Orlando single-family rental property will attract more tenants and make your property more desirable. 

Some rental property owners are hesitant to implement a move-in special, however, offering a discount on rent or a waived application fee is more beneficial than losing months of rental property income.

If you are unsure of whether or not you should offer a move-in special or which one would be the most beneficial for your property, working with a professional property manager will provide expert insight and guidance. 

3.) Detailed and Specific Listings

With hundreds of rental properties in Orlando, it is essential to ensure your listing is as specific as possible. A vague listing with no details on what the unit includes may get lost in the shuffle. Most prospective tenants will only rent a property that meets a specific criteria, for example, pet-friendly or an in-unit washer and dryer. 

When searching for a rental property, most rental websites like Zillow or Trulia allow users to filter out properties with listings that do not include their desired features. If your listing is not ultra-specific to your property it may get filtered out of the search. For example, if a user clicks “pool” in their search, only properties that have included pool in the listing will show up.

Your listing should not only be all inclusive, but it should also be truthful. Photoshopping pictures or leaving out information will lead to unsatisfied renters and a lack of trust. It is essential that you clearly outline all fees and restrictions regarding your property and lease term in the listing. Although these aspects will also be included in the property management agreement, prospective renters should be aware of any details that may affect their living experience prior to moving in.

4.) Emphasis on Lease Renewals 

At The Listing, we like to say that it “pays to renew your lease”. Renewing the lease agreement is beneficial to both the tenant, and the property owner. Putting an emphasis and a push towards lease renewals has been, and will continue to be, a big factor in property management throughout 2024.

How Does a Lease Renewal Benefit a Property Owner?

Lease renewals are an Orlando property owner’s best friend. When your property manager finds a reliable tenant through their screening process, you want to keep that tenant for as long as you can. If your current tenant pays rent on time, takes care of your property, and complies with the property management agreement, it is essential to encourage a lease renewal.

A lease renewal alleviates the stress of finding a new tenant, and also eliminates any vacancy period. With continuous occupancy, the rental property owner avoids the loss of rental income during vacant months. 

How Does a Lease Renewal Benefit a Tenant?

Lease renewals are also highly beneficial for tenants as it eliminates the cost and stress of moving. When choosing to move, many renters don’t consider all of the costs associated with packing up and finding a new home. 

By renewing their lease, a tenant will avoid costs that come with:

  • Having to pay first or last month’s rent deposit 
  • Security deposit
  • Application fees
  • Packing supplies
  • Moving company or rental truck
  • Credit and background checks 

With high rental rates, application fees, and expensive moving costs, finding the perfect rental property in Orlando can take time and effort. When a tenant finds the Orlando rental property that feels right, I highly recommend renewing the lease. We say, “It pays to renew your lease” because an Orlando lease renewal can spare tenants from the additional costs and stress of relocating.

5.) Tenant Experience Enhancement 

Property managers and landlords have been focusing on enhancing the tenant experience in 2024. Orlando has seen exponential growth in new construction of apartment buildings, multifamily complexes, and single-family homes emphasizing a luxurious lifestyle. 

In today’s day and age, renters can expect to get more out of their living experience than just a home. Orlando renters have a variety of communities to choose from, whether it’s an apartment complex or a single-family neighborhood; these communities provide an upscale environment, offering amenities, move-in specials, and updated units. If your property is an older property with outdated amenities or appliances, it can be beneficial to revamp your home with some upgrades.

When it comes to investing in the Orlando area, it is essential to research where you want to purchase your investment. Areas like Winter Park and Winter Garden boast vibrant downtown areas, golf courses, and intimate communities. The location of your investment can make all the difference in your tenant’s living experience so I highly recommend choosing an area that is proven to be thriving and welcoming to new residents. 

The Top Five Areas for Investing in Orlando Rental Properties are: 

  1. Winter Park
  2. Windermere
  3. Winter Garden
  4. East Orlando
  5. Oviedo

In addition, it is essential to maintain a positive relationship with your tenants to ensure their satisfaction and retention. Sometimes, a poor landlord or property manager can be the downfall of a renting experience; this can be easily avoided by maintaining proper communication, respect, and transparency.

Is Hiring an Orlando Property Manager Worth it?

The answer to this question is simple. If you want to earn a passive income through your Orlando rental property, yes, hiring a property manager is worth it. Rental property owners who don’t mind taking a hands-off approach and allow the property manager to take over all daily operations will see an increased ROI and cash flow. 

At The Listing, we have years of experience in guiding Orlando rental property owners to success and helping them build wealth through their rental property income. Our professional and dedicated property managers play a pivotal role in maintaining your rental property, communicating with tenants, and ensuring the smooth operation of your investment.

As your boutique property managers, we find value in not only the success of your property, but taking the time to educate, align, and guide you on your property management journey. If you are an Orlando rental property owner looking to optimize your income and financial returns, or continue building your investment portfolio, CONTACT US TODAY at The Listing Real Estate Management. We look forward to hearing from you! Cheers!

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