Can’t Sell Your Home? Renting vs. Selling Your Orlando Home
If your Orlando home won’t sell, don’t get discouraged, there is a solution. Renting your home with a professional property management company in Orlando is the solution. If your property has been on the market for months and you’ve continued to reduce it without any bites, then it may be time to rent it. After all, as an Orlando property management company, we’d argue to never sell. There are just so many benefits to renting out your real estate asset.
There is such a strong rental market here in Orlando Florida due to strong population and job growth. So, what are the benefits of renting your home versus selling? Today, we will outline why you should consider renting out your home rather than selling, if your home is sitting on the sales market with no action.
Having Two Homes Is Better Than One
Having a real estate asset generating passive income and equity can build some serious wealth. When you decide to rent out your Orlando home, those rent payments go into paying down your mortgage. Adding equity without doing anything is an awesome benefit. Your great tenants placed from a property manager in Orlando will care for your home while paying rent on the first of each month. Having tenants paying down your mortgage while your home appreciates and builds equity is a very special thing.
You already own the home, as an owner occupant your home served its purpose for many years. If your personal situation allows you to keep your home and rent it out, the cash flow, equity and tax benefits are well worth it.
Strong Orlando Rental Market
Orlando is one of the best cities in Florida and the nation for rental properties and growing rental rates. Economic growth and job opportunities in Central Florida attract high-quality tenants. We are seeing a large number of young professionals relocating for the ever so delightful work, live, play lifestyle. Population growth is great for your newly converted Central Florida rental property. The tenant prospect pool is here, and they need a place to live. Why not make it your home?
Orlando rents grew by 2.5% in the past 12 months, which is much higher than the state and national average. With that, you can find a quality tenant and still have room to raise rents and increase your rental properties cash flow.
According to the Orlando Sentinel, “Orlando is Lit.” Millennials are flocking to the area. Some areas booming with millennial population growth are Downtown Orlando, International Drive, Thornton Park, Winter Park, Baldwin Park, and many others. According to Zillow, home and apartment rents in the Greater Orlando area are rising faster than any other major city in the country. The year-over-year rent increase is rising and average rental rates are at a staggering $1,389. Rents are continuing to increase, while according to the Orlando Regional Realtor Association, home sales are slowing in the Central Florida market.
Safe Investment and Long-term Appreciation
Home values will continue to hold their value in Orlando. There is no sign of a slowing real estate market in Orlando and Central Florida. So, why not catch some more equity while it lasts and when it comes time to sell, bring home more bacon. Renting your home for a few years can generate thousands in equity gains.
According to CNBC, many millionaires still to this day advise real estate is the best investment you can make. Millionaires such as Barbara Corcoran, Grant Cardone, Peter Hernandez and many other millionaires are huge advocates of owning and leveraging real estate. Peters Hernandez explains “buying is smarter than renting.” If you own your real estate asset, there is nothing smarter than leveraging that into long term cash flow and appreciation. As one of the top Orlando property managers, we’ve seen many homeowners and real estate investors benefit from owning a rental property in Orlando Florida.
The Passion for Passive Income
You know what they say, “Landlords grow rich in their sleep.” Have you always wanted to have a rental property? Or desired passive income? If so, now may be a perfect time. Maybe you will learn to find out you love being a landlord. It is a very nice feeling to earn money while not having to do anything. Having the right Orlando property manager will make life so easy.
Who knows once you start seeing cash flow and rental payments directly deposited into your bank account, you may want to start learning how to build your very own cash flowing rental portfolio. If you have a stable income, employment, good credit, it’s worth a try. But at least you’ll always have a second home here Orlando Florida, or out of state property owners that may be reading this, Orlando is the perfect place to invest or live permanently.
Everyone has their own needs and long-term investment goals. However, if you don’t absolutely have to sell, why unload your home when you can rent it? You are moving on to another home and you can support the additional rental property. You will always be better off with two properties rather than one. If you are now swayed to renting your Orlando home, reach out to The Listing Real Estate Management. We are the top choice for Orlando property management, servicing single-family, multifamily & commercial property management in Orlando & Central Florida.