Is your Orlando Home Not Selling? – It may be time to Rent It Out.

Is your Orlando home not selling? – Rent it with The Listing Real Estate Management

If you are a homeowner wanting or needing to sell your Orlando or Central Florida property and you just can’t seem to get any offers, or it’s been on the market for weeks or months, you continue to reduce the price. You may be finding yourself in a pretty tough situation.

According to Norada Real Estate Investments, home prices nationwide have increased 18.3% yearly. Many local Orlando homeowners, landlords, and real estate investors are trying to cash in on a last-ditch effort to get a record-setting sales price.

Unfortunately, many homeowners that missed the height of the Orlando real estate market may have a difficult time selling their property.

Luckily, we have some good news for you if your home is sitting on the market without any bites. It’s always a great time to consider renting your Orlando area home.

Home not selling in Orlando? Consider renting it with a property management company

Why are real estate prices going down in Orlando, Florida?

We’ve seen the real estate market slowly heading downward in Central Florida. According to the Orlando Regional Realtors Association, overall sales dropped 20.9% in July compared to July 2021. But what is causing this real estate market shift?

Local Inventory

  • There are currently 85% more homes for sale in Orlando than that last year.
  • The supply of homes increased to 1.97 months in July 2022, which is a 134% increase from July Last Year. According to ORRA – a balanced market is six months of supply.
  • New listings decreased by 4,746 homes from July 2022, which is an 11.6% decrease

Interest Rates Rising

  • The Orlando real estate market is following the shift in mortgage interest rates. As interest rates rise, many Central Florida homebuyers hold off on purchasing.
  • As a professional property management company in the Tampa Bay and Orlando, Florida, areas, we’ve seen many potential homebuyers turn to rent because of high-interest rates.

Home Buying Feasibility

What are the Benefits of Owning a Rental Property in Orlando?

As a professional property management company, we would argue that there are only positives to owning an income-producing property. Some benefits to owning a rental property in Orlando or Central Florida are:

  1. Property Equity & Appreciation: Having a renter pay you monthly will pay down your mortgage. If you hire the right property management company, you’ll gain equity and appreciation without knowing it. Your home will become an out-of-sight, out-of-mind treasure.
  1. Tax Savings & Benefits: Owning a rental property in Orlando is a tax shelter where you can deduct the costs of owning, maintaining, and operating your rental home.
  2. Hedge Against Inflation: Rental properties tend to hold their “value” or “rental rates” better than the sales market fluctuations.
  3. Stable in a Real Estate Downturn: Throughout our years in the real estate and property management industry, we’ve seen the rental market typically stays much more stable. With Central Florida being such a popular destination and so many people constantly moving to the State of Florida, tenants need a rental home.
  4. Forced Retirement Planning: Owning a rental property is a great way to force yourself into saving and investing. Deciding to rent out your Orlando home will force you to build equity. You’ll have a nest egg for retirement and not even know it.
  5. Rental Rate Increases: with a low inventory of available housing options owning a rental property will allow you to increase the rental rate each renewal. As a professional property management company, we shoot yearly for a 3%-5% increase.
Owning a Rental Property in Florida can be very beneficial

How Much Will Your Home Rent in Orlando, Florida?

If you’ve found yourself contemplating renting your Orlando home but don’t know where to start, you should reach out to local Orlando property management companies.

For free, many property managers will provide you with an in-depth rental price analysis. Our professional property managers will look at the local area to see what your home would be worth and how much your property will bring in every month.

Why Should I Rent My Orlando Home Instead of Selling?

This question is very situational, meaning if you have to sell your home, you may want to consider reducing the price and waiting for the offer to come. However, for many homeowners that purchased their property within the last few years, you may be selling their home for a loss.

If you can rent your home, you will own an income-producing property that will continue to appreciate, build equity and generate monthly income. We’ve helped numerous rental property owners keep their homes and create additional revenue.

One recent success story for a homeowner living in Downtown Orlando, who just purchased her downtown bungalow and then was notified her job was relocating her to Austin, Texas. Instead of selling it for a loss, she decided to rent it. Long story short, our fantastic new client was able to rent her home, cover the cost of the mortgage and then have a nice monthly income on top of that.

How To Get Started Renting Out Your Orlando Property?

First, you’ll want to find a local Orlando property management company to help you out. If this is your first time, then you’ll want to use a professional property manager.

Second, do your research when interviewing property managers. Ensure they know why you want to rent your property and your overall goals with your home. You’ll want to ensure your property management company’s goals align with yours.

Third, sign a property management agreement with a quality and trusted property manager. Once you’ve chosen your property manager, then the process should be very straightforward.

Fourth, your new property management company will list your home for rent and find you a quality tenant.

Ready to start Renting your Orlando Home?

Bottom Line from a Property Manager

If your Orlando area home has been sitting on the market for weeks without any offers, then it may be time to consider renting it out. There are so many positives to owning an income-producing property.

Contact us today if you have any questions or want a Free Rental Price Analysis. We’re your boutique property management company in Orlando, Florida.

The Listing Real Estate Management

Your Guide to a Successful Rental Experience.

We’ve helped thousands of Orlando and Central Florida landlords, rental owners, and real estate investors with successful rental management for 15+ years. Your investment is in good hands here at The Listing Real Estate Management.

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