Custom Text added by the Ada Compliance plugin (disable plugin to remove)
One question many investors looking to buy properties here in Orlando often ask is which neighborhood should they invest.
Having managed hundreds of properties in Orlando, I figured it would be a good opportunity to talk to you about five areas – Lake Nona, Kissimmee, Oviedo, Orlando and Winter Park.
These are arguably the best areas for property investors to invest their hard-earned dollars. They have large employers nearby, have plenty of amenities, are in solid residential areas, and have newer homes.
But why Invest in Orlando?
Besides being a dream destination for tourists (thanks to Florida weather, beautiful beaches, and Disney World), Orlando also stacks up high in terms investment opportunities. In fact, it has been ranked as the third best investment location by Forbes.
A recent report by Yardi Matrix showed that Orlando apartment dwellers faced rent increases about twice those of the national average during most of 2016. Furthermore, Orlando boasts the second highest rental yield in the United States. Its rental yield is almost twice as high as in San Francisco, according to a study done by Finder.com.
All these reasons make it clear that Orlando is one of the best cities in the country for investing in residential real estate.
Neighborhoods to Invest in Real estate in Orlando, Florida
Winter Park
Winter Park is an attractive area for investors looking to buy investment properties. It is Orlando’s quintessential “old money” neighborhood. Museums and posh boutiques dot this charming enclave.
From its bistros and shops to its farmer’s markets and festivals, Winter Park has long been a hotbed for visitors and snowbirds. It’s near great shopping centers, restaurants, exploration areas and more.
The rate of unemployment in Winter Park is 4.30%, with job growth of 2.46%. Over the next decade, the future job growth is expected to be about 40.62%. Presently, the median household income is $56,995.
In terms of Winter Park demographics, recent data shows the population stands at 28,771, with 87% and 7% speaking English and Spanish respectively. Another interesting fact is, the population density in Winter Park is 845% higher than the rest of Florida.
The median price of homes currently listed in Winter Park is $779,950, with the median list price per square foot being $301. The median home value is expected to rise by around 3.2% within the coming year.
Oviedo
This community is on the east side of town, near the University of Central Florida. Because of the relatively stable economy attributed to several large employers, it is a desirable area for investors looking to put up rental units.
Besides the University of Central Florida, other big employers include NES Global and Siemens.
Oviedo is approximately 16 square miles in size and is located in eastern Seminole County. It’s a growing city that steadfastly maintains its small-town feel offering a farmer’s market and air-boat rides.
Part of Oviedo’s southern charm is the population of chickens that roam the downtown area. In fact, images of roosters are painted on all road signs leading into Oviedo.
Some attractive places near Oviedo include Friendship Park, Sweetwater Park, Oviedo Bowling Center, Pappy’s Patch, University Performing Arts Center, and Cup O’ Pottery.
The median household income in Oviedo is $82,259. According to recent data, the unemployment rate in Oviedo, Florida stands at 3.90%.
Oviedo is home to 36,617 residents. There are 8,556 households out of which 70% are married couples living together, and 50.4% have children under the age of eighteen.
The home value in Oviedo has gone up by 8.2% over the past year to reach $287,700. The square foot average price is $145.
Lake Nona
Lake Nona is also called Medical City, due to many medical centers and hospitals that have been built in recent years. Lake Nona is an attractive area for people who are commuting to their
Lake Nona is an attractive area for people who are commuting to their workplaces in Orlando. Therefore, there exists a huge rental potential for property investors.
Lake Nona has two neighborhoods. One with higher priced homes and one with more affordable properties. Both areas have a lot of investment potential.
Originally conceived as a 7,000-acre golfing mecca, Lake Nona is an up-and-coming neighborhood attracting families from different socioeconomic backgrounds.
Housing units range from townhouses to luxury homes. Some of the areas nearby that make it attractive to property investors include Moss Park, Walt Disney World, Universal Studios, International Drive Area, and Sea World.
The median income for residents between the ages of 25 and 44 in Lake Nona stands at $63,956. It is $36,091 for those under the age of 25, and $54,566 for those over 65 years.
In terms of demographics, Lake Nona is home to 58,599 residents, with the male and female population being 28,541 and 30,058 respectively.
Based on 45 home sales, the median sale price for homes in Lake Nona for the period between May 24 to Aug 23 was $400,000. The square foot average price was $170, representing a 4% rise compared to a similar period the previous year. Currently, the median rent per month is $1,995.
Kissimmee
Kissimmee is the county seat of Osceola County. It is a great area for investors looking to purchase an investment property, at an affordable price, because of the excellent neighborhoods surrounding it. Homes in these neighborhoods, unlike similar homes in Lake Nona area, generally offer lower home prices and lower property taxes.
Kissimmee is next door to theme parks and exciting attractions of Orlando, FL. Thrill-seekers can enjoy flying warplanes, do zip lines, jet ski, and helicopter rides. Conservation lovers will enjoy kayaking on Lake Toho or Shingle Creek. Other weekend getaway attractions include Lake Tohopekaliga, extreme Jet Ski, Boggy Creek Airboat Rides and more.
The median household income is $35,452. Currently, the rate of unemployment in Kissimmee is 5.2%, with job growth of 2.5%. In the next decade, the job growth is predicted to stand at 39.80%.
When it comes to demographics there are 17,121 households out of which 37.4% have children under the age of eighteen, 47% are married couples, and 20.9% are individuals.
Over the past year, home values have gone up by 11.9% to reach $239,500. Currently, the median list price per square foot in Kissimmee is $118.
Conclusion
As an Orlando property management company, we have the staff and resources in place to take care of your property. We take care of your property the way you would if that were your only job. We know what it takes to get and keep a home here rented, whether they are just single-family homes or large apartment buildings.
If you’re looking into real estate investing in Central Florida don’t hesitate to contact us through email or give us a call at (407) 288-8283.