So here is the thing, if you are looking to buy a vacation rental property, one thing remains constant.
Go Big’ or Go Home!’
And what other better city to go big in other than Orlando, Florida? Orlando is definitely the dream city for any vacationer. It has rightly earned a top spot in the list of the world’s greatest vacation destinations. In fact, pundits maintain that it the best location for a vacation home.
It’s also a hub for aerospace, innovation, education, life sciences, simulation and a lot more!
Dare to challenge me?
The track record speaks for itself. Just ask any property management or vacation rental management company in Orlando. Ask about how busy the vacation homes they manage are all year round. Those who’ve been in the game for a while will tell you that Orlando vacation homes are in high demand. And vacation home listing websites are also heavy with traffic.
You must be wondering, why is Orlando considered The vacation capital of the world?’
Simple. Vacation property business is ever booming!
Here are some of the reasons why Orlando is perfect for your vacation rental.
1. The Scenery is Enchanting
Well, contrary to popular belief, Orlando is not a beach town. Yes, Florida has tonnes of beaches but Orlando is not one of them. Our leading lady town is actually landlocked.
Despite the fact that you won't be able to win a beach house, Orlando is home to 100 lakes. You can get a vacation rental that overlooks the flora and fauna habiting in one of the lakes.
Lake Eola, in particular, provides a home to over 50 swans from five divergent breeds. The Royal Mute, Whooper, Black Neck, Trumpeter and the Australian Black.
If you are a nature person, Orlando is the best place for you.
2. Numerous Property Management and Vacation Rental Management companies
One thing about having a second home as a rental property is that it can take up a lot of your time in terms of management. It gets worse if you live in a different state and have to make those trips to and fro your vacation rental home.
Well, that is why you need the services of a property management or a vacation rental management company to handle your business for you. And you are just in luck as there are many of those in Orlando each serving different unit areas of the property.
You can get maintenance, repair, cleaning and marketing services all from one company.
3. Big Entertainment Names
Orlando is the city of big names in the entertainment industry like Disney World, Seaworld and Universal Studio's Wizarding World of Harry Potter. That means that you expect tourists everywhere who will want to extend their stay in the city. Since booking a hotel is hectic and quite expensive, most would opt for vacation homes as a cheaper option.
Also, a vacation home offers your guests with the convenience of cooking their own meals. They also don’t need to worry about leaving some people behind for lack of a place to stay.
You could be the smart property owner who takes advantage of this market niche and provides the vacationers with the property and amenities that they prefer.
4. Home of Innovation
Orlando’s economy is characterized by research, development and life sciences. Many business services are also moving to Orlando due to its favorable tax regimes. That it is why it’s the heartbeat of distribution for companies like Amazon, Best Buy, FedEx, and Walmart.
Orlando has set itself as an industry leader in technological and industrial innovation. It is currently the grand center for virtual reality and video game development. Orlando is also an aerospace center and houses facilities like the Lockheed Martin.
5. Great Infrastructure
Orlando International Airport serves to connect the city with major outlets for purposes of social, political and economic development. The airport gives an edge to the tourism industry where most people like to arrive at Disneyland on a flight. The airport manages over 40 million passengers yearly.
Currently, there is a $1.8 billion project underway to expand the Orlando 1-4 Interstate Highway to address the traffic issue in the state.
6. Investment Hub
Orlando’s real estate market is an all-time high and vacation homes seem not to be enough. The demand keeps on growing from vacationers and the retired folk looking for some sunny weather to settle in.
The real estate market is ever growing in neighborhoods like Winter Garden, Celebration, and Lake Nona. The development has spilled over to new areas like Downtown creative Village and Neocity. The great news is that the real estate interest rates are quite affordable even for foreign investors.
7. The Home of Sports
Sports fanatics always flock the city of Orlando to root for their favorite teams. Orlando has the Magic as its exclusive NBA basketball team and it is arguably doing well. Some fans even book their stay a week prior to getting a feel for the sports magic in the town. No pun intended.
Despite the fact that Orlando has no professional football team, the town dwellers are always caught in a dilemma with other Florida rival teams. The Tampa Bay Buccaneers, the Miami Dolphins, and Jacksonville Jaguars.
Take advantage of the vast resource of sports fanatics looking for a place to kick it in the sports seasons and provide them with vacation rentals. And the best part is, you will not get your house wrecked because they spend most of their time out cheering on their teams.
Our Final Thought? Orlando is a Best Buy City
The 2017 Forbes report on best buy cities for property owners in Florida had Orlando shining at number 2 after Jacksonville. That aside, it is quite affordable to buy property in Orlando.
A four bedroom home goes for $200, 000. Small price to pay for consistent renters right?
Other than that, if you do not want your house to get damaged or property lost, you can ask your property management or vacation rental management company to allow bookings in specific seasons only.
The property market in Orlando doesn’t seem to be slowing down. Now would be the perfect time to start your vacation rental business.