Why Should I Purchase a Rental Property in Deltona, FL
Is Deltona, FL a good fit for your strategy as an investor? Learn what data to look at and how a Deltona, FL property manager can help you make smart investment decisions.
Before deciding if Deltona, FL is right for you, learn more about the city and its demographics through the data. As an investor, it is important to ensure the property you purchase is going to give you the type of return that aligns with your rental property investment plan. That might be cash flow for one person and appreciation for another. It is also a good idea to research what property types and sizes are people looking for before purchasing.
Questions to answer about Deltona include:
- Is the city growing?
- What types of industries prop up the local economy?
- What are the real estate trends?
- What type of property are renters looking for?
- What does the future job growth look like?
About Deltona, FL
Located only half an hour from Orlando in one direction and Daytona Beach in the other, Deltona is a suburban city full of beautiful lakes that are part of the St Johns River system. Considered a “bedroom community”, most of the residents work in nearby cities.
- Population: 88,005
- Cost of living is 8% below the national average
- $46,121 median household income
- Good schools and family friendly
- #66 for Best Places to Live
- #78 for Most Comfortable Summer Cities
- Annual growth rate of 1.12%
Real estate market in Deltona, FL
- $177,900 current average home value
- 8.6% recent appreciation
- 34% appreciation over the past 10 years
Deltona has consistent population growth and home values have benefitted from significant appreciation recently. If appreciation is part of your strategy, it is worth investigating potential opportunities in the area.
Top rated towns nearby include:
- Union Park, FL
- Hibiscus, FL
- Pine Hills, FL
Economy and Industry
- 2% recent job growth
- 42% future job growth
Jobs in Deltona are focused in the retail, healthcare, and construction industries. Many residents commute into neighboring cities for work. With Orlando and Daytona Beach being a commuting distance away, it is reasonable to assume the city’s economy benefits from the larger cities around it.
How to Accurately Set Rent for my Deltona, FL Rental Property
How do you know how much to charge for your Deltona rental?
The current market determines the price you can charge. Several factors can affect the price such as:
- Time of year – Renting during the peak leasing season typically gets you the best rent rate.
- Unit type and size – Is your property what people are looking for?
- Allowing pets – If you don’t allow pets, you are limiting potential applicants. If pet homes are in demand, they could bring in more rent simply due to demand.
Rental market in Deltona
- $1,267 average rent for a 2-bedroom
- $1,707 average rent for a 3-bedroom
- Average days on market: 57 days
- Occupancy rate: 95%
The current days on market average is 57 days. It is important to budget for this vacancy time. It is a good idea to learn more about what renters are looking for in a property. Are there any improvements you can do to the property to make it more attractive to renters?
- 24% renter-occupied
- 75% owner-occupied
Having more owner-occupied homes helps protect home values in the area. Why? Owners tend to keep their homes in good condition, and your property will benefit.
The statistics give you a better understanding of the current rental market in Deltona. Run the numbers to determine if you can expect any cash flow, gain through appreciation, or both. Mynd offers Deltona property management and can help you determine what your rental property will rent for on today’s market. They can help you determine what areas are best for rentals and answer any questions you have before you buy. Contact us today for a FREE rental analysis.
Why Should I Hire a Property Management Company in Deltona, FL
Does hiring a Deltona property management company make sense for you?
Have you found that self-managing is taking more time than you thought? Would you rather be spending that time growing your portfolio or focusing on your current job? Do you have a thorough knowledge of the rules and regulations that apply to your property?
Investors don’t typically get into investing to add a second and third job to their responsibilities. Investing Isa business and having someone with experience running the operations portion of your business may make sense for you. Your success as an investor depends on good management and compliance with the law. A violation of a law or regulation costs you money.
A good property manager will handle the day-to-day operations, ensure your tenant and property are taken care of, and make sure you are compliant with the laws.
Day-to-day operations include tasks such as:
- Getting the property rent-ready
- Advertising and Marketing the property
- Taking applications and screening tenants
- Lease singing, enforcement, and renewal.
- Coordinating the move-in process
- Handling maintenance issues
- Collecting rent and distributing funds to owners
- Evicting a tenant when necessary
Typical maintenance issues in the area include:
- Hurricane shutter and storm panels installation and maintenance
- Septic System issues
- HVAC system
Laws and Regulations
There are local, state, and federal laws and regulations that you must comply with. These laws are constantly changing, and as a landlord you must keep up with them. If you are self-managing, this means committing hours each month to researching any changes.
- Do you know what you can and can’t ask on the application?
- Does your screening process comply with the Fair Credit Reporting Act?
- Does your leasing process comply with Fair Housing laws?
This is another advantage of having a property manager take care of this for you. Mynd has in-house counsel to ensure processes and procedures comply with the law, and our property managers are educated on compliance issues.
Examples of laws that apply to rentals in Deltona include:
- Florida Security Deposit Laws
- Florida Tenant Rights Laws
- Property and Fence Laws in Florida
If you are managing a property remotely, your local property manager is an important part of your team. Knowing you have experienced professionals keeping your tenant and property safe and compliant is reassuring.
Ready to hire a Deltona property management company?
Mynd Property Management offers a three-tier pricing option for property management in Deltona, FL so you can select the level of service that fits your needs. Mynd is ready to be your partner and help you succeed Contact us today.
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