Why Should I Purchase a Rental Property in Winter Park, FL
Learn why Winter Park, FL is a great place to own a rental property and consider the advantages of hiring a Winter Park, FL property manager that is knowledgeable about local laws and regulations.
As an investor, you want to purchase rental property in a city that is currently experiencing growth and forecast to continue growing.
What data should you look at to make an intelligent decision on purchasing a property?
- Growth of the city
- Property prices vs average rent prices
- Cash flow or appreciation potential
- Occupancy rates
- Percentages of rentals in the area
- City trends and real estate trends
- Economic stability and growth in the area
Once you have looked at that data, see if the market fits in your rental property investing plan. You want to invest in a property that aligns with your strategy and goals. Let’s take a look at some of the statistics and trends for Winter Park, FL.
About Winter Park FL
Winter Park, FL is a small town just North of Orlando in Central Florida. The name came from its history as a winter resort for wealthy Northerners in the late 1800s. Residents enjoy the abundant outdoor spaces it has to offer while being only a short drive away from the Orlando theme parks and attractions. Park Avenue is an eight block, tree-lined, cobblestone street full of restaurants, museums, and the area’s best shopping. At the end of the shopping district, you will find Rollins College, the oldest college in Florida.
- Population: 29,922
- Cost of living is 24% above the Florida average
- $68,078 median household income
- $56,122 average income of residents
Awards and recognition
- #5 Fiscally Fit Cities Report
- #8 Best Cities for Teleworking -Large Metro Areas
- #15 Most Popular Cities for the Holidays
Real estate in Winter Park, FL
- $411,900 average home value
- 7.6% appreciation in the past year
- 37.5% appreciation over the last 10 years
Real estate in Winter Park encompasses a wide range of prices, although the average is $411,900. There are many million-dollar homes in the area. The Winter Park area has seen significant appreciation over the last 10 years, and the city is forecast to continue growing.
Economy and industry
- 3.9% recent job growth (above US average)
- 47.7% future job growth (above US average)
Many jobs in the area are in the technical services, healthcare, and education industries. The largest employers are Winter Park Memorial Hospital and Rollins College. Winter Park also enjoys its tourism industry as it has lakes, boat tours, and its famous shopping district to offer visitors that are looking for more than just the theme parks in the area.
If appreciation is part of your strategy, Winter Park is a good place to look for investment opportunities. If you are looking for cash flow, you will need to run the numbers to see if that is possible by comparing the purchase price to the estimated rent rate.
How to Accurately Set Rent for my Winter Park, FL Rental Property
As an investor, you are looking to minimize vacancy and maximize your return. It is important to price your property right for the market. There might be better times of the year to rent your property (typically Spring/Summer), and prices can fluctuate based on the current economy.
Rental statistics for Winter Park
- $1210 average rent for a 2 bedroom
- $1600 average rent for a 3 bedroom
- Average days on market: 64 days
- Occupancy rate: 87%
- 42% renter occupied
- 57% owner occupied
Looking at the data, there is a significant rent increase from 2 bedrooms to 3 bedrooms. Before you purchase an investment property in Winter Park, you might want to run the numbers to see if it is worth purchasing a larger property. Because there can be a significant range in property types, values, and sizes included in the average rent calculation, you should only look at the properties like yours (unit type, number of bedrooms, location, etc.) to get an estimate of what your property would rent for.
The average days on market is 64 days. If you do invest in this market, be sure you have the financial capacity to sustain a larger vacancy time. Statistically homeowners take better care of their property, so having more homeowners than renters should result in values going up over time. If you want to know what your property will rent for, Mynd offers a FREE rental analysis.
Why Should I Hire a Property Management Company in Winter Park, FL
Buying a property is just the first step. How you manage the property can alter the level of your success.
Why hire a Winter Park property management company like Mynd?
They are going to take care of the day-to-day operations of the property such as:
- Advertise and Market the property
- Find a qualified resident through the application and tenant screening process
- Handle the lease signing process, enforcement, renewals, and early lease termination
- Take care of maintenance issues and emergencies.
- Ensure the property is being properly maintained that complies with the laws
- Offer superior customer service to reduce vacancies
A property management company like Mynd puts the operational business model in your property to make sure that you are successful, your resident is safe, and all laws are being complied with.
Laws and Regulations
As a landlord you are responsible for knowing the laws and regulations that apply to your rental property and complying with them. These laws change constantly, and it can be a headache to keep up with them. Many of the regulations are written using legal terminology that can be difficult to understand, and one mistake can cost you thousands in fees.
If you are an out of state investor or own properties in multiple markets, it can be more difficult to keep up with the local laws. In Florida, there are Landlord/Tenant laws that apply to a rental property in Winter Haven. Managing a rental property remotely is easy when you have an experienced property management company on your team.
If you aren’t interested in doing the necessary research, hiring a Winter Park property management company may be worth the peace of mind. Mynd’s property managers are knowledgeable about the local, state, and federal laws that apply to your rental. They are able to make sure your property is up to code before leasing it. Mynd also has in-house counsel to ensure our policies and procedures comply with the laws.
How much is your time worth?
You may decide you would rather hire a property management company in Winter Park that knows the laws rather than attempt to manage the rental property yourself. Mynd offers three-tier pricing so you can select the level of service you need. Contact us today for more information.
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