Florida has many great locations to purchase investment property. The state overall is very business friendly and has attracted large businesses which in turn help the local economy and the overall property prices. Florida is a large state boasting the third largest state economy in the country. It has great infrastructure, allowing businesses and tourists to move around easily. Florida is a major tourist attraction with thousands of visitors flying and driving in every year to visit the many attractions and beaches. The great weather makes it a very desirable place to visit and live. In addition, the tax structure is great for many people since they do not have to pay personal income tax. Below I will discuss a couple of great locations in Florida that should be considered if you are planning to purchase an investment property.
- Orlando, Florida
Orlando is a city in central Florida. It is well known for the more than a dozen theme parks in its borders. Very few people haven’t heard of Disney World which is a huge theme park in Orlando. Disney World itself has 4 parks: Magic Kingdom, Animal Kingdom, Hollywood Studios and Epcot. It also features 2 water parks: Typhoon Lagoon Water Park and Blizzard Beach Water Park. As you can imagine Disney itself employs thousands of people and supports hundreds if not thousands of local business by the number of tourists attracted to the park. In addition there is Universal Studios which on its own also pulls in thousands of visitors. There are also multiple Universities in Orlando including University of Central Florida, Valencia College, Florida Technical College and more. As you can probably imagine there is a huge need for rental properties in the Orlando area.
Orlando has seen 37% growth in their population from 2000 to 2013. The unemployment in Orlando is 4.5% showing the strength of the local economy. Home prices are going up. There are multiple Fortune 500 companies in Orlando including CSX, Tupperware Brands, Darden Restaurants and Sea World Entertainment. Orlando County’s population is over 2 million people. It is the 24th largest metropolitan area in the United States. The temperature in Orlando varies from 70 to 92 degrees on average making it a beautiful place to visit and live. Rentals in the Orlando area range from $950 to $3000 depending on size and location. Some rentals offer many amenities when they are part of a condominium association. Orlando is definitely a city to consider for an investment property purchase in Florida.
- Tampa, Florida
Tampa is a city located on Tampa Bay near the Gulf Coast. It has many attractions including Busch Gardens, The Florida Aquarium and Lowry Park zoo. It is also a dining and highlife destination. There are a few colleges in Tampa, including: University of South Florida and University of Tampa. Having universities nearby usually mean their college students looking for housing. It is a good sign for owning a rental property. Tampa is also a tourist destination and a vacation rental could definitely be in demand in the area. There are many industries in the Tampa area, including: Finance, healthcare, insurance, shipping, national defense, professional sports, tourism and real estate. The area of Tampa has a 4.6% unemployment rate and has a population growth of 19.78 %. Both figures show good signs of a healthy economy. Homes have appreciated 18% from 2013 to 2015. There are a number of Fortune 500 businesses in the area, including: WellCare health Plans, Bloomin Brands and Teco Energy. All of these factors put together make Tampa an area to check out for investing in Florida.
If you are new to my blog, make sure to check out my previous posts highlighting other locations in Florida and what to look for in an investment property.