I am currently living in the Orlando area. My interest lies in finding a great second property. Do you have any information on rentals in the area, occupancy rates, foreclosures, etc?
Thank you ,
That’s great that you’re considering investing in a second home. With record-low home prices, now is a great time to buy.
And owning a second home becomes an even more affordable proposition if you take a “buy-and-rent” approach. Once you’ve bought the property, you can rent it out to travelers and use the rental income you generate for paying off the mortgage, home insurance, utilities and general maintenance. The average second home owner generates more than $35,000 in rental income annually. The good news for you is that Orlando is easily one of the most popular markets for second homes and vacation rentals in the entire United States. Families traveling to Walt Disney World and Orlando’s other great tourist attractions are actively seeking out vacation homes to rent, and this is particularly true for European families who tend to visit Orlando for longer periods of time. According to Orlando tourism officials, an average of 38,000 European visitors are in Orlando on any given day. In fact, according to HomeAway’s most recent Vacation Rental Marketplace Report, Orlando was again the most popular summer travel destination, with traveler inquiries continuing to increase year over year.
Although there are more than 4,000 vacation rentals in the greater Orlando area already listed on HomeAway.com, you can still stand to benefit from listing your second home on the site since travelers like to have multiple options to choose from and there is always demand for vacation rentals in the area.
In terms of potential properties available in the area, there are literally tens of thousands of homes on the market. Realtytrac reports that there are more than 7,300 pre-foreclosure properties in Orlando and nearly 1,900 bank-owned properties. However, if you’re looking at a home that’s been in foreclosure, be sure to carefully evaluate it. If it’s been sitting empty for a long time, it may need work to get it ready for renters.
You should also check out HomeAwayRealEstate.com, which shows more than 2,300 vacation homes
in the Orlando area currently for sale and ready to start generating rental income for you.
When shopping around, consider a larger home if you can afford it. Homes with four or more bedrooms are particularly attractive to families heading to the area amusement parks. For more tips on what to consider when buying a second home, click here.
Good luck and happy (second) house hunting!