The best cities to own rental property in Florida

 

TAMPA, Fla. – Sept. 18, 2018 – Florida rental rates continue to climb, but a data analysis by Forbes found that Tampa and Orlando still offer Florida investment opportunities – good places to buy and own rental property.

Tampa, despite its rising home prices, still has plenty of neighborhoods where investors can find properties at affordable prices and rent them out for $1,405 to $1,527 per month on average.

Another one of Tampa's perks is its economic prospects. According to Bureau of Labor Statistics data, U.S. nonfarm employment rose about 1.6 percent from 2017 to 2018, versus a 2.3 percent increase in Tampa. In addition, Tampa's population has risen by 12 percent since 2013, one of the highest rates in the nation.

Jacksonville also ranked high as another city with strong job and population growth, as well as great affordability. The city has one of the highest average rental yields in the country, plus a top-notch healthcare system and flourishing biological sciences sector.

Its population has grown about 8 percent from 2013 to 2018, while the median home price is $210,000 versus the national average of $278,900. The city's rent increased 2.6 percent year-over-year on average.

Finally, Orlando stands out in regard to employment and population growth. From summer 2017 to 2018, employment increased 4.3 percent – almost three times the U.S. average growth rate. Its population surged by 14 percent from 2013 to 2018, and rent grew 2.3 percent in the last year.

Rent yield in Orlando is also much higher than in most other cities.

Source: Forbes (09/15/18) DePietro, Andrew

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