Blog

 

Know your neighborhood

Full of fun, food, music, sports, art, entertainment, job opportunities and theme parks, Orlando is a magic place where dreams come true…including your dream of finding a perfect home!

I’ve come to know Orlando as a tourist at first then as a resident for 10 years. Now I also view Orlando with the eyes of a realtor from a completely different angle.

Today we are going to talk about rents in Orlando.

To rent or to buy, remains the biggest question for many who live in the City Beautiful  as home prices continue to climb up and inventory remains tight. Median home price in Orlando reached $230,000 in December 2017 which is 10% higher than in 2016 according to ORRA (Orlando realtor association)

Truth is that there is no one simple answer. Generally, owning a home has major advantages over renting and we all know that. The choice is yours.

I think the numbers below will help to determine whether you choose to be on a tenant side, become a homeowner or a landlord.

Orlando rents have increased 0.5% over the past month, and have increased sharply by 7.2% in comparison to the same time last year.

 

Currently, median rents in Orlando average $1,030 for a one-bedroom apartment and $1,230 for a two-bedroom unit. Orlando’s year-over-year rent growth leads the state average of 3.7%, as well as the national average of 2.7%.

 

 

 

 

 

Here’s some additional market data:

  • Sanford has the least-expensive rents in the Orlando metro area, with a two-bedroom median of $1,110. The city has also seen rents fall by 0.2% over the past month, the biggest drop in the metro area.
  • Apopka with a new hospital construction has seen the fastest rent growth in the metro, with a year-over-year increase of 10.8%. The median two-bedroom there costs $1,130, while one-bedroom units go for $950.
  • Oviedo with the highest rated schools has the most-expensive rents of the largest cities in the Orlando metro area, with a two-bedroom median of $1,520. Rents were up 1.2% over the past month and 3.1% over the past year.

Here are all the rental stats at a glance:

At the end of the day whether you rent or buy, either way you are paying a mortgage – yours or your landlord’s. Simple truth is that for each $100,000 you borrow, expect a monthly payment, or PITI, of $725. In most cases, your principal, interest, property taxes, and home insurance for $100,000 will come out to about $725 each month. Here’s a handy table for your reference:

Source: Scott Sheldon, Credit.com

 

If you are thinking of buying a home in Orlando or surrounding areas, please, reach out for a free no obligation consultation. Get list of my “coming soon” listings in your area.