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:
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.
All Rights Reserved. The source of this real property information is the copyrighted and proprietary database compilation of the MID Florida Regional MLS. All rights reserved. The accuracy of this information is not warranted or guaranteed. This information should be independently verified if any person intends to engage in a transaction in reliance upon it.