Brevard County has been a hub of real estate activity for the past several years. It’s no surprise since the Space Coast is a major tourist destination with lots of nationally known attractions. In addition to the tourist draw, the real estate market is bolstered by a large college student population from the nearby University of Central Florida and Eastern Florida State College. Most students living in off-campus housing look to single-family homes, townhomes, and condos, creating more demand for Brevard County rentals.
According to the most recent figures released by Florida Realtors, rental demand continues to grow in Brevard County. Improved economic conditions in the area have led to a population surge, with much of that growth attributed to the well-paid, highly educated workforce that Brevard attracts, which translates to increased demand for rental homes in this county.
However, as thousands of new jobs are being created in Brevard County and housing demand rises, supply chain problems and lack of skilled labor have resulted in a nationwide housing shortage. In this blog post, we’re looking at the current Brevard County rental market and why it’s an excellent time to invest in a Space Coast rental property.
Brevard County Is Growing
Over 900 people move to Florida every day — this equals around 330,605 people annually. In addition, according to the Demographic Estimating Conference, economists estimate Florida’s population will grow to 22 million residents by 2022. Put simply, all of these people need somewhere to live. Building a rental property portfolio in Brevard County could prove to be a lucrative investment for years to come.
Brevard County Rents Are Rising
While other states have rent control laws, Florida prohibits it. This means that raising rent is a landlord’s right — great news if you’re thinking about building a rental portfolio in Brevard County. Rental rates in Florida have recently been outpacing rates across the rest of the U.S. According to Ken. H. Johnson, an economist at Florida Atlantic University, rental rates could increase by 3.5% over the next year alone.
Long Term Infrastructure in Brevard County
As leading tech and space companies pump billions of dollars into the Space Coast region, it’s easy to imagine the benefits this will have on the local economy. In addition, nearby Orange County is one of the top 10 areas for infrastructure in the United States, making Brevard County the ideal location for renters who want to be near the coast and commute into Orlando for work. With all of these factors combined, Brevard County and the surrounding areas look to offer one of the most lucrative and stable rental markets in the United States.
Owning a Rental Property in Brevard County
Brevard County rental properties, especially in Melbourne, Palm Bay, Cocoa Beach, and the surrounding areas, are in high demand. If you’re thinking about becoming a landlord and getting in on a piece of the action, reach out to one of our experienced property managers today for a free rental analysis.