It’s no surprise that the Space Coast is a desirable place to live. With NASA, an international airport, theme parks, shopping and dining, beaches, and beautiful scenery galore — it’s an area easily enjoyed by people from all walks of life! In fact, according to the Orlando Regional Realtor Association (ORRA), improved economic conditions and high quality of living continue to increase rental demand in Brevard County.
Keep reading to learn more reasons why Brevard County is an excellent place to invest in rental property.
Brevard County’s Population Is Growing
According to the latest census figures, between July 2020 and July 2021, Florida’s population grew by 211,000 — with many moving to the Space Coast and surrounding area. In fact, the Demographic Estimating Conference has predicted that Florida’s population will reach 22 million residents by the end of 2022. Of course, with all these new residents arriving, rental demand has increased significantly. This means investing in a Brevard County rental property could provide a long-term, profitable income stream for years to come!
Florida Rents Are Increasing
You’ve probably heard that the Brevard County real estate market is hot, but did you know landlords are making record profits too? Since the beginning of the pandemic, Florida rental rates have increased an average of 36%. Unlike other states with rent control laws, Florida has no such law, which means you can raise your tenant’s rent to reflect the market. In fact, over the past year, Florida’s rents surged the most compared to other states, in terms of absolute increase and percentage increase. This is great news for landlords who are looking to purchase a rental property in Brevard County!
Increased Employment Opportunity in Brevard County
Brevard County is home to some of the most innovative business sectors in the country, including aviation and aerospace, healthcare, manufacturing, and I.T. This thriving economy has created more jobs for residents, new business opportunities, and higher property values. In fact, over a 1/3 of all aerospace employees in Florida are employed in Brevard County! Interestingly, Brevard County also has the 5th most concentrated high-tech workforce in the U.S., including electrical engineers and technicians. Plus, Brevard County ranks no.1 in Florida for the number of patents created per employee!
Brevard County is ideally situated for professionals who want to live near the coast and commute to Orlando. Brevard County is located just southeast of Orlando, so residents don’t need to go very far to enjoy everything that the Space Coast has to offer. The combination of a robust local economy, an abundance of employment opportunities, and a limited number of new homes make Brevard County one of the most profitable and stable rental markets in the United States.
Highly-Rated Higher Education
In addition to the thriving business sector, Brevard County’s real estate market is bolstered by a significant student population. The University of Central Florida and Eastern Florida State College are located close to Brevard County and offer highly-rated further education options — helping to create more demand for Brevard County rentals. College students living off-campus in Brevard County often look for roommates to help keep costs down, making rental single-family homes and apartments an attractive option.
Build Your Rental Property Portfolio n Brevard County
If you own rental properties in Brevard County, talk to us today about how we can help maximize your investment. Our licensed property managers have decades of experience assisting landlords to streamline and optimize their rental business, from handling tenant relations and bookkeeping to maintenance and much more. Our goal is to exceed your expectations and provide you with unparalleled service. Contact us today for a free rental analysis.