Thinking about buying rental property in Central Florida? You may not have considered looking at Ocala rental homes, but the area is perfect for beginning or expanding your rental portfolio. Ocala consistently rates as a top Orlando neighborhood to own rental property because of its strategic location, affordability, and economic growth.
Living in Ocala
As a real estate investor, you want to find a property that will provide a solid return on investment (ROI). The ideal rental property offers the amenities renters look for at a price point they can afford.
Ocala home prices have held steady at an average of $240k. Meanwhile, rent rates average $1,725 for a two-bedroom single-family home, which is within the price point of nearly half the renting population in the United States. Plus, U.S. News and World Report named Ocala one of the top places to live in Florida and one of the safest neighborhoods.
As the cost of living increases in the Orlando metro area, tenants are seeking alternatives in adjacent neighborhoods. Ocala stands out, with living expenses 7% lower than the state average. Even though it’s a more rural area, Ocala rental homes are still close to large employers and great recreational spots, making it an attractive choice for renters.
Ocala Economy and Job Market
If we had a crystal ball, we’d say that Ocala is one of the best Central Florida areas to consider buying rental property due to its booming economy and a job market, which attracts new workers to the area.
The current and projected job market also makes Ocala attractive to investors as new businesses move to the area and offer job opportunities.
Just this year, tenants can find well-paying jobs at places like:
- Amazon Warehouse
- Chewy.com
- Equine Industry (Horse Capital of the World)
- Healthcare
- Construction
- The Villages
- Lockheed Martin
But that’s not the end. As the infrastructure continues to expand in Ocala, it becomes increasingly attractive to more prospective employers to add locations in the area.
Ocala Rental Homes: Exploring the Housing Supply
The supply of existing houses on the market in Ocala has remained relatively stable and properties usually sell within 42 days. But existing homes are only one piece of the housing supply for investors to consider when buying property in Ocala.
The neighborhood is currently experiencing massive growth thanks to relatively cheaper construction costs for new builds. In fact, The Villages plans to double in size. While The Villages currently has 140k homes, the founder recently purchased an additional 8000 acres with plans to add 43K more homes.
The Realty Medics in-house real estate services arm can share more information on these new builds to see if they make sense for your portfolio.
Ocala Property Management
The Realty Medics is the highest rated and most reviewed Orlando Property Management company in Central Florida. We’re also a full service licensed real estate brokerage company, covering the Central Florida area.
If you’re looking to buy investment property in Ocala, Florida, get advice from the pros. Call us at 321-947-7653 or fill out our online form to learn more.
