There is always something going on in Orlando—a vibrant cultural and entertainment hub, and one of the most-visited cities in the world. From extravagant theme parks and sprawling shopping centres to golf courses, museums, restaurants and dance clubs, you’ll never be short of things to see, do and explore.
According to VISIT FLORIDA, 32.6 million domestic visitors visited Florida in the third quarter of 2022. This marked 18 consecutive months in which domestic visitor numbers surpassed pre-pandemic (2019) levels. Also in the third quarter, Florida saw 1.93 million overseas visitors, up 85.5% on 2021.
The state saw 104 million visitors in the first three quarters of 2022—an increase of 15.3% year-on-year. Around 34% of visitors travelled to Florida via plane, and hotel occupancy grew by 6.2%.
Orlando has a well-earned reputation as the capital of global tourism. From Disney World to MGM and Universal Studios, this has long been a favourite destination for families. Almost everywhere you look, there’s a new attraction to be found.
In 2021, Orlando saw an impressive 60 million tourists, making it the most visited city in the U.S. The 10-year Project Downtown Orlando 2.0 is set to transform the city and usher in a wave of new developments in infrastructure, entertainment, shopping and dining. The city unveiled 23 new experiences for visitors this month, and Orlando International Airport is set to receive an investment of $50 million to increase traffic capacity as tourism in Orlando goes from strength to strength.
Investing in Orlando real estate
As an incredibly popular place to live and visit, Orlando makes for a prime investment location. As you might expect, the holiday rental market is thriving. Hotel occupancy reached 90.5% last year—a clear sign that short-stay accommodation in the city is in high demand.
That’s not to say that mid to long-term rental investments aren’t also an attractive venture. Florida metros saw the highest price growth in single-family rents in September. With an increase of 18.3% year-on-year, Orlando saw the second-highest growth in single-family rental prices out of all 20 metro areas. The city came just shy of Miami, which saw a 20.1% price increase. These two Floridian cities not only topped the table but also registered a significantly higher growth rate than other metro areas. (Boston had the third-highest rent price increase at 10.6%, which is almost half that of both Miami and Orlando.)
So, is Orlando a good place to invest in real estate? Simply put, yes—and investors are piling into the city’s buoyant market. We currently have one and two-bedroom apartments as part of a new and innovative condo hotel in the city. The development boasts first-class amenities in a hotel setting and is just 10 minutes from Walt Disney World. For investors, this project offers a strong rental return on investment running alongside personal usage. Get in touch if you’d like to know more.
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