217 N Westmonte Dr. Ste 2018, Altamonte Springs, FL 32714
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Orlando is located in Central Florida, it is the capital of Orange County. The city was founded in 1840s and at first had a name of Jernigan (after Aaron Jernigan, one of the first white settlers of these places). The modern name was given in 1857 in honor of Orlando Reeves. According to a legend, he was killed during the war with the Seminole Indians.
Modern Orlando is a large American city. Its economy grew due to the trade in raw materials, primarily citrus fruits, and in recent decades it was given an impetus by the proximity of the Cape Canaveral cosmodrome, the Kennedy Space Center and other military, industrial and scientific centers. In particular, the city is home to the University of Central Florida, which is the second largest one in the US by the quantity of students.
Representatives of the largest technology companies are located in Orlando as well. Among them are Lockheed Martin, Mitsubishi Power Systems, Siemens, Symantec and others. Orlando's technology sector generates more than $13 billion a year and employs more than 53,000 people.
A new chapter in the life of the city began at the end of 1965, when Walt Disney chose Orlando for his large-scale projects. He was going to make it the capital of his amusement parks. From that moment on, the city became the center of the entertainment and recreation industry.
The complex of Disney parks eventually became the basis of the city's tourist economy. Today it covers an area of 110 sq.km. However, there are many other amusement parks in Orlando that attract tourists from all over the world: SeaWorld Entertainment center, Universal Film theme park, Legoland and many others. At the same time, Lock Haven Park, located in the city, attracts intellectuals with an abundance of theaters and art museums. Golf courses, resorts and shopping centers of all kinds are also located near the city.
All these makes Orlando one of the most attractive places for investors. But how? Let's talk about facts.
Disney World employs more than 75,000 people, which makes it the largest employer in the United States among companies without branches. The employees are happy: the theme park was in fourth place among 2,000 companies named by Forbes as the best employers in the world on the basis of more than 430,000 reviews from those who work in the famous park now or have worked before.
In addition to Disney World, there are many other large and small companies located in the Orlando area: theme parks, shopping centers, military bases, and so on. Taking them into account, the number of people employed in the region exceeds 1.3 million people. And most of them rent housing, so an investor who plans to buy residential real estate with rental income can focus on Orlando as the city with constant demand.
Although there was a slight decrease in the employment rate at the beginning of the pandemic, it grew rapidly in June 2020, exceeding the average by 3.22%. One of the reasons was vaccination. The Disney company is the first to organize a vaccination center for employees on the territory, which contributed to the rapid opening of the park to visitors and the restart of the entire tourism sector. Now the interest in the restoration of tourism encourages many investors to invest in America, and in particular in Florida.
The demand for employees associated with the entertainment industry is supported by the huge number of tourists who regularly come to Orlando. For example, more than 20.45 million people visited the Magic Kingdom theme park as part of Disneyland in 2017, which corresponds to the number of residents of Florida.
There is an opportunity to invest in already leased real estate in Orlando. For example, tourism and hospitality workers can permanently reside here. The owners of such housing can get a net profit of more than 6%, which is a great strategy for profitable investments in America.
In addition, the constant demand for rental housing attracts investors from all over the world, which contributes to price growth. For this reason, the resale of investment property gives a significant capital gain in the short and medium term.
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The Orange County Convention Center is located within the city limits and belongs to local attractions. It was opened in 1983 and has an area of more than 650,000 sq.m. The building houses 74 conference halls and 3 business centers. It is second one in size after the McCormick Place Convention Center in Chicago. Orlando hosts about 230 events a year, the conference center is visited by more than 1.5 million people, which brings about $2.5 billion annually to the economy of Central Florida.
The events bring together professionals from all over the world, who also use the opportunity to combine business tourism with leisure, because the main theme parks of Orlando are located within walking distance from the building.
Thus, the city attracts not only a lot of employees of amusement parks, but also wealthier employees and guests. Such versatility and the ability to generate a heterogeneous human flow makes Orlando promising for investors who can balance their investments by involving various sectors.
The popularity of Disneyland often overshadows the natural beauty of Orlando, which is also worth visiting. There are more than 300 rivers, lakes and natural springs in the region. There are natural parks with hiking trails, as well as nature reserves that preserve rare animals of these places.
Importantly, theme parks and other giants of the tourism industry contribute to maintaining this natural balance. So, Disney World was the first to introduce an underground waste collection system, which allows minimizing the damage caused to nature. The city also constantly invests in leisure and outdoor sports, creating opportunities for local residents and guests to enjoy the local nature.
In addition to lakes and forests, Orlando is famous for its golf courses. Only within the city there are 24 fields, and 34 more at a distance of 30 km.
All this makes Orlando attractive for both tourists and locals. A large flow of visitors combined with sustainable tourism improves the quality of life in the region, which means that it attracts prosperous tenants. By investing in such a direction as Orlando, you get a stable flow of rent.
Orlando is just a 40-minute drive from the Kennedy Space Center, NASA's spaceport and one of the ten space operating centers. NASA settled in Florida back in 1962, after which the first human has landed on the Moon.
Nowadays more than 10,000 people work at the Kennedy Space Center. A complex for visitors has appeared on its basis in 1995: it is a large cultural center that unites various objects related to the conquest of space. These are museums, cinemas, monuments, as well as modules of aircraft.
According to the 2020 report on the impact of NASA on the US economy, the presence of the space agency brings Florida $5.9 billion annually, raising the already high local GDP.
The economic prosperity of Florida and the presence of a large number of well-paid professionals engaged in these grandiose projects open up good prospects for investment in Orlando.
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Florida is one of nine US states that do not collect income tax from the population. It was also one of the few states without a minimum wage for a long time, but in 2004 the situation changed: voters adopted an amendment to the constitution that defined the minimum rate. Now its amount is adjusted for inflation every six months.
These factors contribute to improving the quality of life of local residents. In 2019, Orlando ranked 17th among the top 100 cities in the United States, affordable housing prices and developed infrastructure helps to keep high positions.
This was also shown by a recent survey conducted by the portal niche.com: 86% of the 1,400 residents identified life in Orlando as excellent in terms of quality, work opportunities and business.
Orlando is a comfortable city for families, it applies both to guests and locals. There are schools and universities, the presence of famous amusement parks for children and adultы. The city lives under the motto "You will never outgrow it".
The labor market in Orlando has fully recovered after a decline in the first months of the pandemic, there are still many people employed in the tourism and hospitality sector in the city, which supports the constant demand for housing.
About 45% of residential real estate in Orlando is rented. Over the past 12 months, there has been a significant increase in this segment: the rate increase was 13.1%, which was one of the highest rates among all American states.
If you are interested in investing in real estate in the United States and Florida, request a consultation with OPISAS right now and contribute to the recovery of the Orlando tourism sector.
Advice on real estate investment in the United States
217 N Westmonte Dr. Ste 2018, Altamonte Springs, FL 32714
