DeLand, Florida is home to more than 40,000 people - a number that's rapidly growing every year. With so many citizens in the area, a real estate investor needs to understand how to make the most of the housing market.
Understanding the real estate trends in DeLand is simple, but overlooking them can drastically harm your rental income. If you're curious about the latest trends in DeLand, we're here to help guide you.
From housing marketing to sustainability, there's plenty to know about DeLand. Read on for a quick overview of some of the fastest-growing real estate trends in DeLand.
Population Growth
One of the first things a real estate investor should focus on is the growing population. DeLand is a relatively small town - especially by Floridian standards with cities like Orlando, Miami, and Tampa.
DeLand is growing at a rate of about 3.6% annually. Its population has increased by roughly 16.3% since its last census was taken in 2020. With such growth, the housing marketing is bustling to fit all the new people!
Focuses on Smaller Homes
Across the nation, many new renters are looking into smaller homes. Real estate investors can make the most of this by trying to invest in these homes as rental properties.
Smaller homes have become more popular for many reasons. One dominant reason is that, as housing costs increase, many families are struggling to afford a larger home.
While the housing market in DeLand isn't as expensive as some other places in Florida, there are still many surging costs. Do your best to research whether you're investing in a property that people will have an interest in renting.
Increasing Housing Costs
DeLand housing costs have increased over the last few years. Despite this, it's still one of the more affordable areas to live in Florida, particularly for its proximity to the coast.
A typical home goes for about $323,000. While this is still a staggeringly high amount for many homeowner hopefuls, it's cheaper than the national average. It's also almost 11% cheaper than the average Florida home.
Renting two-bedroom units costs about 12% less than the national average. Overall, a single person on a salary of around $41,000 can live comfortably in DeLand.
Sustainability in Housing
Finally, sustainability is a large factor in many people's choices on purchasing, renting, or investing. Solar power in particular has become popular in the Sunshine State, for rather obvious reasons.
If you invest in a property in DeLand, you can significantly increase its value by investing in sustainability. Solar panels will not only save you (and the future tenants) money on utilities, but it will also make for an excellent selling point when marketing the house.
Following the Real Estate Trends
The real estate trends in DeLand, Florida are similar to the trends we're seeing across the rest of the United States. Rising housing costs have pushed many people into a preference for smaller, more affordable homes. Sustainability is a key factor for many renters.
At PMI Central Florida, we're proud to offer you expert analysis and property management in DeLand, Florida. Our certified professionals are happy to help your investment dreams come true across Central Florida. Contact us today to see how we can help you with your next investment.
