Orlando hosts an astounding 70 million visitors every year. Disney World and Universal Orlando lead the charge in welcoming these visitors to the area.
The Orlando Economic Partnership estimates the region will increase by as many as 1,500 people per week, reaching a population of 5.2 million by 2030. The population growth rate hovered around a 2.13% increase last year, making 2.6 million people calling Orlando and the Orlando metropolitan area home.
Orlando ranks #6 on Forbes’ Job Growth Rank, making it the highest-ranked city on this list. Orlando sees a fast sign of pandemic recovery in manufacturing, financial services, business services, the U.S. Bureau of Labor and Statistics (BLS) reports.
Orlando’s rent decreased by 3% last year and increased by 3% as of February 2021. The renter-occupied households of Orlando sit at 45%.
San Antonio, Texas
The Alamo City specializes in manufacturing, military and defense, healthcare, and oil and gas sectors, driving job growth.
More than 1.5 million residents call Military City USA home, with population growth on average of 1.78% year over year, making it the second-most populated city in Texas. Bexar County is projected to be one of the five fastest-growing counties in Texas.
San Antonio is an attractive market for real estate investment as its renter-occupied households make up 39% of the population, and the median rent for a three-bedroom home can fetch $1,550, according to Zumper.
As for commercial real estate in San Antonio, it shows reliable trends upward within the city. Affordability keeps San Antonio in contention with other large commercial markets while giving investors more money due to the lower cost of construction and property taxes.
Nashville has seen a steady increase in inbound state migration over the last five years, with many individuals citing the need to move from congested cities to affordable cities. With strong demand for single-family rental properties, the renters’ market in the area has reached 46% of households opting for rentals. Throw in a minor decrease in rent of 2% from the previous year, and you can see where investing in real estate in the area would be appealing.
Over the last ten years, Nashville has experienced job growth of roughly 26%. Local area unemployment statistics show that Nashville’s rate pre-pandemic sat well at 2.3%. During the pandemic, the city fared well, as the unemployment rate rose to only 5.2%, with signs of improvement on the horizon for 2021.
Jacksonville averages a 3.5% increase in rent per year, an average rent of $1,162 per month, and a 37% renter-occupied housing rate. This renters’ market is a solid investment for real estate investors with a healthy combination of cash flow and equity growth.
With 13,000 IT graduates per year, it’s a safe bet to say technology and manufacturing are some of Jacksonville’s top economic drivers. Jacksonville is also the most populous city in Florida, and its jobs sector goes beyond technology. The Port of Jacksonville supports over $31 billion in economic output for the region and state, positively impacting 138,500 jobs.
Tech giants reign supreme in the Seattle metropolitan area, with Amazon (NASDAQ: AMZN), Microsoft (NASDAQ: MSFT), Expedia (NASDAQ: EXPE), and Boeing (NYSE: BA) leading the employment rates for the city. With wage growth percentages hitting up to a 5.4% increase, which is the second highest in the country, and its 2.8% job growth rate, it sure makes Emerald City’s economic standpoint on this list formidable.
Washington has the highest median rent rates available on this list for a one-bedroom, one-bathroom apartment, and it's showing no sign of slowing down with the average price increase from 2020 up 4.39%.