How to Cash in On the Red-Hot Florida Rental Market
Named the #2 hottest waterfront real estate market by Realtor.com, Naples has officially recovered from the housing slump last decade and is once again enjoying increased home values and sales. This is great news in general, but particularly for owners or prospective buyers of investment properties, as Southwest Florida is experiencing an incredibly healthy rental market. Whether you’ve been considering buying or you already own an investment property, now is the time to cash in on the Sunshine State’s red hot rental market.
Already Own a Vacation Home? Turn it into a Money-Maker
Renting a property out can be a challenge if you’re not a local. If you’re in New York and want to rent your Naples condo for part of the year, the logistics can be a hassle. A local property management company solves this by representing your interests to tenants, collecting and dispersing payments, and handling all needed repairs and maintenance on your behalf.
A property manager will also be able to help you market the rental, screen prospective guests, and will be “on call” while the home is occupied.
When Will Your Property be Available for Rent?
Will you use the property personally? If so, keep in mind that your preferred dates may significantly cut into your seasonal rental profits. While it may not be ideal, you might consider using the property for your family in the off-season when demand is lower.
Will you rent seasonally or year-round? Southwest Florida’s high season runs from December through April; during this time, rentals will bring higher per-stay rates, but a year-round tenant may provide greater financial stability.
Summer is the Time to Negotiate and Prepare Your Property
Once the snowbirds go home and summer takes hold, showings and sales naturally decrease. While some sellers are content to sit tight and wait for things to pick back up, others are more eager to sell, and thus negotiate. If you’ve been considering buying an investment property, summer is a great time to shop.
Summer is also an ideal time for making repairs and upgrades to your newly purchased property. Rental season peaks in the winter, so you should plan any downtime in the off months. Contractors and other home improvement professionals are also less busy during the summer, so scheduling will be easier and you may even get a better deal on services.
The Link Team Can Help Maximize Your Investment for Florida’s Rental Market
When it comes to rentals, location plays a significant role in the popularity of a property. It should come as no surprise that beach condos are highly sought after, but large families are equally interested in expansive golf course homes for rent. If you’re thinking about buying an investment property to rent, call Nina Link at 239.357.5058. Our team can help you identify prime locations, find properties that fit your criteria, help you estimate rental revenues, and even connect you with local property management companies that can help you get the property ready to rent in time for season!