Thinking about investing in a short-term rental property in Miami or elsewhere in Florida? You are making a great choice. Short-term rentals are a smart investment in general, and Florida is a particularly good market for them. Let’s go over a few reasons why you will be glad that you moved forward with this investment idea.
Is Florida a Good Place to Invest in Short-Term Rentals?
- Florida is a classic vacation destination. When people in the US think about where they want to vacation domestically, Florida is high on a lot of lists. It is also a prime destination for international travel. The beautiful weather and sparkling waves give the state a strong magnetism for those looking to get away from it all, as do popular attractions such as Disneyworld and the Everglades. No matter what changes are in store over the years ahead, it seems likely that Florida’s appeal to tourists will continue to hold strong. That means that demand to stay in your short-term rentals should also continue to hold.
- “Post”-pandemic travel remains popular. Even though COVID-19 is still everywhere, 2022 saw a lot of people return to their previous life routines, including travel. Because they were cooped up for so long, the pull to get back out and see and do things has been particularly compelling. That has boded well for tourism in the state of Florida. As reported here, “According to VISIT FLORIDA, 32.6 million domestic visitors traveled to Florida in Q3 2022, representing 18 months of domestic visitation growth from 2019. So far this year, Florida has welcomed 104.5 million travelers, an increase of 4.1 percent from the same period in 2019, and over 15.3 percent more than in 2021.” It seems likely that this trend could continue for a while, so this is the perfect time to get in on it.
- Less work, more money. Okay—some aspects of short-term rentals arguably involve more work than long-term rentals. You need to be constantly and aggressively marketing, for example. But there are definitely some aspects that involve less work. You do not have to worry about maintaining long-term relationships with tenants, for example. Many people also choose to just work for part of the year, and leave their rental empty (or occupy it themselves) the rest of the year. At the same time, you can pull in a lot of money with short-term rentals. It is not uncommon to charge as much for a night in a short-term rental as you would for a week or longer in a long-term rental.
- Amazing flexibility. Speaking of taking time off, you can make a short-term rental available or unavailable as needed throughout the year. If you need to remodel the property, for instance, you can do that at the drop of a hat. Just close reservations for the period when you plan to work on it. With a long-term rental, you might not have this option at all until a tenant voluntarily vacates.
- Doubles as a getaway for you. As we mentioned, some people may choose to reside in their short-term rental properties part-time, or even just stay there for a weekend now and again. You can use your rental property as a vacation home when you want to stay in it, and then rent it out the rest of the time when you don’t. If your primary residence is out of state, that makes it your home away from home.
Buy Short-Term Rental Properties in Florida Now
If you want to get the most from your investment in short-term rental properties, then you need a competitive mortgage. Lending Bankers Mortgage works with a large network of lenders, and can connect you with a loan that will help you maximize your ROI. To get started now, please call (786) 220-1100 to schedule your consult. We can work with you in Miami or anywhere in FL.
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