Is It Really Worth the Effort?
Living in the Sunshine State definitely has its perks. The year-round warm temperatures are just one of the many enticing features. If you reside or own property in the Central Florida locale, you are apt to come across millions of visitors every year who come for the attractions like Walt Disney World, Universal Studios, and other nearby points of interest…and all of these people need a place to stay when they come to town.
With that in mind, as a Florida residential real estate investor, does it make sense for you to own shorter-term rentals, or does this strategy just equate to more time and effort spent on your property(ies)?
Short-term rentals are usually defined as those that are rented for 90 days or less. While long-term rentals can allow you to generate more consistent income without having to market for tenants on a regular basis – possibly even for years at a time – there are definitely some nice benefits to owning shorter-term rental property, particularly in an area like Orlando.
For instance, depending on the size of your property(ies), as well as the proximity to popular tourist spots, you may be able to charge in one week what long-term rentals cost on a monthly basis – especially during the winter months when the weather is cold in the north and mid-sections of the country and people are flocking to the warm south.
In addition, while the turnover is much more frequent with short-term rental property, cleaning and maintenance issues can be addressed much more quickly. This, in turn, has the potential to catch any possible problems that could become much worse (and more expensive to repair in the future).
As an added bonus, if you do not reside in the area, you could also enjoy staying in the property at various times throughout the year and take advantage of all that the Central Florida area has to offer.
If this is the case – or if you would just simply like to turn over the management, maintenance, and marketing issues to a local property manager in the Orlando area – we can help. For more details on how we can assist you with generating passive income on your rental property, while at the same time freeing up your schedule for other things, give us a call and let’s chat!