If you own rental property in Orlando or the surrounding Central Florida area, then the upcoming winter months may have you wondering whether or not it makes financial sense to rent to “Snowbirds.”
Snowbirds refer to those who live in the colder climates of the United States for much of the year, and temporarily move south during the winter in order to escape the snow and freezing temperatures.
But, even though these individuals and couples won’t likely be year-round tenants, it could still make financial sense to rent your property to them, given the right circumstances. For instance, depending on the location of your property, as well as any amenities that it offers (such as an in-ground pool), you may find that you can charge weekly rates of between $500 and $2,000. So, even if your property sits vacant during the other, warmer, months of the year, the higher amount of income during the winter could help to make up the difference.
While it’s not situated directly on the coast, there are also a number of reasons why Orlando may be attractive to Snowbirds. As an example, with a long list of tourist attractions like Disney World and Universal Studios, Orlando could be an ideal place for Snowbirds to reside in the winter, and to entice grandchildren and other loved ones to come visit. Orlando also offers a myriad of activities for those who are both young and old, such as golf courses, outlet malls, and entertainment venues.
If you’re interested in owning (and profiting from) rental real estate in Central Florida, but you don’t have the time to manage renters and maintain the property on a day-to-day basis, hiring a property manager could be a viable solution.
For more information on the services provided by an experienced Orlando property management team, just contact us and we’ll give you all the details on how we can make your life easier.