If you’ve lived in Florida long enough, you’ll know that October kicks off the beginning of ‘snowbird season.’ As you may know, snowbirds are people who spend their spring and summer in the northern areas, and then travel south to warmer weather during the winter.
Many snowbirds maintain a home in Florida to use during these months, while others consistently rent in their preferred geographic location.
While it may be nearly impossible to get a true number to distinguish between snowbirds and regular tourists, most agencies estimate that roughly one million snowbirds travel to Florida each year. In turn, this means that the state’s population grows as much as 5% during the snowbird-friendly months.
Snowbird season means an influx of customers for local Florida businesses. In 2019, snowbirds were estimated to contribute more than $95 billion to the state’s economy while also supporting 1.6 million jobs. And since many of them own real estate in Florida that are rented out during the off months, this also generates revenue to the state.
Impact On Housing Rates:
Currently, Florida real estate is at a premium for several reasons – cost of living, proximity to beaches, and growing populations just to name a few. Since snowbirds tend to reside in concentrated areas, it can also increase the demand for housing. However, when the snowbirds rent their homes during the off months, it then supplies the market with housing – making this demographic a key part of our local real estate market.