Real estate investors in Florida should be looking towards vacation rental homes as their next profitable avenue. A recent study by the University of Central Florida has shown the economic impact of Florida’s vacation home rental industry to now exceed $27 billion.
The year-round paradise weather in Florida is surely a draw for vacationers, so it’s no surprise that the Sunshine State would top the list for tourism around the country. It’s also not uncommon for these visitors to rent a vacation home for long periods of time, especially during the winter months. The economic impact of these extended-stay visitors is especially significant in these situations – not only from their spending habits, but also the thousands of jobs created from them.
Over 11% of the 127 million tourists that come to Florida each year stay in a vacation rental home. These rentals amount to almost $46 million per day in direct spending while supporting approximately 115,000 jobs. In addition to Palm Beach County, there are several prime locations in Florida that attract tourism including Orlando, the Keys, Tampa and Jacksonville.
Since there is no indication that Florida tourism will do anything but grow in the near future, investing in real estate with the intention to rent it out could be a good direction for you. Our local area is one of the most popular vacation destinations and I can help you find something that matches your goals.
Contact me today and let’s discuss a plan to get you on the right track to your next real estate investment!