Best Locations in Florida for Vacation Rentals?

Question

Hi All,

I am looking to invest in Florida for some vacation homes as well as regular LT rentals. I have done some research and determined Naples, Venice, Fort Lauderdale/Hollywood, and Sarasota to be some of my favorite spots. Orlando is the obvious choice but I'd actually like to stay closer to the coast lines. I am a young professional and am looking to relocate to the area as well, and wondering what people thought in terms of best opportunities and place to live for vacation rentals in Florida. I would prefer to stay out of Northern Florida, and focus more on the areas I mentioned or areas nearby.

I know of course west coast is more older and east coast is probably more of the atmosphere I am looking for socially and perhaps professionally(job opportunities), but I am open to potentially investing in both west and east coast.

I should add that I will likely look for a job in finance upon moving down there, but hope to get my real estate license and do real estate full time shortly after getting settled.

Any insight on best places in terms of professional jobs, things to do, and vacation rentals?

Thank you.

Justin R. · Answer

@John Thedford - Thanks John,  it looks like a great area and its in the general area I am considering.

@Carter H. -  Carter, I have been scouring that website as well as Craigslist trying to learn and gather as much data as possible. I appreciate your response.

@Ryan Doyle -Understandable. I know the exact type you're referring to, it does get annoying. I would be the last person to be saying anything like that, NY is overrated in my opinion.

Ryan Doyle · Answer

Floridians don't really care where you are from...but the people that might not be 'welcomed' are the ones that constantly want to talk about how things were done 'back home'...or how great things were back there.  If things were so perfect where they were, they should have stayed.

Move down here, buy your flowered shirts, and enjoy your drinks on the beach...can't beat it.

Carter H. · Answer

Hi Justin,

I am in North Central Florida but have spent time all over Florida, concentrating on the Tampa Area.

I would recommend you take a look at http://www.vrbo.com/vacation-rentals/usa/florida (I don't make any money off that site or have any affiliation with it!) it is a vacation rental by owner site that has worked before for renting condos on the beach in St. Pete.  It has a cool map I thought might help you divide up your markets to choose from.

Also, look at the www.craigslist.org ads in the areas you are looking to see what the rental rates are going for at different times of the year so you can better plan your purchase.

I also vote for Tampa Bay, though I am biased from living there.  I just wanted to mention in addition to the above posts that some vacation rentals are just rented for the weekend of a "big game" in Pinellas/Hillsborough counties and it's not very far from Orlando - 2 hours.

Thanks,

Carter

John Thedford · Answer

@Justin R.

Marco Island is a top destination for vacationers. Be sure and check it out if you can.

Justin R. · Answer

@John Thedford  - hahaha, sounds good.

@Sarah Hart - Sarah, Thank you for the extremely informative post. I had been doing research and noticed Sarasota was getting pretty expensive. I am hoping to go very high end in the future, but naturally I'd like to start off small and get used to the area. I am concerned about competition in Orlando but I am determined to make things work and will adapt. I do plan to visit the area in the next month or so, which I agree will be helpful in determining a precise location to start.

@Doug Merriott - Thanks Doug, I have looked into Tampa as well, and had noticed from a job perspective they seem to be one of the better cities I have looked at.

Doug Merriott · Answer

Justin, if you are looking for a place with a good employer and the beach look no further than the Tampa Bay area. We are home to Raymond James Financial and some of the best beaches in the world. St. Petersburg has a younger population for nightlife and you can take your pick from $100k condos up to several million$$$.

Sarah Hart · Answer

I have a vacation property on Siesta Key, Sarasota and Annual rents on the mainland.  It depends what your budget is.  I rent the Siesta Key place to snow birds for 4-5 months and then the brit/us 2 week holiday market and then after sept the german market, then i get the odd brit in nov for 2 weeks for a golf holiday and then rent it out for thanksgiving and then i use it at the beg of dec and then rent it for xmas. my net return is anything between 12-15% annually but to buy these properties now you are looking at 400k plus, and the majority have HOA.  I know of a great condo complex (Timberwood Villas) on the mainland that allows vacation rents with a high demand of repeat business and they start from $180k.

As for Orlando, there is way to much competition from the hotels, the majority of Brits that come over only come for 2 weeks, as this is what the airlines restrict you too if you come over on a package.  The deals for the packages are too good to be true and include park entrances so makes it so much cheaper for families.

What i would say is take a vacation yourself, and check out all the areas.

In terms of real estate licence, many brokers are recruiting right now.  Good time to get in as a listing agent as inventory is below 6 months..

Good Luck with what ever you, I'm a Brit in my 30's and loved living in Sarasota, it's not full of old people and they are some great places to hang out, and you're not far from Tampa

John Thedford · Answer

@Justin R.

we welcome everyone as long as they have money to spend:)

Justin R. · Answer

@Ron Climer  - Thank you for the advice. I would really like to live in a high rise on the beach, but I am thinking maybe starting off in Orlando may be the right choice. I took a look at the exam info and see that you are a teacher, perhaps when I get to FL later this year I will meet you for the course.

@Michael Smith - Michael, after a quick look I agree that Cocoa beach does look nice and there are some vacation rentals there. I am not overly familiar but the location seems good as it is beach atmosphere but also a quick drive to Disney. I will definitely be looking into properties there, and perhaps we can meet up at some point as well. I appreciate the tips thank you.

@John Thedford - John thank you. I do like the Naples area as well, and 3.5 hours away is not ideal from Orlando but not impossible either thinking longer term, especially if I eventually hire a manager. I agree that I think growth is shifting out of NY and into areas including Florida. I will be a very happy man when I do leave NY, I hate the winter. Is is true that people from NY are not as "welcomed" in Florida is that just a rumor? I am not from NYC so I do not have the typical personality you may think of when describing a NYer.

Best Locations in Florida for Vacation Rentals?

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