@Jennifer Wilson I recall a post on BP a while back that mentioned Destin is now over saturated with vacation properties.

I am hearing from larger PM companies (not just my own) that leasing has definitely softened due to increased saturation of apartments in midtown, and this is also the worst time of year to get stuff leased in the midwest (OK, maybe January/February is the worst).I was able to get really good rents and things rented quickly this spring and early summer, but the length of vacancies started getting longer the later we got in the year, and I have a couple units in the same area that have been vacant for 30+ days with rent reductions/concessions coming.  

It is a great market getting a little saturated with the word getting out.  

This has saturated the market with investors - - any non-member investors seeing this?

STR is starting to get saturated in the middle of and outskirts of town and there is a lot of competition there but I anticipate that investing in traditional vacation areas like the beaches(Pensacola Beach, Navarre Beach, Perdido Key and right downtown) will continue to offer a good return.  

Does the location appear over-saturated with furnished rentals? 

All good markets are saturated and will become saturated quickly, but don't let that stop you!

Jefferson County has been converting to a predominantly rental market in the past 5 years given the hedge funds & turnkey providers saturating the market. 

Like Tim said, the North Philly area is saturated with students.

I've listened to a biggerpockets podcast recently where the guest mentioned they had better luck targeting owner occupants than the saturated "absentee owner" market.