Savvy investors don’t usually need to be talked into buying property in the Sunshine State. So many of the benefits are right where you can see them: a growing population, famous tourist attractions, and weather that’s just this side of paradise. But if you need more reasons you should invest in Florida real estate, we’re happy to enlighten you.
A Tourism Utopia
When you’re thinking about a rental property, you have one main concern: will you be able to rent it out? It’s hard to imagine anywhere that’s more in demand than Florida. If you’re looking for seasonal renters, you can count on “snowbirds” from the north to descend on Florida for well-earned respites. You can also expect families to visit on spring break, and grateful renters from all kinds of colder climates. As travel restrictions relax, more visitors will flock south.
If you’re focusing on shorter-term rentals, you can be sure that higher rents will offset any off-season vacancies. But for the foreseeable future, vacancies could be minimal year-round. After a year of being homebound, stir-crazy travelers will be eager to get out once more. Even Airbnb bookings will be rebounding.
Disney World—Enough Said
Florida is home to endless attractions all over the state. There are more than 1,300 golf courses, three NFL teams, world-class shopping, award-winning dining, and hundreds of miles of white sand beaches. It’s a hugely popular destination for conventions and special events. And even if vacationers can resist all those, they can’t stay away from Disney World forever. Until the Mouse lowers his hotel rates, a lot of those parkgoers will need a place to stay.
Of course, there are plenty of other theme parks to visit in Florida, including Universal Studios and SeaWorld. But for anyone with a child in their life, Disney World is a rite of passage. For many, it becomes a yearly tradition. What other place on earth can accurately be described as “magical”? And it doesn’t take kids’ begging to get grownups to the Magic Kingdom anymore. There’s a growing community of adults online that swap coupon codes and tips on how to visit Disney World as frequently as possible.
A Dynamic Economy
Florida is also a prime investment if you’re looking for longer-term leases. Workers from everywhere are moving here for the booming job market. If you ran a successful company that could operate from anywhere, wouldn’t you pick someplace warm and beautiful? That’s the thinking of more than 150 international companies who have facilities in Orlando alone. They’re also attracted by the pro-business and pro-development local government. That makes Florida the ideal location for workers who can compete on a global scale.
Florida metro areas are busily adding STEM jobs that promise to be the future for young college graduates. Cities like Orlando are becoming industrial and high-tech hubs with high job growth. Careers are also being added in the agricultural, aerospace, and financial service industries. A landlord can depend on a consistent influx of upwardly mobile workers.
The jobs don’t even physically need to be in Florida to attract transplants. As companies and remote workers realize how productive and cost-efficient working from home can be, employees have more freedom to decide where they want to live. At the top of the list: someplace balmy, convenient, and active all year round.
Flexible Tax Laws
Once you start researching reasons you should invest in Florida real estate, you’ll come across some very promising numbers. It’s one of the few states with no personal income tax. That’s drawn a lot of businesses with employees who appreciate the lower cost of living. Your future tenants usually come here for more obvious benefits, but the tax-friendly environment is a perk that makes them more likely to stay. And your odds are good that they’ll choose to stay in one of your properties.
People from all over the world visit Florida to experience it in small doses, and they don’t forget it. Many baby boomers already winter here, and soon they’ll give in to the logical result: permanent residency in retirement. They can get away from harsh and even dangerous weather, along with risks like falling on ice and getting snowed in. They can join other retirees with similar interests and rely on their desirable location to lure family and grandkids to visit. With the right property, they could be signing their long-term leases with you. And when you’re ready to retire, you could settle into the unit next.
Quality of Life
Everyone is looking for “quality of life,” whatever their definition. In Florida, it’s attainable. Visitors experience it on vacations: myriad outdoor activities, days on the beach, weekends at the parks. The locals understand what it truly means to have work-life balance. They don’t have to get lost in Netflix for an escape after an intense workday; they’re already living where most people want to go. Florida’s summer highs hover around the low 80s, while the winters only dip to about 60 degrees Fahrenheit.
And seniors? Florida is their reward for decades of hard work. They can slow down to relish their golden years somewhere with culture, near-perfect weather, and all kinds of recreation. It’s usually a healthier lifestyle than where they came from, which can stretch out their retirement even longer.
Every demographic has a reason to live in Florida, and every wise investor will thrive with Florida real estate. You have options like nowhere else. Rent out your unit short-term or long-term, to young and old. When you’re ready to let go of the landlord life, you can sell your property, confident that it’s risen significantly in value. Or you can move into it yourself.
At R. Russell Properties, we choose to base ourselves in Central Florida because real estate here is low-risk. It’s a one-of-a-kind location—and as they say, they’re not making any more of it. A huge chunk of Florida’s population rents their homes, and property owners are the ones who profit. If you’re thinking of buying real estate someplace like Windermere, Florida, property management by professionals can make your day-to-day responsibilities minimal. At the same time, we can help you maximize your investment. Contact us today for details.