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The trend will likely continue into 2023, and more and more investors will be drawn to the Sunshine State, looking to buy any type of real estate that can secure profit. As long as you’re looking for data and market insights in verified places and sticking to highly reliable sources and forecasts, they will be of great help to your investment portfolio. Deciding to buy a real estate property and seeking out new investment opportunities can be a huge turning point for you as an investor.
Purchasing here rules out the need to book at the luxury hotels, and allow vacation home-owners flexibility and the option to be spontaneous about booking travel. And based on the number of travelers the city sees each year, you’ll likely have no issue renting out your property if you choose to go that route. Aside from Gainesville’s many museums, cultural attractions, and vibrant nightlife, the area’s natural beauty is on full display with live oaks, springs, and crystal-clear rivers. With so much to offer, real estate investors with vacation rentals in Gainesville enjoy solid occupancy rates all year long. Identifying the best places to buy vacation rental property in Florida 2023 is made easier with Mashvisor’s investment property search feature.
How to Get Started in Real Estate with an Airbnb Investment
To help guide buyers through the myriad vacation destinations in the Sunshine State, we’ve ranked the best places to buy a vacation home in Florida. All information in this article is accurate at the time the study was conducted in February 2019. Click here for more information on our current featured listing, 145 Beachfront Trail , #104, Santa Rosa Beach, Florida. We work in Crestview, Fort Walton Beach, Destin, Niceville, DeFuniak Springs, Eglin Air Force Base, Duke Field, South Walton Beaches, and surrounding areas. Renting out a property in the city is never an issue, not even in the off-season, given the number of ever-growing travelers that come to the city year after year.
Life is certainly a little slower out on Gasparilla Island, a pretty little barrier island off of Florida’s Gulf Coast. Boca Grande (Gasparilla’s largest town) is all island vibes, laid-back lifestyle, and charming Old Florida culture. Cars are considered quite rare out here—rather, people often just poke around in golf carts —and you won’t even find a traffic light. Between the picturesque Gasparilla Island State Park, pristine beaches, and relaxed atmosphere, this is a good place to invest in a vacation home if you’re on the hunt for a quiet beach getaway.
Key Biscayne
As a vacation capital, Florida is an obvious choice for a rental property investment. And with hundreds of miles of attractive shoreline peppered with small- to medium-sized beach towns, occupancy rates tend to be high year-round while competition can be low. Throw in the fact that you can score an oceanside home for less than $300k in some cities, and, really, there's no reason not to buy a beachfront escape in Florida as soon as possible. With median home prices growing by 10 percent year over year, demand for housing is high, which is good for your bottom line.
Many of the offers appearing on this site are from advertisers from which this website receives compensation for being listed here. These offers do not represent all available deposit, investment, loan or credit products. Acquiring real estate in Miami Beach may be a strategic move, eliminating the need for booking at luxury hotels, enabling vacation home-owners more flexibility. A destination filled with nature and historical estates, and warm weather all year-round, Fort Myers is a well-suitable vacation spot even in the off-season. Palm Coast is located in the northeastern part of the state, being the most populous city of Flagler County.
#4: Jupiter, Palm Beach County
Getting a vacation home there could mean being able to stroll down Beale Street or visiting the Stax Museum of American Soul — built on the same site as the legendary studio. And even if none of that sounds like fun, the median home price under $140,000 is probably going to be music to your ears. Nestled between two Great Lakes and close to Niagara Falls, Buffalo has a lot more to offer than just chicken wings. But for you vegetarians who hate bodies of water, the quality of the “lettuce” alone might be enough to consider buying there, with a median home price just a little over $150,000. Knoxville might not get the press of Memphis or Nashville, but it still offers a chance to own a second home at a very reasonable price. And you can expect to clear $25,000 a year or so on it if you’re ready to rent it out throughout the year.
Near the Alabama border at the tip of the state’s panhandle, its location, white sand beaches, and emerald waters draw vacationers from near and far. Known as the gateway to Southwest Florida, Fort Myers is the county seat and commercial center of Lee County. The median listing price is around US$199,000, and the estimated rental income is around US$24,000. The city area has an annual average of 320 sunny days and has more than 24 miles of white sand beaches. Also, there are excellent attractions, such as St. Andrews Park and Pier Park, where visitors who crave swimming, snorkeling, or surfing will be more than satisfied.
Between its many Gilded Age architectural masterpieces, gorgeous beaches, charming cobblestone streets, and eclectic stores, one thing is certain — boredom is never an option here. And while the city is more affordable, the real estate market is still very competitive, with some properties getting snatched off the market within 24 hours. St. Augustine actually has one of the fastest growing markets in Florida, so if you're considering this city, your investment is certainly likely to pay off.
Keep it straightforward, and do not allow misunderstanding to result in major issues such as damage to your property. Between January and March of 2022, Florida welcomed 36 million tourists—reinforcing the idea that there’s a huge shift in the local tourism industry and the state’s economic situation. It is the first sign that can potentially refute the economists’ predictions that the Florida market will not fully recover until 2024.
In addition to that, acquiring a vacation home in Florida offers other advantages like a relatively mild property tax rate and opportunities to earn passive income by renting the property. In the first quarter of 2022, Florida welcomed roughly 1.3 tourists from overseas. Experts predict that the market will experience a complete turnaround in 2024—but the migration and demand for vacation rentals suggest that it could happen even earlier. In terms of investing in Florida’s real estate market, know that it’s a good idea, given that it’s been able to cope with the considerable—and generally devastating— consequences of COVID-19 back in 2020. Reviews are, hands down, the best feedback you can get in the vacation rental business. Take into account every comment left by your guests—and, if needed, try to work on improving certain aspects of your property in due time.
Chattanooga represents the fourth city in Tennessee, tying it with Florida for places with the most options for affordable vacation homes. With a median home price at just over $145,000 and projected rental profits of just over $25,000 a year, you could theoretically be into the black on the investment by the end of year six. Daytona Beach is one such location, with a projected annual profit on renting it out that’s close to $30,000.
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