Looking For Florida Rental Properties?Supply Is Drying Up!

Whether it is the allure of the mild winter, spring training baseball, the simple sounds of rolling sea, the vast amounts of sea life or the magnetism of a white sandy beach... people are drawn to the Tampa Bay beaches for a wide variety of reasons!
This spring season brought a dramatic increase in tourists to the area compared to the last several years. As a result, demand is already heating up for Winter and Spring 2013! A combination of things have happened... 1) With the downturn in the market, previous seasonal rentals have opted to replace with more steady income with annual rentals. So far we have seen each of the annual rental tenants renew their leases for a 2nd or third year; 2) As short sales of seasonal rentals finally made their way through the sales process, many of the new owners are opting to not rent out their property for various reasons; 3) With the upswing in the market, some sellers have decided to go ahead and sell their property rather than rent seasonally; 4) Renters who have found a great property are re-securing the property for the following year during their current rental.

So what does that mean? Just as properties on the market actively listed in MLS are seeing a dramatic decline in inventory... the same is happening in the seasonal rental market. Buyers active in the Tampa Bay real estate market who are savvy to this deficit are picking up rental properties, sprucing them up and raising rates accordingly. Check out our Vacation Rental Property Investment Newsletter. Contact The PURTEE Team to discuss rental property options which include both vacation rentals and multifamily housing.