While demand for long-term rentals went up in 2020, due in large part to COVID and COVID restrictions, short-term rental owners weren't so lucky.
Soon after COVID reached Florida, Governor Ron DeSantis issued a statewide ban on short-term rentals.
This would drive occupancy rates to 0% for months.
And cause many owners to put their Orlando real estate investment up for sale.
A sad story, but what's it mean for you?
If you've been thinking of investing in an Orlando rental, now is the time.
Whether you want to invest in a long- or short-term rental, 2 market trends have each helped you out in their own way.
The first trend is the one we just mentioned:
As occupancy rates fell toward, and ultimately hit, zero in 2020, many vacation-home owners put their homes up for sale.
Moreover, and perhaps more apposite to your needs, as of January, 2021, many are still selling.
And, most importantly, this abundance of supply has driven down prices.
Making it possible to find great deals now, and wait for occupancy rates to rebound later.
In the meantime, Authentic Real Estate Team can help you convert your vacation home to a long-term rental.
A secure source of income for a whole contractual year!
Then, depending on how things look after a year, we can help you either go back to renting short-term, or renew your long-term contract.
Of course, if that all sounds a bit complicated, we can also make things simple by converting your lease to a month-by-month agreement.
Giving you the option to opt out at a moment's notice.
The second trend, and the one helping long-term rental investors, is people seeking a less-intrusive COVID response and lower-cost living in Orlando.
As well as a quick way to get there.
The answer they found was long-term rentals in Orlando.
Since COVID and COVID-related lockdowns began in earnest, people have been coming to Florida in droves.
1,000 people a day, in fact.
Preferring Florida's relatively lax lockdown measures over their own states', which might include things like limits on the number of friends and family in your own home.
As well as Florida's relatively low cost of living, with single-family homes available for what they might pay for condos and townhomes up north or in California.
Long-term rentals are giving them a much faster way to move, as signing a lease is a much simpler, shorter process than buying a home.
And they're giving investors a great opportunity.
As the owner of a long-term rental, your rates will reflect the current level demand - which is very high.
So will your occupancy rates.
Moreover, base on the Orlando housing market statistics, we forecast that average home price will be on the rise for some time.
Meaning, as well as passive income, your Orlando real estate investment will provide lots of appreciation value!