Renting out your property in Florida is a sound financial investment for many. With the beautiful Florida weather and the gorgeous coastal views, Disney World and Universal Studios are only a shadow in the distance compared to the natural beauty of the state.
Whether you're a first-time landlord or a tried and true professional, here's how you can get your rental off the market.
Florida is one of the most beautiful states, but this landscape comes with a few caveats. If you're still shopping for a new home you hope to rent out later, keep in mind that flood zones, sinkholes, and hurricanes will raise your insurance costs. Try to choose a location more inland to avoid the issues that come with renting a home built on a bed of limestone. Limestone is the primary soil profile throughout the state, measuring between 30 and 60 feet deep. Unfortunately, this weak rock is prone to erosion over time, leading to a swiss cheese-like profile. It's no wonder that 1/3 of American roads are in poor condition. Talk to a geological surveyor before investing in a property that won't last.
You should also choose a location you know well. This will help improve your communication with your tenants who might want advice on travel or activities in the area. It can even be used as a marketing strategy when you list your rental property online.
Renters are looking for a sense of mobility that homeowners simply cannot achieve. Because renters aren't tied down to a certain location, they might not want to choose a long lease with so many opportunities passing them by. This is especially common among college students and recent graduates who might have to move at a moment's notice.
It's typical for apartment leases to last for one to two years, but college students might want even shorter leases. Consider trying out semester-long leases to appeal to the younger rental market.
Young professionals and renters like the flexibility that comes with a furnished apartment. This is a huge benefit for renters since they don't have to lug heavy furniture around to each new home or rent a larger truck to travel long distances. It's estimated that 44% of a moving company's clientele are individuals making a big move. You can also target the niche market of expats looking to move to America from abroad.
A furnished apartment is also a great advertisement opportunity when you list your rental online. Target the niche market of people looking for furnished homes to appeal to renters actually looking to buy.
There are a variety of factors that go into pricing your rental. For example, a desirable rental will be located nearby good schools, public transit, and areas with plenty of recreational activities. But you also need to ensure you have the necessary funds for maintenance and repair. It's recommended that you need 5% of your gross rental income to make repairs on a home you own.
Sometimes, it's worth it to charge a little more for your rental. After all, you can't go into your tenant's rental whenever you want, even if it is your property. Just like the Chicago Tenant Landlord Ordinance says, most landlords throughout the United States have to give 48-hours notice before entering a tenant's home. Even if you want more control, you have to follow the rules of your state. This is why hiking up the prices are sometimes necessary as a landlord. If you find the perfect tenant, you can always negotiate a price that works for both of you.
Without highlighting these rental benefits, you'll never be able to stand out from the competition. Florida is the third-fastest growing state throughout the country, making this a prime place for real estate opportunities. You never know when a certain amenity will make your rental stand out among the rest.
It can be hard to get your home off the market, but these tips will help make it a little easier. Just be sure to do the necessary market research before you set that final price.
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