Finding tenants in competitive rental markets
Driving around the Orlando area, I could not help but notice how much new construction of timeshares and vacation homes was going on. We stayed in Kissimmee, about 10 minutes from Disney and there were hundreds of condos and townhouses just in our development. Many of these homes were clearly vacant while we were there, even though the weather was great (75-80 degrees).
Still, there were several new developments being built right down the street. Granted the area is a vacation hot spot for people all over the world, I have to wonder if owning a rental in an area like this is a good investment.
The competition for renters is tough since many of these homes are exactly the same, so minor features can mean the difference between filling a vacancy or not. We looked at three homes and settled on one because it was a few dollars less and very close to the clubhouse. Another owner sent along several testimonials from previous satisfied renters that also went a long way with us.
I would guess that if one of these homes was rented every week, it would be a very profitable investment. But missing out on numerous weeks throughout the year could be costly. Using some creativity and explaining the unique benefits of choosing one rental over others could be all that is needed to keep renters calling. It also would not hurt to have lots of quality advertising to make sure renters can will find the property.
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