Are you looking to purchase a rental property in the USA? The latest data shows that Florida is attracting more holidaymakers than ever to its sunny shores. Plus, see other states that have a successful track record among short-term renters.
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Florida: the US’s top tourism destination
Discover why Florida is a holiday hotspot…
According to FloridaRealtors, data from 2023 showed Florida remains a leading spot among holidaymakers. In 2023, Florida’s market share of domestic tourists went up to 14.8% from 13.8% the previous year. This was the biggest increase in tourism of any state. Why? With near 300 days of sunshine a year and temperatures often in the mid 20s, Florida deserves its nickname, Sunshine State. Therefore, it makes Florida the perfect escape for northern Americans seeking to avoid the winter chill. Plus, it boasts of golfing opportunities, beautiful beaches and of course theme parks galore.
But it’s not just Americans seeking out this sun-soaked state. Of international travellers, 25.2% headed to Florida. This was an increase of 1.7% on March 2019, marking the first time that tourism levels in Florida had surpassed pandemic levels. Interestingly, comparing data from the same month in March 2019, British visitors increased by 12%, German by 28% and Mexican by 61%.
Where to buy a short-term rental
Tampa, the top spot for short-term rentals.
A report by Clever Real Estate and short-term rental data provider Rabbu has crunched the numbers to find the best places to invest in a US short-term rental property. The study looked at data on median house prices, occupancy rates and changes in property values to rank Airbnb investment markets across the country.
Unsurprisingly, three Florid locations came out on top. Tampa was crowned the winner. It has had a 71.6% property value increase over the past five years; this was 55% higher than the median city in the study. Plus, Tampa enjoys a strong occupancy rate (44.8%) and rental revenue. In a state known for its beaches, Tampa’s beaches stand out for their beauty. It is also a fantastic location for leisurely outdoor activities, be it kayaking in the Hillsborough River, cycling on the Bayshore Boulevard or picnicking in one of its many lush parks. Tampa is especially popular with “snowbirds” looking to avoid the winter.
Next on the list is Orlando. Visitors are drawn here for its top-rated theme themes parks (Walt Disney World, Universal Orlando, SeaWorld Orlando to name a few). Third on the list is Jacksonville, which offers a more budget-friendly Florida experience. In fifth place is Miami, attracting many with its uniquely artistic, international vibe.
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Be aware of short-term rental zones
Watch out! Not all properties qualify for short-term rentals (STR), meaning bookings under 30 days. Your property must be in Florida’s STR zones to rent it out. You’ll also need to register for STRs and secure a rental business license. Find out more information here.
Successful short-term rentals outside of Florida
Outside of Florida, Boston is best for short-term rentals.
Has Florida not quite charmed you? Boston, attracting history enthusiasts and sports fans alike, took the fourth spot on the list. Then, Buffalo and Columbus shared sixth place; Chicago, eight; Providence, nine; and Kansas City, ten.
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