3 Questions to Ask Before Making Your Property a Seasonal Rental
It’s season in southwest Florida, the time of year when our roads, restaurants and retail centers fill up with temporary residents escaping the cold weather up north. Unlike tourists who visit the area for a few days or weeks, these visitors stay for three to six months. This creates a market for homeowners and property management companies in Naples willing to cater to their unique needs.
Before you offer your property as a seasonal rental, make sure you understand the pros and cons of the arrangement. Your answers to these questions can help you decide if it’s right for you.
1. Does your homeowners association or condominium association allow seasonal rentals?
Your HOA or condo association likely has rules that govern short term rentals. In some cases, the association may set limits on the number of houses or units owners can rent to tenants. For example, the bylaws may require a minimum owner-occupancy rate or reserve the right to review tenant applications. Others restrict the length of the rental to discourage short term rentals for fewer than 30 days. Find out what restrictions are in place in your neighborhood.
2. Will you make enough money to cover expenses?
The thought of renting your property during season is attractive because you can charge more each month. In fact, rents can increase as much as three times their normal rates in high-demand neighborhoods. Unfortunately, these rates go down again after season ends, and you still have to pay your mortgage, property taxes and insurance premiums. Make sure you take in enough money to cover those expenses.
3. What will you do with the property the rest of the year?
When you make your house or condo a seasonal rental, it may spend most of the year unoccupied. If you purchased your Naples property to use as a vacation home, you may not mind this. You can plan your vacations for the summer and fall when it’s less crowded in the area. The down time also gives you a chance to repair or renovate the property as needed without tenants in the way. You may need to make arrangements with someone to check on the property when it’s vacant.
Whether you want to choose to rent your property seasonally or annually, consider partnering with someone who can take care of the rental details for you. Woodruff Property Management is one of the premier property management companies in Naples. Call us today to talk to one of our team members about how we can help you all year long.
At Woodruff Property
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- (239) 920-8799 (239) 326-0864
- 557 104th Ave N Naples FL 34108
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