2015 has been an outstanding year for owning a rental property in Destin. We're still waiting to see the typical drop off in tourism that usually happens in September and October, because this year, it hasn't happened. In fact, Destin News recently reported that due to the amount of tourists still flocking to the beaches, lifeguard patrol will be extended until November 1. Usually, that service ends by October 15.
This is great news for anyone with a rental property, or local Destin business that depends on tourism. To put it in perspective, the permanent resident population of Okaloosa County is approximately 180,000. Just over 13 million people visit the Emerald Coast each year, and every dollar they spend gets pumped into our local economy 1.8 times or more. If you consider that each visitor spends an average of $99/per day, that equates to a lot of money for our seaside community.
Considering Destin for a Second Home or Rental Property?
The EDC, or Economic Development Council of Okaloosa County, Florida, is a good resource for anyone considering investing in a rental property. They provide visitor demographics, information on the average length of stay and seasonality studies.
In 2011, the average household income for seasonal renters was $89,200, with 34% being over $100,000. This type of tourist creates a nice market for beachfront homes and luxury condos. These are popular rentals for large families and groups and can generate a lucrative annual income.
Other popular choices include golf course real estate overlooking one of several Destin golf clubs. These rental properties usually come equipped with a golf cart for easy access to the course, community pool, shuffleboard and other amenities.
The Destin harborfront condos are also popular investment choices. Renters have a convenient location to the beach, restaurants and shopping in downtown Destin. One of the leading industries in Destin, boating and fishing charters are also readily available. Low maintenance and great location makes harborfront condos a popular rental investment choice.
Just let me know what sort of rental investment you're considering and I'll send you updates the moment suitable listings hit the market. It costs you nothing and might give you a jump on the competition.
Tim Shepard, Broker/Owner
Destin Real Estate, LLC
Cell: (850) 259-4133
Toll Free: (866) 678-SOLD
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