What Travel in Florida Looks Like in 2023?
Looking at a market forecast quite far into the future might seem like a waste of your precious time—and even an unreliable venture for investors—but that’s far from the truth.
Creating a long-term plan and doing year-long forecasts is necessary, and it helps investors locate the best places to buy vacation rental property in Florida.
As long as you’re looking for data and market insights in verified places and sticking to highly reliable sources and forecasts, they will be of great help to your investment portfolio.
Today’s emphasis is on Florida’s housing market—and the question of the hour seems to be “Where to buy an investment property?” So, the wise step would be to take a couple of minutes and look at the state’s tourism industry.
It is time to see if Florida’s real estate market will be in an enviable position for the remainder of 2022—and, more importantly, upon entering 2023.
Is the Florida Tourism Industry Blooming or Failing in 2022/2023?
We are glad to report that Florida’s tourism is in the best possible shape at the moment. The tourism industry is apparently making a light-speed comeback since the pandemic took over in 2020.
Investors who are currently considering the Florida market should not bother themselves too much with whether but where to buy their next investment property.
Before going over the locations we’ve singled out for you, here’s some first-hand information:
Between January and March of 2022, Florida welcomed 36 million tourists—reinforcing the idea that there’s a huge shift in the local tourism industry and the state’s economic situation. It is the first sign that can potentially refute the economists’ predictions that the Florida market will not fully recover until 2024.
It seems that Florida’s rental market may be able to get back on its feet by early to mid-2023, and we’re here to track the progress and point investors to the most lucrative locations.
At the current state of things, it’s safe to conclude that Florida’s visitors continue to break records and reclaim the Sunshine State as the best spot for investors to buy real estate property.
Here are some facts that can serve as a backbone for what we’ve said so far:
- In the first quarter of 2022, Florida welcomed over 1.3 million overseas tourists.
- For the first time in 2022, the demand for hotels and accommodation in Florida exceeded pre-pandemic levels.
- Some 39% of Florida’s visitors came by plane, significantly boosting air travel in recent years.
Related: 2022 Real Estate Market Forecast: Top 10 Predictions
Why Is Florida’s Rental Market Attractive to Investors?
If you’re still unsure if you should pursue your investment dream of buying real estate in Florida, here are some follow-up arguments that may encourage you:
We’ve already made a compelling argument that Florida’s real estate market is currently at its peak. In fact, it’s among the top five profitable markets in the US. It means that well-thought-out investment moves may bring investors huge turnovers and provide them with a secure income throughout the year.
In the last five years, Florida home values jumped by a shocking 69% due to high demand—with a 29.4% increase recorded in 2021 alone.
With the high demand for real estate in Florida comes an increase in population. The News World Report ranks Florida among the top ten fastest-growing places in the US between 2021 and 2022. The trend will likely continue into 2023, and more and more investors will be drawn to the Sunshine State, looking to buy any type of real estate that can secure profit.
An increase in population equals a higher demand for purchasing and renting out investment properties—so it’s safe to conclude:
Investing in Florida real estate is a no-brainer.
Another attractive point for investing in Florida’s real estate market is the ethnic diversity, the assortment of lifestyles, and other general reasons why people would go there in the first place.
Florida provides its visitors with a wide variety of choices. It offers a steady job market for individuals who are planning to extend their stay in this sunny place but also a dynamic lifestyle for those looking for a good time.
Are Florida Vacation Rentals Profitable?
Investing in vacation rentals in Florida is undoubtedly a venture that pretty much guarantees generous returns. The state’s real estate market managed to come out from the pandemic crisis that threatened the entire US housing market as a winner.
Considering the booming short-term rental market, investing here is more than a smart move for experienced and beginner investors alike. Even in the middle of 2020, Florida’s rental market managed to maintain an occupancy rate of roughly 50%.
The leading reason for investing in Florida’s rentals is the tropical climate. The state can boast about being able to enjoy warm weather all year long, and the best weather conditions are in cities in the south.
When choosing rentals in Florida, though, aim for locations that guarantee fair weather year-round—especially between May and September.
Although the emphasis is on tourism, many short-term rental owners rent their properties to people traveling for business purposes. Florida is home to many large corporations, and many Americans come here on business-related trips.