Did you know certain surrounding areas of Orlando are zoned for short-term rentals? Have you ever dreamed of owning a second home? Maybe you are interested in a vacation home that you can rent out? Or maybe your looking for something strictly as a rental property? Either way it is important to know what areas of Orlando allow this versus areas that do NOT. One area of Orlando that is zoned for short-term rentals is Davenport. If you are looking to buy a property in Orlando with the intention of renting it out to bring in some extra income, there are some key things to know before you buy.
A short-term rental is defined as a property that is rented out for less than a seven-month time period. Anything longer is considered a long-term rental. A short-term vacation rental, according to Florida law, is defined as properties that are rented for more than three times a year at less than thirty days at a time.
Parts of Davenport allow owners to lease their properties for 1 day, 3 days, 1 week, or 1 year. This is great for home owners who live in Central Florida and want to capitalize on living in a thriving tourist destination. Being so close to places like Walt Disney World, Universal, International Drive, Legoland, the Beach and more make these areas very attractive to prospective visitors. With so many sites to see nearby and so much to do, Davenport is a very desirable location. It’s just off Interstate 4 and only a few exits down from Walt Disney World.
When purchasing a home with the intention of using it as a vacation rental, make sure to check with the Home Owner Association (HOA) in the neighborhood! Not all HOA’s allow short-term rentals. Could you imagine going through the buying process and close on the property just to find out the HOA will not let you rent it out? Even though you may be in a county zoned for short-term rentals, the community itself may not permit it. Before you buy, it’s important to check and make sure it is written into the bylaws that it’s approved.
Don’t take anyone’s verbal word for short-term rental approval as that could end up being a very costly mistake for you. To ensure you avoid this stressful and costly mistake, it’s ideal to alway have a knowledgable real estate agent helping you through any real estate purchases. If you are looking for property in Central Florida, the Erica Diaz Team can help you through the whole process. You can see more about their expertise here!
Being so close to all the attractions, Davenport is an extremely desirable location for short term vacation rentals. As of January 2020, a property search of available vacation rentals around Davenport returned over 29,000 results. Here are some areas in and around Davenport and the number of vacation rentals available at any given time:
Champions Gate: 3,928 vacation rentals
West Haven: 3,367 vacation rentals
Regal Palms: 1,376 vacation rentals
Highlands Reserve: 1,560 rentals
Bahama Bay: 741 vacation rentals
According to VRBO, travelers find these places to be the most popular when staying in the area:
Northeast Regional Park: 30,445 vacation rentals
Highland Reserve Golf Course: 30,430 vacation rentals
Ridgewood Lakes Golf and Country Club: 29,362 vacation rentals
Lake Davenport: 21, 139 vacation rentals
Champions Gate Golf Course: 18, 856 vacation rentals
Buying a vacation home is a big step. The median property price for the Davenport area is $238,793. Making sure your home is in the correct zone for short term rentals is vital along with HOA approval. Financially, you’ll need to crunch the numbers and find out how many rentals you need in order to be successful in your vacation home ownership.
You’ll also need to do in depth research when determining how much your property can be rented for. Having a realtor to not only help you find the right properties and navigate the home buying process but also to help manage this new income property for you can be the key to your success. If you don’t know the area or the short-term vacation rental world, it is always best to look to the professionals.
In the ever-changing world of today, travelers are looking less towards tiny hotel rooms and more towards vacation properties. From condos to villas and everything in between, the common theme here is…more space! Some families have more than 4 people, and trying to find a hotel room that accommodates more than four comfortably can be a challenge. Having to reserve multiple rooms at a hotel simply so your family can fit is very costly. These are some of your prime candidates as well as people traveling with extended family and friends. Having the space for everyone is the main thing people are looking for.
A vacation home with a pool is also something very desirable. Finding one on the water is even better. When visiting this tropical paradise, people vacationing want to escape the feels of their everyday. This means finding a home you can make comfortable and feel that way is very important.
When you think of vacation homes, you don’t need to just think of single-family houses. Although there are more than 12,000 homes available for rent, you can always start smaller. Not every person traveling to the Orlando area needs a whole house to rent. Villas return almost 8,000 results, condos and apartments are just over 3,600, and townhouses available are just over 4,000. With all this said, no matter the size or type of the rental property you decide to move forward with, there is definitely a market.
With record setting visitors to the Orlando area yearly, the short-term vacation rental market is booming! If you have been thinking of buying an investment property in the area, specifically in Davenport, now is the time and one that should be considered. When you look across the state of Florida as a whole, Orlando has one of the strongest markets in vacation rentals making you a high return on investment. Make sure to get a knowledgeable realtor who can guide you through the process making it as seamless as possible. Having an expert in the field who can lead you through vacation ownership and even help you to manage your property will be imperative to your success.
Living in Central Florida has many perks. Being close to so many tourist attractions and world known vacation destinations means millions of visitors are in and out throughout the year. One sure way to capitalize on some of the profits brought in by tourism is to own a short-term rental property. Not all areas in Central Florida are zoned for these types of properties, however Davenport is!
If you’re ready to purchase a home in Davenport or a surrounding area, our team would love to help. Contact us today! You can also learn more about buying in the Central Florida area here.