The New York Times today features an interesting article about renting out Florida property - and making the most of the different vacation seasons in the state. The article highlights how property owners are making the most of the prime holiday periods (winter and February to April), and dealing with the tradionally quiet summer season, particularly July and August, when Florida is generally considered just too hot!
In particular, the article highlights a growing trend of Florida property owners; renting out the house or flat in the winter months, when demand is high and high rental returns can be achieved, and then enjoying the property themselves during the summer, when there's a lot less interest from holidaymakers and renters. That way they can get the best income from their property (which is of added importance in the current economic climate) whilst still getting to enjoy the property and Florida themselves.
More to the point, because summer in Florida is hot and humid, not to mention hurricane-prone, the whole place quietens down somewhat during that season. But that too has its advantages - more space on the beach; better chance of getting reservations at the top restaurants; less traffic-congested roads. On the other hand, however, the busy and popular areas - i.e. Miami and South Beach - remain buzzing all year round, so there's still plenty to do if that's your preference. So those that choose to enjoy their own property during the summer months won't be missing out.
The article also mentions the new "condo hotels" that have begun to appear and gain in popularity in southeast Florida. People buy units in these hotels as they would a normal property, and these are then let out by the hotel in the normal way - with the hotel, of course, taking a percentage of the rental achieved. Owners are still allowed to use their unit any time they choose, but are more likely to avoid doing so in peak season when they can make the highest rent from their property.
Article: At Home in the Florida Sizzle (The New York Times, 18th July 2008)
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"Condo Hotels" sound good, but the devil is in the details. I always recommend to clients that they take the rental program lease sheet and meet with their accountant to break it down. It is often more sensible to invest your cash in another vehicle, and then when you feel the need for a vacation, simply spend the money to do/be/go where you want.
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