The most successful holiday lets are to be found in locations with a regular, year-round influx of visitors.
Accessibility, attractions and climate are all contributing factors to a destination’s appeal, which is why so many people are interested in property investments in Orlando, Florida.
Visitor numbers are king
Tourists flocked to Orlando in 2016 from all over the world – 68 million of them, in fact. Many of them flew in and out of the city’s 2 airports – 95,500 movements on 875 flights every day.
This makes it the most visited place on Earth, so what is it that’s pulling in such crowds?
Undoubtedly, the fact that 8 of TripAdvisor’s top 15 amusement parks in the world are there has a lot to do with it.
The 189 golf courses within an hour’s drive are also highly rated, as is the plentiful world-class shopping downtown.
And not for nothing is Florida known as ‘The Sunshine State’; its weather is a powerful magnet too.
Between them, visitors spent $91 billion last year – and a glance at hotel rack rates will tell you that a lot of that went on accommodation.
What to look for in an investment property in Orlando
Some 61% of the world’s serviced apartments are to be found in the USA, and these multibedroom suites are becoming increasingly popular with leisure travellers. They enable families and friends in groups – from couples up to 8 – to make themselves at home in 5 times the space of the average US hotel room for a single room rate.
Some new serviced apartment developments in Orlando have been designed to be destination resorts in their own right; swimming pools are important on a family vacation so anything above and beyond, such as a waterpark, a lazy river or a surf simulator will be very appealing. A bit of pampering never goes amiss, so a health club and luxury spa will be welcome.
Importantly, given Orlando’s reputation as ‘Theme Park Capital of the World’, rental properties need to be close to the big attractions like Disney; a complimentary shuttle service for guests would be ideal.
Of course, onsite bars, restaurants, cafes and food markets can and do contribute to the overall guest satisfaction ratings – and people aren’t shy about pointing out shortcomings via online review sites.
How does US property investment differ from the UK?
UK investors are welcomed in the States, but there are a few things to look out for. James Harrington, Business Development Manager for Florida investment specialists Emerging Property has this advice: “The better serviced apartment properties offer investors a majority share of their suite’s rental income, with a smaller share going to a first-class management company.
“This company takes care of global marketing, bookings, maintenance, repair and the day-to-day running of the resort.
“This income can equate to as much as 9.4% NET, which is a very good yield. The best resorts also offer owners flexible personal usage of their apartments, so not only do they get an excellent investment, they also get a deluxe holiday home into the bargain.
“The buying process shouldn’t be any problem at all if you follow the guidance of an expert, but for your own safety and security, make sure that your purchase payments are made into an escrow account.”