Every city has hotels and the state of Florida is one of the largest per capita cities for hotels in the entire U.S. The tourism industry is part of what fuels the Florida economy and the hotel chains have profited for decades by renting rooms to tourists. A new trend has emerged in the last two or three years that is providing an alternative option to hotel stays. More FL investment property owners are buying properties and turning these properties into vacation homes to compete directly with hotels. The price for a one or two night rental in a vacation home is about the same as any hotel in a city like Jacksonville. Vactioners and tourists are now renting more vaction homes compared with staying in regular hotels during their time in Florida. The relatively low cost of purchasing a vacation home is attacting in-state buyers, foreign investors and out of state investors to Florida to buy vacation homes.
Why Tourists Prefer to Stay in Vacation Homes
One of the biggest benefits and problems with hotels is the location. Many are located downtown and align the already crowded streets. There is not much privacy when staying inside the average hotel. Many of the same construction companies build multiple hotels and the interior designs rarely change. Modern tourists are searching for something a little more than a vanity and a small shower area during their vacation or business trip. An investment property that is turned into a vacation home offers more amentities for someone that is staying one night or multiple nights.
Many vacation homes are in different areas inside of Jacksonville, FL and surrounding neighborhoods. Everything from small single family homes to larger duplexes are now available to accommodate any guests and their children. The homes with a closer proximity to Jacksonville Beach usually stay booked throughout every season as travelers come and go at different times of the year. The great majority of vacation homes offer tourists a way to get out of the city and to enjoy parts of the surrounding area that might never be experienced. Many of the local neighborhoods are thriving with a strong economy and offer many amentities that are much different from city life.
Advantages to Property Owners that Own Vacation Homes
A vacation home is very different from owning a standard investment property. A property investor has the choice to hire a property management company or to manage the day-by-day activities alone unless investing out of state. There are no long-term leases required with vacation homes and many people appreciate the ability to rent a home for a limited amount of time even though the rent might be higher. There is less chance of destruction or other damage that can happen with a vaction home. The constant turnover of tenants is very different compared to a leased tenant that could slowly damage the property over the course of the lease. The advantages to owning a vacation home are plentiful and both investors and tourists benefit from the property arrangement.