Destin ranks high in rental investments
For the second year, Rented.com has released its annual short-term rental income report ranking the top cities where one should invest in a rental vacation home.
Destin topped the traditional vacation home market, which includes beach and winter sports destinations, and came in second place in overall top markets. Last year, Destin placed 95th.
According to the website, travelers adding leisure days to their business trips are on the rise and are making urban cities more popular. The report found that urban markets are quickly rising on the list in terms of the potential for a strong return on investment (ROI). This year, Nashville, Tennessee, took the top honors by coming in first in the urban Airbnb and overall market.
“I still think Destin is the real top one to buy and invest,” said Andrew McConnell, Rented.com’s chief executive officer. “I have many friends that live in the area and many people don’t know how beautiful the beaches are.”
The report used key points to identify the most profitable destinations that ultimately impact a property owner’s ROI. These factors included real estate prices; local vacation rental rates; insurance, taxes and maintenance costs; the overall popularity of the tourist destination; and the average annual vacation rental for ROI.
“(Destin is) a perfect place to go for vacation. … It’s a fantastic spot to go with friends and family.” McConnell said.
Ocean Reef Vacation Rentals & Real Estate’s Marketing Director Richard Olivarez was not surprised of Destin being a desired place to buy rental property.
“Our beautiful white sand beaches are unparalleled and paired with our easy accessibility from several major cities, buying a home or condo here is a logical choice,” Olivarez said.
The rental and real estate company, which has offices in Miramar Beach and Seacrest Beach, represent nearly 450 vacation homes and condominiums in Destin and South Walton, according to Olivarez.
“When you factor in the continually increasing demand for accommodations along our coast, renting these properties can be a smart investment,” he said. “Another major factor in our success here in Destin is our openness to embrace both the vacation rental home investors and our beloved vacationers.”
Olivarez said the community takes pride in being a top beach destination.
“We are happy to share our picturesque homes with the world and, thankfully, this translates into ROI for everyone in more ways than one.” he said.