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Fort Myers, FL Rental Market Overview
Rental Vacancies Often Follow Cyclical Tourism Dollars in Fort Myers
As throughout most of its history, the Fort Myers economy remains primarily geared toward tourism and hospitality. Peak tourist season in the City of Palms runs from October through April, with a considerable influx of tourists arriving in February and March to watch the Boston Red Sox in spring training. July and August are the low season in this sub-tropical location, when tourism drops and the temperature and humidity soar. Seasonal employees often follow the tourism dollars north or east to more sustainable hospitality markets. Sometimes the low season hits new lows in September, when storm damage is a constant concern during the peak hurricane season here. Finding full occupancy for rental units throughout the year can be challenging in Fort Myers.
Find the Right Marketing Channels to Reduce Vacancies
Filling Fort Myers vacancies hinges on understanding demographics. Marketing properties to snowbirds typically reduces vacancies through six months of the year, although many of these occupants are low maintenance because they spend more time fishing, golfing or enjoying the nearby beaches. Seasonal employees are another revenue option, although they are usually compensated at or near minimum wage so they tend to gravitate toward the most affordable rental properties in the region. The good news for Fort Myers landlords is that increasing job diversity could break this pattern and result in better opportunities. Winter 2013 job data from Florida's Department of Economic Opportunity indicated that the Fort Myers construction sector is hiring, especially as the health industry continues to expand or remodel facilities, which should help buoy related jobs in real estate and insurance in the near future. If this happens, independent investors may find more full-time occupants for rental properties, resulting in consistently reliable revenue throughout the year. One of the best ways to track shifting demographics and local real estate developments is by consulting a Fort Myers property manager in your area. Most property management companies work with a range of clients in and around Naples and Cape Coral, so they often recognize opportunities and trends before the news is reported in the local business weeklies. This sort of information and insight can help you optimize your rental asset strategies before the knowledge is mainstream. Fort Myers property management companies also offer a range of services, including property showings, tenant screenings and comprehensive maintenance and repair services. It's a great way to reduce your workload and possibly beat the heat during the hottest days of the year. Review our Fort Myer property management companies and request your free information today.