Market Report for Rental Property Owners in Sarasota and her Islands

Late bookers for vacation rentals in our area are in for a rude awakening.  After years of being able to find suitable lodgings on short notice, there is no room at the inn.  Following world-wide exposure of Siesta Key’s Beach as being rated the number one in the country, the rates have gone higher and the availability is almost non-existent on the island.  One of my potential buyers is now having to rent a home east of I-75, almost a 45 minute ride to the beach because he waited too long to lock in a beach property.  Occupancy in Venice has spiked from about 85% to 99% and the condos and homes on Longboat Key and Anna Maria Island are running full in February and March. This bodes well for buyers who will be searching out investment properties while they are vacationing here.  The question as to whether or not they will be able to realize a healthy income seems to have a resounding yes as an answer.  The properties that generate the most income are the daily and weekly rental buildings because they are attractive to renters throughout the entire year, especially those who love to spend a couple of summer weeks here.  After a slogging few seasons of discounts and deals that have made many owners of rentals nervous, this year looks to be the one that turns it around and hopefully starts the trend of rising prices for owners looking to sell.

To read the entire article in the newspaper please click below:

www.heraldtribune.com/article/20111225/ARTICLE/111229685

"People are hearing 'the economy is bad' but they're not seeing it as bad," she said.

Rental agencies in Sarasota report strong demand, but with more inventory and fewer restrictions on rentals, the city does not have the inventory problem that Venice is experiencing.

"The obstacles you run into in Venice are the condo associations," said Brandow, who also manages Siesta Key and Sarasota rentals.

She said many require a one-month minimum stay and some as long as three. For people seeking shorter stays, inventory has been impossible.

Milo, who specializes in short-term stays and won a successful lawsuit against Venice for trying to stop him, says this is the best year he has had since opening in 2005.

Venice has an ordinance, now tied up in litigation, that restricts owners from renting properties in single family neighborhoods for less than 30 days.

The city is not enforcing the 2009 ordinance, but it still may be deterring owners from offering their properties for rent.

Whatever the reason, the rental reservations have local businesses hopeful that this is the beginning of an upward trend.

"We hope for blizzards in October," Brandow said. "When it's bad up north, it's good down here."