Vacation Homes Fueling Florida’s Economy
It’s no secret that Florida is one of if not the top tourist destinations in the world. The University of Central Florida’s Rosen College of Hospitality Management recently released a report that details how much the vacation rental home industry contributes to the state’s economy annually. The study was conducted by surveying 6,240 tourists, 1,748 rental homeowners and 143 rental home management companies. Those surveys were then compared with data from the Survey Center of the Bureau of Economic and Business Center, Airbnb, the Florida Tourist Development Tax Association, multiple county tax collectors’ offices and the Florida Department of Revenue, according to a news release.
“Our research confirms that Florida’s lodging industry for vacations, beyond traditional hotels and resorts, which include rentals like houses, apartments and condos, boosts the economy significantly,” Associate Dean of research at UCF Rosen College Robertico Croes said in a news release. “Renters remain in the state longer, some up to 30 days, and spend more money, on average $1,000 per person.’
The top three reasons people choose to stay in a vacation rental home as opposed to a hotel or resort are because of the value, location and the privacy and freedom gained from having their own space, according to the study.
The report also states that the direct spending on these rentals totals nearly $46 million a day and supports roughly 115,00 jobs in the industry.
“Floridians have long-known that the state’s vacation home rental industry has a significant impact on our economy, but the numbers in this report are simply staggering,” Florida Realtors president Barry Grooms said.
If you are looking to purchase a short-term vacation home for an investment property central Florida is the perfect market. With world renowned theme parks and attractions there is no shortage of demand for vacation rentals. The FL Pro Brokers team has multiple advisors who have experience in short-term vacation rentals and would love to help you get started or answer any questions you may have.
Croes, Robertico, et al. “Estimating the Economic Impact of Vacation Home Rentals in Florida.” STARS, stars.library.ucf.edu/dickpope-pubs/80/.
