Are you looking to invest in rental properties in Pinellas County, Florida? Then you’ve made an excellent choice. The market seems to be performing very well, especially considering the very low home prices in the area.
When done correctly, investing in an Airbnb property in Pinellas County can make up to 12% cap rate for properties that cost less than $500,000, and it is very possible to get 8-10% returns on traditional rental properties that cost around $250,000.
But, before you jump into the market and start purchasing, here are some stats and figures that you should take into consideration, as well as our suggestions for the best property management company as well as the best real estate brokerage company to hire when investing in Pinellas County, Florida.
Pinellas County, Florida: General Overview
Pinellas County, just like most other areas in Florida, is a great travel destination for fun-in-the-sun and vacationing. The city is flourishing with new businesses, which is a clear indication of the development of the area and its growth.
The Pinellas County real estate market is one of the best markets for investing at the moment. Home prices in Pinellas County are at a very low point, and investment properties are affordable for most real estate investors. The large number of foreclosures in Pinellas County makes it a top pick for renovation projects and fixer uppers, and although the prices at which foreclosed homes have been selling in the area have been increasing, foreclosed properties are still very affordable.
- Median Listing Price: $245,000
- Median Sales Price: $196,000
- Median Foreclosure Sale Price: $130,000
Additionally, due to Pinellas’s warm nature and growing businesses and economy, the city seems to be performing very well for both traditional and short-term, or Airbnb, rental properties. The city’s climate and beach attractions make it perform especially well for Airbnb rental properties, as tourists from all over the country and from nearby areas tend to travel to Pinellas for short-term vacations. Traditional rental properties are also performing well due to the growing businesses in the area. Pinellas appears to receive a good number of business travelers on a regular basis, and their stays typically last for several months and up to a year.
Here are some of the best performing neighborhoods and districts in Pinellas County:
- Traditional Rental Properties Cash on Cash Return: 4.01%
- Airbnb Rental Properties Cash on Cash Return: 6.93%
- Traditional Rental Properties Cap Rate: 9.31%
- Airbnb Rental Properties Cap Rate: 10.76%
- Traditional Rental Properties Cash on Cash Return: 3.67%
- Airbnb Rental Properties Cash on Cash Return: 3.06%
- Traditional Rental Properties Cap Rate: 5.49%
- Airbnb Rental Properties Cap Rate: 5.69%
Indian Rocks Beach
- Traditional Rental Properties Cash on Cash Return: 4.75%
- Airbnb Rental Properties Cash on Cash Return: 2.80%
- Traditional Rental Properties Cap Rate: 6.46%
- Airbnb Rental Properties Cap Rate: 5.51%
Note: Click here to start searching any of these areas for the best performing rental properties!
Pinellas County, Florida: Airbnb Laws and Regulations
Pinellas, like most other cities and counties in Florida, does not enforce any laws and regulations that can limit the performance of short-term Airbnb rental properties. This is part of the reason why Airbnb rental properties perform especially well in Pinellas.
Pinellas County, Florida: Target Tenants
So, you want to purchase a property and rent it out in Pinellas County, Florida. But what kind of tenants can you expect to market your property to in order to reap the highest rewards? There are two major types of tenants that you can market your property for in Pinellas County: businessmen and tourists.
Since the city is known for its pleasant climate and vacation-appropriate weather, it manages to attract a large number of tourists around the year. This makes condos and townhouses good picks for a rental property in Pinellas County, especially in the suburbs and around the beach areas. Additionally, the urban areas of the city have a large number of up-and-coming businesses, and they attract a large number of business travelers from the surrounding areas.
To cater for the needs of these tenants, apartments are typically a good property type to invest in. Make sure to install all the necessary amenities and additions to the rental property to make it appropriate for the type of tenants whom you’re trying to attract. If you’re purchasing an apartment to rent out to business travelers, make sure to include high-speed internet and an office room with a working desk in the property to suit the needs of business travelers.
Pinellas County, Florida: Property Management
To make the most out of your real estate investment in Pinellas County, and if you’re investing from out of state or offshore, you should definitely consider hiring a professional property management company.
While the city has a number of options to choose from, one of the best property management companies that cover Pinellas County is Tradewind Properties. Tradewind Properties is a real estate and property management company which offers a wide variety of services to its clients. The company specializes in apartments, condos, and home rentals in St. Petersburg, Tampa, and Pinellas.
Additionally, Tradewind Properties offers consulting and advice for people looking to find an investment property or a rental property in the area, and their years of experience in the area allows them to provide invaluable information to real estate investors who are still in the process of learning about the area.
The services covered by Tradewind Properties include comprehensive turnkey property management for all sizes or rental properties. The company will efficiently supervise and coordinate all maintenance, repairs, and communication to keep the tenants happy and the owners informed, and they will make sure that you get the highest profits on your investment.
Pinellas County, Florida: Real Estate Agent
Team Caron, which includes Diana and Paul Caron, is a real estate agency which specializes in helping real estate investors find the perfect investment property and managing the different aspects of their investments.
Both Diana and Paul Caron hold a Real Estate Broker’s license, and they both have several years of experience in the market, making them your best choice when seeking an investment in Pinellas County, Florida.
Pinellas County, Florida: To Sum Up
Pinellas County is an excellent choice for investing in real estate for a number of different reasons. The area is developing at a considerable rate, making real estate properties in the area have a high chance for appreciation. Additionally, the absence of laws and regulations restricting Airbnb rental properties make Airbnb rentals perform extremely well. Coupled with the high amount of tourists and travelers that the city receives, both short-term and long-term rentals are performing very well and can generate high returns on your investment.
Looking to find the best investment properties in Pinellas County, Florida? Make sure to head over to Mashvisor and start your search there. With Mashvisor, you can learn more about the local real estate market and its performance, and you can use Mashvisor to find the best investment property for you to purchase.