Are you looking to invest in Sarasota real estate?
Real estate is generally a good investment option. You may be able to generate a decent passive income and build wealth as its value increases over time.
That said, not all real estate markets are the same.
Typically, a good location for real estate investing possesses certain characteristics, including:
- A rising population
- A growing job market
- A good quality of life
- Plenty of attractions
Sarasota, Florida checks off all those boxes and more! So, it’s a great city to buy an investment property in.
In this article by Anchor Down Property Management, you’ll learn what makes Sarasota such an ideal investment destination.
Why Invest in Sarasota, FL Properties
1. Home to Beautiful, Sandy Beaches
Each year, thousands of visitors come to Sarasota to enjoy its award-winning beaches. Sarasota’s 35-mile stretch of sand is a stunning gem. It features 6 barrier islands that hug the coastline, each with their own distinctive vibe.
Some of the most popular beaches include Venice Beach, Siesta Key, Lido Key, and Longboat Key.
These beaches present a huge opportunity, especially for short-term vacation rental investors.
2. An A-Rated School District
There are many schools in Sarasota, and they consistently rank high.
Some of the schools that stand out include:
- Pine View High School
- Sarasota Middle School
- Bay Haven Elementary
- Southside Elementary School
These schools earned a 10/10 review from GreatSchools.org and ranked high on U.S News’ list of “Best Schools in America.”
There are also a number of colleges in the area, including:
- New College of Florida
- Ringing College of Arts & Design
- University of South Florida Sarasota-Manatee
This means that Sarasota attracts many families as well as many University students looking for housing!
3. Population Growth
As the job market grows, so does the population!
According to the ICSC Florida Report, the population is expected to continue growing by nearly 7.8% over the next couple of years.
As a property investor, population metrics are important. When the population increases, the rental demand also increases. And a high rental demand usually means high occupancy rates.
4. Attractions
Sarasota’s attractions are another factor driving up tourism numbers!
One popular family attraction is the Myakka River State Park. This park provides ample opportunities for boating, kayaking, fishing and tons of other fun activities.
Children can also enjoy the Marietta Museum of Art & Whimsy. This extraordinary museum brings whimsical art to life!
Other fun attractions in the city include:
- Lido Key
- Sarasota Jungle Gardens
- Mote Marine Laboratory & Aquarium
- The John & Mable Ringing Museum of Art
These attractions make Sarasota appealing to both residents and travelers!
5. Affordable Real Estate
Sarasota real estate is one of the most sought-after real estate in the country!
One of the reasons for this is because there are many affordable neighborhoods in Sarasota.
On average, a city resident spends about 15% of their income on mortgage repayments. In Sarasota, homeowners only spend 9.7%! Evidently, Sarasota is more affordable compared to other markets.
6. Landlord-Friendly Laws
Generally speaking, the goal of many rental investors is to earn a passive income. However, the process can be easier or more difficult depending on the laws a particular state has. Those with laxed landlord-tenant laws are considered to be ‘landlord-friendly.’
The good news is that Florida is one of those states because, among other things:
- There are no laws regarding rent control
- There is no state income tax
- Residents find renting to be more attractive due to rising housing costs
- The taxes and insurance costs are relatively low
7. Incredible Climate
Florida is called the Sunshine State for a reason – it boats one of the most wonderful climates in the world. Residents get to enjoy a whopping 300 days of sunshine per year on average!
Even during the winter months, Florida residents still enjoy clear blue skies and relatively warm days.
It’s no wonder retirees are moving to Sarasota! This is another reason you should consider investing in Sarasota – retirees are always looking to rent out properties!
8. Rising Rents
Since the population is increasing, there is a rise in rent price. According to Apartment List, rents continue to increase by around 2% month-over-month.
Rising rents are often an indicator of a strong rental demand, which is great for potential property investors!
The Bottom Line: Why Buy Sarasota Real Estate Investments
Sarasota offers a great opportunity for real estate investors.
There is high demand for housing as:
- Families and students are moving to Sarasota
- Many people visit the city due to its attractions and sandy beaches; and,
- Many retirees flock to Sarasota in the winter months
Additionally, rents are rising, population is increasing, the education system is great, and the tenancy laws are favorable.
Evidently, there are many great reasons to invest in Sarasota!
If you’re a first-time real estate investor, hiring a professional like Anchor Down Property Management can help you minimize risk and maximize the potential of your investment.
Contact us today!