Vacation Rentals, the Next Hot Spot for Property Wholesalers?
Multiple factors appear to be merging to give vacation area rental properties a significant boost in profitability. This could present substantial opportunity for flipping houses in these regions over the next couple of months.
According to the National Association of Realtors’ Chief Economist, Lawrence Yun, vacation home sales have been the one consistently improving housing market sector.
New forecasts call for the vacation rental market to become a $25B niche in the coming months. Equity fund giant Blackstone’s new travel-booking company IPO also suggests a sizable boom to come as this market regains steam and blossoms. TripAdvisor claims a recent survey shows 90% of respondents plan to travel this summer.
At the same time Zillow and REIS have reported rental vacancies falling sharply in 2014 to the 4% range. Landlords have been lapping it up, and boosting rents to the tune of 22% year over year in areas like Boston. In parts of SW FL rents are seeing vacation area rents soar by 50%, and during the summer low season. This means growing equity and far healthier cash flow spreads for those investing now, and some extremely wide margins for wholesalers to capitalize on, even without having to dig for distressed property.
There are popular vacation destinations all over the U.S. from San Diego, CA to ski resorts in the mountains to the Jersey Shore and sizzling South Florida. However, many are not in their peak seasons during the summer. Snow birds return north, temporarily depleting markets of local buyers and leaving sellers nervous. That means negotiating power for wholesalers. A few more weeks and these properties could have lines of buyers beating the door down for a shot.
Armed with the best transactional funding wholesalers ought to be able to get in flip houses for big profits to their heart’s delight.
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