Hi, Jen,
I've just gotten onto this forum so hope I'm not too late in replying to you.
I got hit by Hurricane Charley -- last one of any consequence in my area was 50 years ago. Does that mean there won't be another this year? No, but.... Between my residences/rentals in Massachusetts/Cape Cod and Florida, I've been through 18 hurricanes and this was the first in which I sustained any substantial damage.
I definitely prefer a location in Southwest Florida to one on the east coast or Panhandle. The Pensacola area was hit by two hurricanes in 1995, then Ivan this year. The east coast is always threatened, whereas my area has some tropical storms, a few low category hurricanes, on occasion, those that form in the Gulf of Mexico usually stay offshore.
I am a realtor and keep a keen eye on both the sale and rental market in my area. You say you'd like to rent 2/3rds of the year. Not likely if you invest in a condo or home where there are monthly minimum rentals. Figure on three months. However, if you go to a beach area you can do quite well in the off season times, or even an area like Cape Coral or Ft. Myers. if you can rent by the week. The Clearwater and St Pete Beach areas are also desirable. These areas typically attract 50% of renters from inland Florida or the other Florida coast for summer vacations. Also desirable for Brits and Euros who vacation during May-July and Sept-Oct. Interesting to note that 30% of visitors to Lee County, Florida (where I'm located), had spent the previous night in Orlando, but most for less than one week.
I am concerned about this summer (see my post at bookings forum topic.)
The website on which I advertise encourages homeowners to network so as to accommodate visitors who wish to go to multiple destinations or larger parties in homes/condos close to each other. I tend to be more flexible in my minimum stay requirements during off season so benefit from this.
The Orlando market, in my opinion, is becoming saturated with more and more competition. I'm not sure why so many Brits/Euros want to buy there but they sure are. Along with many others. In order to compete with the many resorts, they must offer daily rentals. What a nightmare to coordinate and fill vacancies, and the expense, to have to get cleaners in, etc., or hire property managers. They are renting for as little as $80 per night when beach rentals on the Gulf Coast and Keys rent for two or three times that amount. Also, being a family vacation destination, there must be a lot of wear and tear on the homes. Disney just raised their entrance fee by 10%, now $59.50 per day per person! Where I am, it's mainly snowbirds or special interest folks, ie beach, boating, fishing, and little expense other than accommodation. So they are willing to pay a lot more.
I'm not sure how this forum works but feel free to email me if you want more info. I've got what I call my pencil sharpener which I offer my customers so they can accurately figure their out of pocket expenses. Most likely, there will be some. I'm not trying to advertise, I don't sell or rent in any of the areas I mentioned by name, just inform.
waincroft@comcast.net. But definitely don't stop considering investing in a Florida rental. You'd be most postively impressed by how quickly we have recovered from the hurricanes and those who don't come are missing the lingering good will that is present and being passed on by all of us who survived and are back to "normal", almost. The sun is still shining on the Sunshine State!
K