In my decade of real estate on island, I’ve helped a number of customers who are interested in owning a vacation rental home on Sanibel. I’ve learned there are typically three types of buyers for Sanibel investment properties:
3 Types of Sanibel Vacation Landlords
1.) Investors – These savvy buyers are looking to purchase a home strictly for its income-producing abilities and investment opportunities. They may or may not ever use the property themselves.
2.) Vacationers – These frequent flyers of Sanibel have been visiting the island for years, renting different condos or houses each time and have now decided to invest in a vacation rental property of their own. They will use the home maybe once or twice a year, offer it to friends and family, and have the option of renting it out to help offset a few costs of owning.
3.) Future Retirees – These some-day-soon Sanibelian’s know they want to retire on island, and are taking advantage of the real estate market, interest rates, and their current financial status. They’ll likely use the property when they come to visit, or they may use it strictly for rental income until they’re ready to retire and move down.
Rental Restrictions on Sanibel
As you probably know, there are rental restrictions in place that help maintain the Sanibel community we all have come to love.
- Sanibel Single Family Homes have a 28-day minimum rental requirement
- Sanibel Condos vary in their rental restrictions, some allow weekly rental minimums, others are restricted to monthly, and a handful have been grandfathered into allowing daily rentals.
So, what makes a great rental?
1. Daily or Weekly Rentals
As a general rule, the shorter the minimum rental period, the easier it will be to rent the property. Therefore, condo complexes that allow weekly or shorter rentals can provide the best potential income.
2. Beach Access!
Direct beach-front condo units tend to rent more frequently and at a higher rate than units with limited Gulf views (of course they sell for more too). Owners of near-beach units are also able to generate good rental income as these units are less expensive to buy, thus, allowing you to rent them for a lower price to vacationers who are looking to save a few bucks.
3. Swimming pools
Owners of well-appointed vacation homes can be successful with monthly rentals. During high season (November – April) most everything is booked. Off-season is more difficult to rent for monthly rentals, and most homes rent at a significant discount during these months. When renting a house, a pool will significantly increase your rentals and beach access is another important feature.
Have you checked out our Sanibel Condo Directory?
It breaks down which condominiums offer weekly, monthly and daily rentals. It also shows information on pet restrictions, and amenities such a pool, elevator, sports courts, etc. It’s really your go-to tool when researching what makes a good vacation rental property on Sanibel. Click here to visit the Sanibel Condo Guide.