Known for its pastel, conch-style houses, Key West is a popular tourist destination. The city’s Old Town has a rich history and is filled with historic buildings. Visitors are also drawn to the city’s diverse culture (with a strong Cuban presence), excellent nightlife, generally fair weather, and various activities. While Key West has some great beaches, it is more famous for its coral reefs, making it a top choice for snorkeling and scuba diving.
The average rental price in Key West is $2,493 per month, which is very high compared to other cities. Single-family homes and apartments make up a large portion of the real estate market, with the former making up 38.2% and the latter making up 48.5% of the market. Only 9.7% of the properties in Key West were built in 2000 or later, with 35.9% of the properties built between 1970-1999, 30.5% between 1940-1969, and 23.9% built in 1939 or older. On average, studio apartments rent for $1,875, 1-bedroom apartments rent for $1,987, and 2-bedroom apartments rent for $2,295.
Rental properties, both for short- and long-term use, are very popular in Key West. As such, many investors flock to this Florida destination in search of properties to buy and rent out. For property owners, renting is a great way to earn some extra income.
But, Key West property management is not a simple task. You must advertise your property and screen applicants. The work also does not stop after signing the rental agreement. You need to continue managing the property, keep up with maintenance, and collect rent. In addition, you must constantly communicate with your tenant and make sure you remain compliant with state and local laws.
For many rental property owners, this can all start to feel overwhelming. This is why a vast majority of owners seek professional property management services. A property management company can take over all the duties required of you as a landlord, giving you more flexibility and peace of mind.
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