In recent months, several of our international buyers have asked us the same question and one which initially surprised us.
“What will happen if I can’t rent out my vacation home near Disney, when families can’t afford to go on vacation due to the weakness of my currency?”
Orlando rental concerns
Let us explain; our primary international buyers are from the U.K and from Brazil. Both currencies have lost ground against the US Dollar which in turn increases the cost of family vacations. Prospective owners obviously want to know that their property will be rented out in order to cover expenses.
When visiting Orlando, you will overhear people speaking in your language. Although the majority of people around you are speaking American English, your own dialect will stand out to you. This makes it appear as though the majority of families are from ‘back home’.
So, let’s look at a few numbers.
In 2015, 66 million visitors headed to Orlando representing around 62% (almost 2/3’s) of all visitors to Florida.
The total amount of visitors to Florida was 106,585,000 and Orlando hosted 66,000,000 of them.
- 56,617,780 were US national
- 7,092,180 were from overseas
- 2,372,740 were from Canada
If we stopped all of the 9,464,920 non-US national visitors to Orlando we would still have some 83% of ALL visitors.
As you can see from the 2016 numbers above, Domestic (U.S nationals) visitors have already increased by 6%. We can also see a 5,5% drop in the number of overseas visitors and a 5.1% drop in the number of Canadian visitors which is probably been caused by the US dollar strength.
We can also see that the overall visitor numbers are expected to be UP by 4,3% by the end of the year.
So let’s work on the premise that these numbers for the end of the year 2016 are accurate. We will see a total number of visitors to Orlando increase by 2,838,000 to 68,838,000.
In recent years many of our owners have been achieving between 38 and 42 weeks occupancy each year. Taking an average of 40 weeks occupancy in 2015 and by simply adding the extra 4,3% increase in visitors, we would expect almost 2 extra weeks of occupancy in 2016.
On a 6 bedroom pool home in a solid community which has been well furnished, this could be worth an extra $2500-$3000 in rental income.
As long as Disney and the other theme parks are open and the sun rises each day, Orlando will welcome millions of visitors each year and provide you with the opportunity to achieve the best occupancy rates in the world.
Hopefully we have managed to put your mind at rest about at least one of you Orlando rental concerns.
Data courtesy of http://www.visitflorida.org/resources/research/
Following on with the upbeat news from a few months ago that Orlando International Airport is to be renovated with the spending of more than $1 billion to expand ticketing and curbside bag check and to add a new parking garage, train terminal and people-mover system. Orlando has now announced that the amplification of the airport with a new South Terminal and the investment of a further $1.8 billion US.
This is all great news for owners in Orlando as it shows that the growth of Central Florida is expected to continue for many years to come. You can read the original article here: http://www.wesh.com/article/orlando-international-airport-expansion-underway/8298588