Sarasota Rental Property Market 2024

Sarasota and Siesta Key have always been coveted vacation destinations. But as the accolades keep coming in and travel activity rebounds, the vacation rental market is expected to deliver an especially robust season in 2024. Due in large part to the proliferation of Airbnb and VRBO listings, short-term residential rentals are now considered a strong option for many categories of traveler. Experts expect occupancy rates of vacation homes and Airbnb properties to increase as tourists continue to explore alternatives to conventional hotel stays. The winners are expected to be those landlords who go above and beyond to provide an exceptional customer experience at their rental property.

hidden bed, vertical bed, for guest room

Strong Rental Demand is Expected

Travel demand should continue to grow in the 2024 season and beyond – and individual homeowners are becoming increasingly more interested in leveraging their investment to take part in the lucrative opportunity. But although travelers have embraced the Airbnb model, they still demand quality experiences that deliver the features and extras they have come to expect. After all, the Sarasota area has no shortage of high-quality hotels.

Sarasota property owners have found several ways to use their properties to accommodate visitors and generate additional income.

  • Vacation Home or Condo Rental: Some area residents have invested in a second home or property in the area, whether for visiting family, staycations or future investment value. Rather than leaving these properties vacant for much of the year, owners are choosing to host guests.
  • Rooms for Rent: Those who have homes in desirable areas, whether on the Key or on a golf course, often opt to rent out a portion of their home to visitors. Some choose to allow visitors directly into the main portion of the home, while others section off suites or wings with separate entrances, security and privacy.  Pro Tip: Murphy beds can help to transform any space into an income-generating guest rental.
  • Tiny Home Alternatives: The popularity of the “tiny home” and “she-shed” concept has given homeowners another avenue to build a rental property business. By providing a freestanding structure on their property, they can completely distinguish between their personal life and their guests. Depending on zoning or HOA rules, they may also offer RVs for rent.

Creating a Rental Property That Inspires Return Visits

Most people understand the basics of vacation property rental – but visitors also appreciate a well-appointed and attractive space to relax and enjoy their time. Those hosts who wish to stand out from the rest may consider implementing these thoughtful upgrades:

  • Outdoor Spaces: One of the best reasons to visit Sarasota in the winter is the gorgeous weather that beckons everyone outside. If your property doesn’t already feature a lanai or deck, be sure to create an inviting outdoor area for guests to congregate. This may include a few hammock in the trees, a firepit in the yard, an outdoor gourmet kitchen, or deck chairs on the dock – but whatever you choose, be sure to allow for plenty of room for guests to spread out and relax after a long day of exploring.
  • A Bed for Everyone: Renting a Sarasota property for the family can be expensive, so being forced to rent multiple spaces may be a deal killer. Prospective landlords can expand  capacity dramatically by utilizing Murphy beds. These innovative furniture pieces are stowed away during the day, allowing plenty of room for guests to move around. At night, every room can become a comfortable sleeping space. Add a Murphy bed in the bedroom, living room and even the dining room – and you’ll be able to attract large families or groups that otherwise would not be abl to rent your place.
  • Everything They Need: You can charge a little extra if you invest in all the “extras” that will contribute to a stand-out experience. If you are on the Key, provide bicycles, kayaks, beach chairs and coolers to your guests. If you are on a golf course, arrange for guest privileges on the course. If you offer a firepit,  leave everything they need to make s’mores and hot chocolate. Speaking with your guests before they arrive about what they like can elevate their experience and guarantee repeat visits. Even if you can’t provide everything, you can leave them with all the specific information they will need to arrange for the activities that interest them.

    Monarch Murphy Beds Can Help

    2024 is shaping up to be a busy year for tourism.

    Whether you are designing the ultimate vacation rental or simply want to provide your friends and family with comfortable accommodations when they visit, a Murphy Bed is an innovative and stylish way to create the space you need. Installing a Murphy bed helps you to create a multi-purpose area that doesn’t sacrifice comfort, style or function.

    Call today to schedule an appointment with owner Shelly Renee to tour Monarch Murphy Bed‘s North Sarasota showroom.