Today we are sharing some ideas about where you should buy an investment property in Key West. Naturally, you will want to look around and see what kind of options you have and what properties are available. What many people don’t understand about the Key West rental market is that you must buy in residential communities if you want to rent your place out to people who live and work here. Stay away from the types of properties that will only be short term rentals for people who might vacation here. You want to focus on what we call non-transient areas. These are stable, residential communities where local year-round residents live. Two of the best areas to consider buying in are Santa Clara or Solana Village. These are great neighborhoods that have a history of attracting local working class people. You will be able to rent your unit out to someone who works in a restaurant or a local bar. There are also teachers and firefighters and police officers looking for rental housing in these areas. Stay in the Northside Drive area, behind the shopping center. Lots of people like to look there, and it’s a cost effective place for you to buy. You are most profitable when you are able to buy the property at a low price and then be able to rent it out for around $1,200 to $1,500 per month. Salt Pond and La Salinas are also great options. La Salinas is especially appealing because there are three bedrooms available, which is nice if you want a bigger place. Most other condos will only have one or two bedrooms. We always recommend that you stick to buying condominiums as investment properties. This ensures low maintenance and you won’t have to worry about your tenants not taking care of the yard and the pool. If you’re looking for a residential property with its own pool or yard, you’re going to have to spend a lot more money. Instead, keep it simple. Look for a small condo that working class people who cannot pay over $1,800 per month might want to live in. Many of these properties will cost you around $350,000 in today’s market. In Key West, the best long term rental properties are the ones we just mentioned. There are other places around town that I would be happy to talk to you about. If you have any questions, contact us at Key West Residential Property Management.
