St. Petersburg attracts millions of tourists every year, thanks in large part to its vibrant nightlife, wide range of activities, diverse culture, and booming arts scene. Most of all, the city is known for its year-round sunny weather, boasting an average of 361 days of sunshine each year.
The average market rent in St. Petersburg is $1,510 per month. Nearly half of the resident population, about 43%, rent their homes. There are approximately 107,173 places of residence in the city, 56% of which are single-family homes and 30.9% of which are apartment complexes. A lot of the homes here are old, with 44.6% built between 1940-1969 and 37% between 1970-1999. Only 8.9% of the homes were built in the year 2000 and later. On average, 1-bedroom apartments go for $1,251 a month and 2-bedroom apartments go for $1,379 a month.
With a strong tourism industry, St. Petersburg enjoys a booming rental market. Visitors flock to the Sunshine City in search of short- or long-term rentals every year. In a market with so many options, it is integral for you to set yourself apart and remain competitive. Doing so requires excellent property management skills. You must know how to advertise your property well, find quality tenants, and stay compliant with state and local laws.
For an amateur rental property owner, all these tasks can start to pile up and overwhelm you. Thankfully, the St. Petersburg property management scene boasts many capable companies that can handle the job for you.
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