Puerto Rico is a beautiful country that has a lot to offer, including a pleasant climate year-round, beautiful beaches, varied landscapes, and several festivals and live events throughout the year. Anyone looking to invest in vacation rentals should consider this country because the tourism industry is growing rapidly at the moment. Leasing a property is still cheap, but the potential for making a profit is extremely high.
5 Reasons to Invest in Vacation Rentals in Puerto Rico
1. The Destination Is Ideal Year-Round
In the past few years, many people haven’t been able to access tropical destinations, so the demand is now soaring. People all around the world are booking vacations, both in the peak season and during the slower months. A Puerto Rican property is a great investment because you can rent out your apartment year-round, and there are no cold or rainy months.
The climate is considered tropical marine, which means that it doesn’t fluctuate as much as in other countries. The hottest months are August and September, and you can expect average temperatures of 75 degrees Fahrenheit. During the coldest month, January, temperatures only drop to around 63 degrees Fahrenheit. What’s more, there are very few rainy days, even in winter.
2. Tourism Is Booming
After a few slow years, tourism is once again booming on tropical islands. Now is the perfect time to start investing in vacation properties because everyone is spending the money they saved during lockdown. In fact, Puerto Rican tourism has never been so lucrative. In 2021, the average tourist stayed 5% longer than usual, and resorts earned more in hotel fees and taxes than ever before.
As a result, around 80,000 employees make a living in the Puerto Rican tourism industry, and countless other people profit from the revenue their rental apartment produces. If you want a piece of the action, now is the time to get into the market because property prices are still reasonable.
3. There Are Plenty of Attractions
Another reason why so many tourists decide to visit this tropical destination is that there is so much to do in the area. Visitors describe swimming on the beautiful beaches as a magical experience because the water is so clear and warm. Puerto Rican beaches are perfect for a relaxing and restorative trip; but the seaside isn’t the only attraction the country has to offer. Because the landscape is so diverse, tourists can spend days exploring the great outdoors.
Some favorite destinations include the Guánica Dry Forest, the underground caves at Parque de las Cavernas del Río Camuy, and the tropical rainforest, El Yunque. For visitors who are more active, there are all kinds of outdoor activities such as surfing, waterfall climbing, and wingsuit flying. When you visit a Puerto Rican resort, there really is something for everyone.
4. Festivals and Live Music Attract Even Bigger Crowds
Puerto Ricans love to celebrate, and this jubilant culture attracts even more tourists at certain times during the year. One of the biggest events is the San Sebastián Street Festival, which is held in January and involves countless traditional and contemporary live music shows. Guests can also enjoy dance performances and plenty of stands featuring food, drink, and artisanal products.
At other times of the year, there are various fiestas patronales, which celebrate the patron saints. Because of these exciting events, you can expect spikes in tourism several times a year. If you want to increase your chances of success, you can also feature the festival in your marketing materials.
5. Investments Are Still Reasonably Priced
Although this destination is getting more and more popular, there are still some reasonably priced investment opportunities available. One of the easiest ways of getting into the market is leasing an apartment in a resort. At Ocean Club at Roosevelt Roads, $70,000 gets you access to a property for 39 years. This is much cheaper than most opportunities in the continental United States.
But despite the reasonable price, you can charge a lot for your vacation rental in Puerto Rico because there are plenty of tourists flooding to the area. Since you can rent out the property for up to $150 per night, lessees are estimated to make over $1,500 profit per month. What’s more, the Ocean Club developer will cover any hotel operational losses during your first two years, so there is very little risk associated with your investment.
Puerto Rican vacation rentals are a great business opportunity because they are reasonably priced but have the potential to produce a lot of profit. The country is an attractive destination for countless tourists due to its pleasant climate, vibrant culture, frequent live events, and beautiful scenery. Because tourism has boomed in recent months, now is the best time to look into leasing an apartment.