Naples: Local knowledge question on rentals

[Ken Lewis]

Hi, I am an investor looking to buy condos near Glen Eagle and Countryside in Naples, FL. They have working-class tenants. I'd appreciate feedback on the local rental market.

The units rent for $1200, $1350, and $1500/mo for 1-3 bedroom units. They are currently full. I'd like to keep them as such. The HOA is well-funded, everything on the property has been recently renewed (roofs, roads, pools, gardening, etc).

I am curious as to whether market conditions are shifting because of local short-term stay bans (which might have opened up a lot of housing stock), COVID, over-building, or any other factors.

In a town of 20k people, apartments.com lists around 3800 available rental units. This seems to be a cause for concern. Would I be getting into ownership at a time that oversupply makes it difficult to keep tenants?

Also, if I were to acquire some empty condos, how difficult are they to fill these days? 

Is fall/winter the main renting season, or are locals renting year-round?

Please scare me off!!!

Thanks,

Ken in Palm Beach