Fort Walton Beach, FL is a popular tourist destination located in the Okaloosa County of Florida. The city has a warm climate and beautiful beaches that attract visitors throughout the year.
The short-term rental market in Fort Walton Beach has been growing steadily over the years, with investors finding it to be a lucrative market to invest in.
In this blog post, we will explore the Airbnb rental market in Fort Walton Beach, FL, using data points and information from various sources.
Market Overview
As of October 2024, according to Zillow, the median home value in Fort Walton Beach, FL, is $332,133, and homes have appreciated by -0.90%. These figures indicate a strong real estate market in the city.
There are currently 176 active short-term (Airbnb) rentals in Fort Walton Beach, according to Chalet, with an average daily rate of $127 and an occupancy rate of 55.67%. The annual revenue generated by short-term rentals in the city is $24,320, with an average gross yield of 7.32%.
Short-Term Rental Regulation
Fort Walton Beach has investor-friendly short-term rental regulations, making it a popular market for real estate investors. Unlike many other cities in Florida, there are no restrictions on the number of short-term rentals allowed in Fort Walton Beach. The city only requires that hosts obtain a permit and pay a bed tax. This relaxed regulation is a significant factor in the growth of the short-term (Airbnb) rental market in the city.
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Property Taxes
The average property tax in Fort Walton Beach, FL, is 0.65%, according to SmartAsset. This low property tax rate is another factor that makes the city attractive to real estate investors.
Answering Additional Questions
Median Household Income: The median household income in Fort Walton Beach, FL, is $55,963, according to DataUSA.
Climate: Fort Walton Beach, FL, has a warm climate with long, hot summers and mild winters. The city experiences an average of 343 days of sunshine per year.
Population Size: The population of Fort Walton Beach, FL, is approximately 21,000, according to the US Census Bureau.
Crime Rate: The crime rate in Fort Walton Beach, FL, is lower than the national average, according to NeighborhoodScout. The city is safer than 54% of cities in the US.
Visitor Demographics: According to Visit Florida, the majority of visitors to Fort Walton Beach, FL, come from within the state of Florida. However, the city also receives visitors from nearby states like Georgia and Alabama. International visitors primarily come from Canada and the United Kingdom.
Total Number of Visitors: The total number of visitors to Fort Walton Beach, FL, is approximately 3 million per year, according to Visit Florida.
Tourist Attractions: The biggest tourist attractions in Fort Walton Beach, FL, are its beautiful beaches, including Okaloosa Island and the Gulf Islands National Seashore. The city also has several museums and historic sites, including the Indian Temple Mound Museum and the Air Force Armament Museum.
Peak Season: The peak season in Fort Walton Beach, FL, is during the summer months from June to August. During this time, the city experiences a high volume of visitors looking to enjoy the warm weather and beaches.
However, the city also experiences a peak season during the spring break period from March to April, when college students flock to the city to enjoy the beaches and nightlife.
Conclusion
In conclusion, the short-term rental market in Fort Walton Beach, FL, is a lucrative market for real estate investors. The city has a strong real estate market, low property tax rates, and investor-friendly short-term rental regulations.
Although the market has experienced a decrease in supply due to the pandemic’s impact on travel, the average daily rate and occupancy rate remain strong, indicating that the market is still profitable.
With its beautiful beaches and numerous tourist attractions, Fort Walton Beach, FL, is a popular destination for millions of visitors each year, making it an attractive market for short-term rental investments.
