Airbnb Data on 1,021 Active Vacation Rentals in Key West

Key Market Statistics

To understand the dynamics of the (Airbnb) short-term rental market in Key West, let’s examine some crucial statistics:

1. Property Appreciation and Median Home Value

As of October 2024, according to Zillow, the median home value in Key West stands at an impressive $1,086,221. These figures highlight the robust real estate market in Key West, making it an attractive destination for property investors.

2. Airbnb Rental Inventory

As of October 2024, Chalet reports that there are currently 1,021 active short-term rentals in Key West. This substantial inventory suggests a healthy market with numerous opportunities for investors to enter and establish their rental businesses.

3. Average Daily Rate and Occupancy

The average daily rate for short-term rentals in Key West, as provided by Chalet, is $158. Furthermore, the occupancy rate stands at an 53.50%. These figures signify a high demand for accommodations in the area, making it a potentially profitable venture for short-term rental owners.

4. Annual Revenue and Gross Yield

Based on Chalet’s data, the annual revenue for short-term rentals in Key West amounts to $63,151. When considering the median home value, this translates to an average gross yield of 5.81%. These numbers indicate a favorable return on investment for those looking to generate passive income through vacation rentals.

5. Property Tax and Investor-Friendly Regulations

The average property tax rate in Key West is 0.58%, as reported by SmartAsset. This relatively low tax burden makes the investment landscape even more appealing for potential short-term rental owners. Moreover, the current short-term rental regulations in Key West are somewhat investor-friendly. Although there are zoning regulations and limitations in place, the laws allow for the ownership and operation of short-term rentals. Additionally, there are new laws in the pipeline that may further facilitate the ease of owning and managing such properties.

Exploring Key West: Beyond the Numbers

Understanding the market statistics is crucial for making informed investment decisions. However, to truly grasp the potential of Key West’s short-term rental market, it is essential to delve into other important aspects that shape the local economy and tourism industry. Let’s explore some key questions related to Key West:

1. Median Household Income

As of the latest available data, the median household income in Key West, FL is not provided in the given data points. It would be advisable to consult official government sources or reliable databases to obtain accurate information on this matter.

2. Climate

Key West boasts a tropical climate characterized by warm temperatures and abundant sunshine. The region experiences mild winters and hot summers, making it an ideal destination foryear-round outdoor activities and beach-related leisure.

3. Population Size

The population size of Key West, FL is not provided in the given data points. However, as of my knowledge cutoff in September 2021, the estimated population of Key West was around 25,000 residents. It is worth noting that the population can fluctuate throughout the year due to seasonal tourism.

4. Sports Teams

Key West, FL does not have any major professional sports teams based in the city. However, the area offers a range of recreational sports activities and is known for its water sports, fishing, and boating opportunities.

5. Colleges and Universities

Key West, FL does not have any traditional colleges or universities within its city limits. However, the Florida Keys Community College, located in nearby Key West, serves as a higher education institution for the residents of the Florida Keys.

6. Crime Rate

The crime rate in Key West, FL is not provided in the given data points. To obtain accurate information on crime rates, it is recommended to refer to official law enforcement sources or consult local crime databases for up-to-date statistics.

7. Visitor Demographics and Origin

Key West attracts visitors from various parts of the world, drawn by its natural beauty, cultural heritage, and vibrant atmosphere. While specific data on visitor demographics and origin is not provided in the given information, it is known that Key West welcomes tourists from all over the United States, including domestic travelers from states like Florida, New York, and California, as well as international visitors from countries such as Canada, the United Kingdom, and Germany.

8. Total Number of Visitors

The total number of visitors to Key West, FL is not provided in the given data points. To obtain accurate information on visitor statistics, it would be advisable to consult official tourism boards, visitor bureaus, or destination marketing organizations that collect and maintain visitor data for the region.

9. Major Tourist Attractions

Key West offers a multitude of attractions that appeal to a diverse range of interests. Some of the notable tourist attractions include:

• Duval Street: Known for its vibrant nightlife, restaurants, and unique shops, Duval Street is the heart of Key West’s entertainment district.
• Mallory Square: Famous for its sunset celebration, Mallory Square is a popular gathering place where visitors can enjoy live music, street performers, and breathtaking views of the sunset over the water.
• Ernest Hemingway Home and Museum: This historic landmark was once the residence of the renowned writer Ernest Hemingway. It now serves as a museum showcasing his life and works, as well as housing descendants of his famous six-toed cats.
• Key West Aquarium: Established in 1934, the Key West Aquarium is one of the oldest aquariums in Florida. It offers interactive exhibits and educational programs, allowing visitors to learn about the unique marine life found in the surrounding waters.
• Fort Zachary Taylor Historic State Park: This state park combines natural beauty with historical significance. Visitors can explore the Civil War-era fort, relax on the beach, or enjoy activities such as snorkeling and fishing.

10. Peak Season

The peak tourist season in Key West typically coincides with the winter months, from December to March. During this time, visitors from colder regions flock to the island to escape the chilly temperatures and enjoy the warm, sunny weather.

The peak season also aligns with major holidays and events, such as Christmas, New Year’s, and the famous Fantasy Fest. However, it is worth noting that Key West experiences a steady stream of tourists throughout the year due to its favorable climate and year-round attractions.

Conclusion

Key West, FL, with its captivating beauty and thriving tourism industry, presents an enticing opportunity for investors looking to enter the short-term rental market.

The market statistics, including property appreciation, median home value, short-term rental inventory, average daily rate, occupancy rate, annual revenue, and gross yield, all indicate a favorable investment landscape.

Additionally, the relatively low property tax rates and somewhat investor-friendly regulations further contribute to the appeal of owning and operating short-term rentals in Key West.

While the exact figures for median household income, population size, crime rate, and visitor statistics are not provided in the given data points, it is important to conduct thorough research using reliable sources to obtain accurate and up-to-date information on these aspects.

Understanding the local climate, attractions, and peak season can help investors tailor their strategies to cater to the preferences and needs of the diverse range of visitors that Key West attracts.

In conclusion, Key West, FL, with its thriving short-term rental market and unique charm, presents an exciting opportunity for investors seeking to capitalize on the island’s popularity.

With careful research, strategic planning, and an understanding of the local dynamics, investors can unlock the potential for significant returns on investment while contributing to the vibrant tourism industry of this tropical paradise.

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