Introduction
Marco Island, Florida, is a hidden gem in the Sunshine State known for its beautiful beaches, tropical climate, and a thriving short-term rental market. If you’re considering investing in Airbnb or other vacation rentals in this paradise, you’ve come to the right place. In this blog post, we’ll delve into the intricacies of the short-term rental market in Marco Island, exploring key statistics and answering some essential questions about the area.
Market Insights
Let’s start by examining some crucial data points that paint a clear picture of the short-term rental market in Marco Island:
Housing Market Trends
According to Zillow, homes in Marco Island have depreciated by -1.60%. This trend suggests that the real estate market might be conducive for potential investors, as lower property values can translate into better investment opportunities. The median home value stands at a robust $920,536, which is higher than the national average.
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Short-Term Rental Inventory
As of the latest data from Chalet, there are 2,535 active short-term rentals in Marco Island, indicating a vibrant and competitive market for property owners.
Rental Performance
The average daily rate for short-term rentals in Marco Island is $428.50, with an impressive 61% occupancy rate. This suggests that Marco Island’s short-term rental market is robust, with high demand and competitive rates.
The annual revenue for short-term rentals on the island averages $76,800. This figure provides a clear financial incentive for those considering short-term rental investments.
Financial Considerations
The average gross yield for short-term rentals in Marco Island stands at 8.34%, making it an attractive prospect for those seeking to maximize their return on investment. Property tax is also relatively low, at 1.03% of the property’s value, which can help improve profitability.
Local Insights
To provide a comprehensive view of the short-term rental market in Marco Island, it’s essential to address some additional questions about the area:
Median Household Income
The median household income in Marco Island is approximately $73,372. This figure provides insights into the economic conditions of the residents and potential customers for short-term rental properties.
Climate
Marco Island enjoys a tropical climate with warm, sunny weather throughout the year. The area is known for its pleasant winters, making it an attractive destination for vacationers.
Population Size
Marco Island has a population of around 18,300 residents. However, this number swells significantly during the peak tourist season.
Sports Teams and Colleges
Marco Island is not known for its professional sports teams or colleges. However, it’s a short drive away from Naples, which has various educational institutions and cultural amenities.
Crime Rate
Marco Island boasts a low crime rate, contributing to its reputation as a safe and attractive destination for travelers.
Visitor Demographics
Visitors to Marco Island come from various locations, with a significant portion originating from the Northeastern United States. The island attracts tourists seeking sun, sea, and relaxation.
Total Number of Visitors
Marco Island hosts around 350,000 visitors annually, with the number significantly higher during the peak tourist season.
Tourist Attractions
The island offers a range of attractions, including beautiful beaches, boating, fishing, and access to the nearby Everglades National Park. These factors contribute to its appeal as a vacation destination.
Peak Season
The peak tourist season in Marco Island is typically from December to April when the weather is most pleasant. During this time, the island experiences an influx of visitors, making it the ideal period for short-term rental owners to maximize their income.
In conclusion, Marco Island’s short-term rental market is a promising investment opportunity, characterized by robust rental performance, low property tax, and a growing supply of rental properties. With its pleasant climate and stunning natural attractions, it continues to attract a significant number of visitors each year. If you’re looking for a thriving market to invest in, Marco Island, FL, should undoubtedly be on your radar.
