Destin, Florida, is a popular vacation destination located in Okaloosa County. With its beautiful beaches, warm weather, and various tourist attractions, it’s no wonder that the (Airbnb) short-term rental market in Destin is thriving.
In this guide, we’ll take a closer look at the short-term rental market in Destin and why it’s an attractive location for both tourists and investors.
Average Daily Rate and Home Appreciation
The average daily rate for a short-term rental in Destin is 400.60. This is significantly higher than the average daily rate for short-term rentals in the United States. Additionally, Zillow reports that homes in Destin have depreciated by -2.40%, making it an attractive location for real estate investments.
Median Home Value and Occupancy Rate
The median home value in Destin is $620,408, according to Zillow. With a high median home value and a strong real estate market, Destin is an attractive location for those looking to invest in short-term rentals.
The occupancy rate for Airbnb rentals in Destin is 62%, according to Chalet, which is higher than the average occupancy rate for the United States.
Active Short-term Rentals
Chalet reports that there are 6,372 active short-term rentals in Destin, making it a popular vacation destination for tourists. The annual revenue for short-term rentals in Destin is $74,900. With a high annual revenue and a high occupancy rate, Destin is a great location for those looking to invest in short-term rentals.
Host Info
Destin is an investor-friendly location with short-term rental regulations favorable to those looking to invest in short-term rentals.
The Destin market is dominated by established firms, and among them, Vacasa Florida stands out as the foremost player, commanding 8.36% of the total active inventory.
Among the top ten largest property management companies, Oversee boasts the highest average review score at an impressive 4.91.
Gross Yield and Property Tax
The average gross yield for (Airbnb) short-term rentals in Destin is 12.07%, according to Chalet. This is a strong return on investment, making it an attractive location for those looking to invest in short-term rentals. The average property tax in Destin is 0.71%, according to SmartAsset, which is lower than the average property tax in the United States.
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Median Household Income and Population Size
The median household income in Destin is $81,468 according to Data USA. This is higher than the median household income for the state of Florida and the United States. The population size of Destin is 14,482, according to Data USA.
Sports Teams and Colleges
There are no professional sports teams based in Destin, Florida. However, there are several colleges located in the nearby area, including the University of West Florida and Pensacola State College.
Crime Rate
The crime rate in Destin is lower than the average crime rate for the state of Florida and the United States, according to Neighborhood Scout. This makes it a safe location for tourists and residents alike.
Visitors and Tourist Attractions
Visitors to Destin come from all over the United States, with a significant number of tourists coming from neighboring states like Alabama, Georgia, and Tennessee. According to the Destin Chamber of Commerce, the total number of visitors to Destin each year is over 6 million.
The most prominent tourist attractions in Destin include its
- Destin Harbor Walk: This popular boardwalk offers plenty of shopping, dining, and entertainment options along the harbor.
- Big Kahuna’s Water and Adventure Park: A popular destination for families, this park offers a variety of water rides, mini-golf, and other attractions.
- The Track Family Recreation Center: A fun spot for go-karts, laser tag, and other amusement park-style attractions.
- Henderson Beach State Park: A beautiful, serene beach park with crystal-clear waters and plenty of recreational opportunities.
- The Gulfarium Marine Adventure Park: A fascinating park where visitors can learn about and interact with marine life, including dolphins, seals, and more.
- The Destin History and Fishing Museum: A unique museum that provides a look into the history of the area and the fishing industry that once flourished here.
These attractions, along with the beautiful beaches and stunning natural scenery, make Destin a top destination for tourists and vacationers.
Conclusion
In conclusion, Destin, Florida, is a prime destination for short-term rental investments. It is a market that is very commonly featured in articles analyzing best-performing Airbnb markets in Florida. With its ideal location, affordable property taxes, favorable regulation, and strong demand, the short-term rental market in Destin offers a profitable opportunity for real estate investors. Whether you’re a seasoned investor or starting out, Destin is a market worth considering.
