Introduction
Orlando, Florida, often referred to as the “Theme Park Capital of the World,” is a bustling tourist destination known for its iconic attractions such as Walt Disney World, Universal Orlando Resort, and SeaWorld. This thriving tourism industry has given rise to a robust short-term rental market, including Airbnb listings. In this blog post, we will delve into the details of the short-term rental market in Orlando, covering key statistics, market trends, and essential information for both property owners and prospective visitors.
Key Market Statistics
Let’s begin by examining some crucial data points that offer insight into Orlando’s short-term rental market:
- Home Depreciation: As of October 2024, according to Zillow, homes in Orlando have experienced a depreciation rate of 3.51%. This decline in property value can be an essential consideration for potential property investors.
- Median Home Value: Zillow also reports that the median home value in Orlando stands at $382,567. This figure is significant when evaluating the cost of property acquisition.
- Active Short-Term Rentals: As of the latest data from Chalet, Orlando boasts a whopping 1,157 active short-term rentals, reflecting a highly competitive market.
- Average Daily Rate (ADR): The ADR for short-term rentals in Orlando is $135, as per Chalet’s statistics. This information is crucial for property owners when setting their rental rates.
- Occupancy Rate: The occupancy rate in Orlando’s short-term rental market is 65.38%, indicating a consistent demand for such accommodations throughout the year.
- Annual Revenue: Chalet data reveals that short-term rentals in Orlando generate an annual revenue of approximately $20,971, making it an attractive investment opportunity.
- Average Gross Yield: With an average gross yield of 5.48%, Orlando’s short-term rental market offers a competitive return on investment for property owners.
- Property Tax: According to SmartAsset, the average property tax in Orlando is 0.89%, which should be factored into the overall cost of property ownership.
Now that we have an overview of the market statistics, let’s explore some additional information about Orlando, including its climate, population, and other relevant details.
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Orlando: Beyond Short-Term Rentals
Median Household Income
The median household income in Orlando, FL, is an essential factor to consider for property owners and investors. According to the latest available data, the median household income in Orlando is $52,385.
Climate
Orlando enjoys a subtropical climate with warm and humid summers and mild winters. The city is known for its abundant sunshine, making it a popular year-round destination for tourists.
Population Size
As of the most recent data, the population of Orlando, FL, stands at approximately 290,000 residents, making it one of the largest cities in Florida.
Sports Teams
Orlando is home to several professional sports teams, including the Orlando Magic (NBA) and Orlando City SC (MLS). These teams add to the city’s vibrant sports culture.
Colleges and Universities
Orlando is home to prestigious educational institutions such as the University of Central Florida (UCF) and Rollins College, offering diverse academic opportunities for students.
Crime Rate
The safety of both residents and visitors is a top priority. Orlando’s crime rate is in line with the national average, with law enforcement agencies working diligently to ensure the city’s security.
Tourism in Orlando
Orlando attracts visitors from around the world, with many coming to experience its world-famous attractions. The city welcomes millions of tourists each year, and they hail from a variety of countries.
Total Number of Visitors
Orlando hosts approximately 75 million visitors annually, making it one of the most popular tourist destinations globally.
Tourist Attractions
Some of the biggest tourist attractions in Orlando include:
- Walt Disney World Resort
- Universal Orlando Resort
- SeaWorld Orlando
- The Wizarding World of Harry Potter
- Discovery Cove
- Gatorland
- ICON Park
- Kennedy Space Center Visitor Complex
Peak Season in Orlando
Understanding the peak season in Orlando is crucial for property owners looking to maximize their rental income. The peak season typically aligns with school holidays and major holidays like Christmas and New Year’s. Additionally, summer months and spring break also witness a surge in visitors due to favorable weather conditions.
In conclusion, Orlando’s short-term rental market, including Airbnb listings, offers lucrative opportunities for property owners, driven by a thriving tourism industry and favorable market dynamics. However, it’s essential to consider various factors, including property values, market competition, and local nuances, to make informed investment decisions. Whether you’re a property owner or a visitor, Orlando’s unique blend of attractions, climate, and culture makes it a compelling destination in the vacation rental landscape.
