Introduction
Palm Coast, FL, nestled along the eastern coast of Florida, has emerged as a hotspot for short-term rental investments, particularly through platforms like Airbnb. With its pristine beaches, vibrant community, and diverse attractions, Palm Coast offers an enticing blend of relaxation and adventure for visitors. In this blog post, we delve into the dynamics of the short-term rental market in Palm Coast, exploring key statistics, trends, and factors driving its popularity among investors and vacationers alike.
Understanding the Numbers
Before delving into the intricacies of the short-term rental market in Palm Coast, let’s examine some key data points:
- Homes Depreciated: According to Zillow, homes in Palm Coast experienced a depreciation of -2.90%, indicating a potential opportunity for buyers seeking investment properties.
- Median Home Value: The median home value in Palm Coast stands at $352,706, reflecting the attractiveness of the real estate market.
- Active Short-Term Rentals: Chalet reports a total of 1,017 active short-term rentals in Palm Coast, showcasing the breadth of accommodation options available to visitors.
- Average Daily Rate: The average daily rate for short-term rentals is $315.30, indicating the potential for lucrative returns on investment.
- Occupancy Rate: Chalet data suggests an occupancy rate of 55%, highlighting the consistent demand for short-term accommodations in Palm Coast.
- Annual Revenue: Short-term rentals generate an annual revenue of $51,600 on average, underlining the profitability of investment properties in the area.
- Average Gross Yield: With an average gross yield of 14.63%, Palm Coast offers competitive returns for investors compared to other markets.
- Average Property Tax: SmartAsset reports an average property tax rate of 0.51%, which contributes to the overall affordability of property ownership in Palm Coast.
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Market Insights and Trends
The short-term rental market in Palm Coast is buoyed by several factors, including its strategic location, desirable amenities, and robust tourism industry. With its proximity to major cities like Jacksonville and Orlando, Palm Coast attracts a steady stream of visitors seeking a tranquil coastal retreat. Additionally, the city’s temperate climate, characterized by mild winters and warm summers, makes it an appealing year-round destination for travelers.
Responding to Key Questions
Now, let’s address some key questions to provide a comprehensive overview of Palm Coast:
- Median Household Income: The median household income in Palm Coast, FL, is $55,736, reflecting a stable economic base.
- Climate: Palm Coast enjoys a subtropical climate, characterized by warm temperatures and abundant sunshine throughout the year.
- Population Size: As of the latest census data, Palm Coast has a population of approximately 90,000 residents, making it a vibrant and growing community.
- Sports Teams: While Palm Coast doesn’t host any major professional sports teams, it boasts a variety of recreational activities, including golf, tennis, and water sports.
- Colleges: There are no colleges located directly in Palm Coast, but nearby institutions include Daytona State College and St. Johns River State College.
- Crime Rate: Palm Coast maintains a relatively low crime rate compared to national averages, contributing to its reputation as a safe and family-friendly destination.
- Visitor Demographics: Visitors to Palm Coast hail from various regions, with a significant portion originating from nearby states like Georgia, New York, and Pennsylvania.
- Total Visitors: Annually, Palm Coast attracts millions of visitors, drawn by its pristine beaches, outdoor recreational opportunities, and cultural attractions.
- Tourist Attractions: Some of the biggest tourist attractions in Palm Coast include Washington Oaks Gardens State Park, Hammock Beach Resort, and Marineland Dolphin Adventure.
- Peak Season: The peak season in Palm Coast typically coincides with the summer months, from June to August, when families and vacationers flock to the coast to enjoy the sun, sand, and surf.
Conclusion
In conclusion, the short-term rental market in Palm Coast, FL, presents a compelling opportunity for investors seeking to capitalize on the city’s growing tourism industry and attractive real estate landscape. With favorable market conditions, strong rental demand, and a diverse range of attractions, Palm Coast continues to solidify its position as a premier destination for vacationers and property investors alike. Whether you’re looking to generate passive income or simply enjoy a slice of paradise along Florida’s coast, Palm Coast offers endless possibilities for success and relaxation.
