Introduction
Clearwater, FL is a coastal city located in Pinellas County, Florida, with a population of over 116,000. The city is known for its beautiful beaches, vibrant nightlife, and ample recreational opportunities, making it a popular tourist destination. The Airbnb rental market in Clearwater, FL is growing, and this article will provide an overview of the market, including important data points and factors that impact it.
Median Home Value and Appreciation
According to Zillow, the median home value in Clearwater, FL is $369,598. This is a 3.90% appreciation from the previous year. The strong housing market in Clearwater, FL has created a favorable environment for real estate investors looking to purchase properties for short-term rentals.
Supply
The most popular homes are 3-bedroom homes, comprising 29.94% of inventory. This is followed by 2 and 1-bedroom homes at 26.59% and 18.17% of the total inventory, respectively.
Revenue
This has resulted in an annual revenue of $36,200. The average gross yield is 9.79%, and the average property tax is 0.96% according to SmartAsset. These data points suggest that investing in Airbnb rental properties in Clearwater, FL can be a profitable venture.
Average Daily Rate
The median ADR for the market is $223.20. The Average Daily Rate is the highest for 10 bedroom homes ($1,000) followed by 9-bedrooms and 11 bedrooms at $999 and $627 respectively.
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Regulations for Short-Term (Airbnb) Rentals
One factor that impacts the short-term rental market in Clearwater, FL is the regulatory environment. The city’s short-term (Airbnb) rental regulations are investor-friendly, allowing property owners to rent out their properties for up to 30 days at a time. This policy has created a favorable environment for investors, resulting in a growing supply of short-term rental properties.
Hosts
The market is dominated by property management firms. The largest host is Vacasa Florida with 5.67% of the total inventory and an average review of 4.63⭐️s .
Median Household Income
The median household income in Clearwater, FL is $49,941, according to the U.S. Census Bureau. This data point is important for real estate investors to consider as it can impact demand for short-term rentals.
Climate
The climate in Clearwater, FL is warm and humid, with an average temperature of 71.2°F. The city experiences hot summers and mild winters, making it an attractive destination for tourists year-round.
Guests
The majority of the guests come from inside of Florida. 2.8% of all guests are from Tampa followed by Orlando with 2.46%.
Population and Crime Rate
Clearwater, FL has a population of over 116,000, and the crime rate is 44% higher than the national average, according to NeighborhoodScout. While this may be a concern for some potential visitors, it is important to note that the city has a strong police force and community initiatives in place to address crime.
Visitor Demographics and Tourist Attractions
Visitors to Clearwater, FL come from all over the world, with a significant portion coming from within the United States. The city’s top tourist attractions include Clearwater Beach, Pier 60, and the Clearwater Marine Aquarium, which is home to Winter the Dolphin. Clearwater, FL is also known for its sports teams, including the Philadelphia Phillies, who hold their spring training in the city.
Peak Season
The peak season in Clearwater, FL is typically between February and April, when the weather is warm and sunny. However, the city attracts visitors year-round, with summer being another popular time for tourists to visit.
In conclusion, the short-term rental market in Clearwater, FL is growing, and several factors impact it, including median home value, Airbnb rental market data, regulations, median household income, climate, population, crime rate, visitor demographics and tourist attractions, and peak season. Real estate investors looking to invest in short-term rental properties in Clearwater, FL should consider these factors to make an informed decision. With a favorable regulatory environment and strong demand from tourists, investing in short-term rental properties in Clearwater, FL can be a profitable venture. Additionally, the city’s warm and sunny climate, beautiful beaches, and ample recreational opportunities make it an attractive destination for tourists year-round.
