Hollywood, Florida, is located in Broward County, south Florida. It is a popular tourist destination with a population of approximately 150,000 people. Hollywood is known for its beautiful beaches, parks, and vibrant downtown area and has become a popular location for Airbnb rentals.
In this guide, we will take a closer look at the short-term rental market in Hollywood, FL, including data points such as home appreciation rates, median home values, active short-term rental listings, average daily rates, occupancy rates, revenue, supply, gross yield, property taxes, and regulations.
Home Appreciation Rates and Median Home Values
According to Zillow, homes in Hollywood, FL, have appreciated by 6.90%, which is a significant increase. This is good news for property owners, as it indicates a strong housing market. The median home value in Hollywood, FL, is $451,589. This is a valuable piece of information for short-term rental property owners, as it can provide insight into potential rental income and property value.
Active Airbnb Rentals and Rates
Chalet reports that there are 5,507 active short-term rentals in Hollywood, FL. The average daily rate for Airbnb rentals is $290.50, which is a reasonable price point for short-term rental guests. This data point can be helpful for property owners who are looking to set their rates and stay competitive in the market.
Occupancy Rates and Revenue
According to Chalet, the occupancy rate for short-term rentals in Hollywood, FL, is 58%, which is a strong rate. This indicates that there is a steady demand for short-term rentals in the area. The annual revenue for short-term rentals in Hollywood, FL, is $50,400. This is a good data point for property owners who are looking to make a profit from their short-term rental property. The average gross yield for short-term rentals in Hollywood, FL, is 11.16%. This data point is helpful for property owners looking to understand the potential return on investment for their property.
Property Taxes and Regulations
According to SmartAsset, the average property tax in Hollywood, FL, is 1.20%. This is a useful data point for property owners looking to understand the costs associated with owning a short-term rental property in the area. Additionally, Hollywood, FL, has investor-friendly short-term rental regulations, which can make it easier for property owners to operate short-term rentals in the area.
Climate and Weather
Hollywood, FL, has a tropical climate, which means it is warm and humid throughout the year. The city experiences hot summers, with average temperatures ranging from 81°F to 91°F. Winters in Hollywood are mild, with temperatures ranging from 62°F to 77°F. The city is known for its frequent rainfall, which is why it has lush greenery and vegetation.
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Population and Median Household Income
As mentioned earlier, Hollywood, FL, has a population of around 150,000. The median household income in Hollywood, FL, is $56,912, lower than the national median household income.
Sports Teams and Colleges
FL Hollywood, FL, is home to the Miami Dolphins NFL football team, which plays at the Hard Rock Stadium. The city also has the Muvico Paradise 24 theater, which has been rated as one of the best movie theaters in the United States. When it comes to colleges, there is a satellite campus of Broward College in Hollywood.
Crime Rate
The crime rate in Hollywood, FL, is higher than the national average, according to NeighborhoodScout. However, the city has taken several measures to reduce crime and improve safety, including technology and community policing.
Visitor Demographics and Tourist Attractions
Visitors to Hollywood, FL, come from all over the world, with a significant number of tourists from Canada and Europe. The total number of visitors to Hollywood, FL, is approximately 10 million per year, with the majority of them visiting the city for its beaches, attractions, and cultural events.
Some of the biggest tourist attractions in Hollywood, FL, include the Hollywood Beach Boardwalk, the Anne Kolb Nature Center, the Seminole Hard Rock Hotel & Casino, and the Art and Culture Center of Hollywood. The city is also known for its vibrant downtown area, which has a variety of restaurants, shops, and entertainment options.
Peak Season
The peak season in Hollywood, FL, is from December to April, when the weather is mild, and the city is bustling with tourists. During this time, hotels and short-term rental properties tend to be more expensive, and attractions and beaches can be crowded. For those looking for a quieter experience, visiting Hollywood, FL during the off-peak season can be a good option.
Conclusion
The short-term rental market in Hollywood, FL, is thriving. With a high demand for short-term rentals, a growing supply, and favorable regulations, the market is attractive to property owners. Home appreciation rates and median home values are strong, and the average daily rate and occupancy rate suggest that there is a steady demand for short-term rentals in the area. The data points provided in this guide can be valuable for property owners looking to maximize their rental income and investment return.
