Pensacola, FL is known for its white sandy beaches, warm weather, and diverse culture. It is located on the Gulf Coast of Florida, making it a popular destination for tourists from all over the world.
In recent years, the short-term (Airbnb) rental market in Pensacola has been booming, with investors and property owners taking advantage of the high demand for vacation rentals in the area.
In this blog post, we will take a closer look at the Airbnb rental market in Pensacola, including key statistics, trends, and regulations.
Key Statistics
According to Zillow, homes in Pensacola appreciated 2.40% over the past year, with a median home value of $257,482. This indicates that the real estate market in Pensacola is thriving, which is good news for investors looking to purchase properties for Airbnb rental purposes.
Chalet reports that there are currently 3,570 active short-term (Airbnb) rentals in Pensacola, with an average daily rate of $248.40 and an occupancy rate of 59%. This translates to an annual revenue of $43,300 for short-term (Airbnb) rental properties in Pensacola.
The average gross yield for Airbnb rental properties in Pensacola is 16.82, which is a strong return on investment for property owners. The average property tax rate in Pensacola is 0.82%, which is relatively low compared to other cities in the United States.
Regulations
The short-term rental market in Pensacola is considered to be investor-friendly, with relatively lenient regulations compared to other cities. Property owners are not required to obtain a license to operate a short-term (Airbnb) rental property, and there are no restrictions on the number of rental days per year.
However, there are a few regulations that property owners must abide by, including collecting and remitting tourist development taxes, adhering to safety and health codes, and registering their rental property with the Florida Department of Revenue.
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Median Household Income
According to the United States Census Bureau, the median household income in Pensacola, FL is $52,394.
Climate
Pensacola has a humid subtropical climate, with hot and humid summers and mild winters. The average temperature in the summer months (June-August) is around 90°F, while the average temperature in the winter months (December-February) is around 60°F.
Population Size
According to the United States Census Bureau, the population of Pensacola, FL is 51,923.
Sports Teams
Pensacola is home to several minor league sports teams, including the Pensacola Blue Wahoos (baseball), the Pensacola Ice Flyers (ice hockey), and the Pensacola FC (soccer).
Colleges
Pensacola is home to several colleges and universities, including the University of West Florida, Pensacola State College, and Troy University.
Crime Rate
According to NeighborhoodScout, the overall crime rate in Pensacola is 44% higher than the national average. However, the crime rate has been decreasing in recent years, making Pensacola a relatively safe place to live and visit.
Visitors
Visitors to Pensacola come from all over the world, but the majority come from other parts of the United States. The top states of origin for visitors to Pensacola are Florida, Alabama, Georgia, Texas, and Louisiana.
Total Number of Visitors
According to Visit Pensacola, the tourism industry in Pensacola has been steadily growing in recent years, with over 3.5 million visitors in 2019. However, the COVID-19 pandemic had a significant impact on tourism in 2020, with a decrease in the number of visitors and revenue generated from tourism. As the pandemic situation improves, the tourism industry is expected to continue to grow in Pensacola.
Tourist Attractions
Pensacola is known for its beautiful beaches, historic sites, and cultural attractions. Some of the most popular tourist attractions in Pensacola include:
- Pensacola Beach: With its white sand and turquoise water, Pensacola Beach is a must-visit destination for tourists. Visitors can enjoy swimming, sunbathing, and a variety of water sports.
- Historic Pensacola Village: This collection of historic homes and buildings offers a glimpse into Pensacola’s rich history and cultural heritage.
- National Naval Aviation Museum: Located on the Naval Air Station Pensacola, this museum showcases the history of naval aviation and features over 150 restored aircraft.
- Gulf Islands National Seashore: This protected area includes over 13 miles of pristine beaches and dunes, as well as hiking trails and campgrounds.
- Pensacola Lighthouse and Museum: Visitors can climb to the top of this historic lighthouse for panoramic views of the Gulf Coast, and explore the museum exhibits on the history of the area.
Peak Season
The peak season in Pensacola typically runs from Memorial Day to Labor Day, with the summer months being the busiest time for tourism. However, with the mild weather in the fall and spring, visitors can enjoy the beaches and outdoor activities year-round. Additionally, the city hosts several events and festivals throughout the year, including the Pensacola Seafood Festival, the Pensacola Beach Air Show, and the Great Gulf Coast Arts Festival.
Conclusion
The short-term rental market in Pensacola, FL is a thriving industry, with high demand for vacation rentals and strong returns on investment for property owners. The growing supply of short-term rental properties in the area, coupled with lenient regulations and a strong real estate market, make Pensacola an attractive destination for investors and vacation rental property owners. With its beautiful beaches, rich history, and cultural attractions, Pensacola is also a popular destination for tourists from all over the world, and the tourism industry is expected to continue to grow in the coming years.
