Introduction
Davenport, Florida, has emerged as a thriving hub for the Airbnb and short-term rental market. Nestled in the heart of Central Florida, Davenport offers visitors an enticing blend of natural beauty, proximity to popular attractions, and a warm climate that beckons vacationers year-round.
In this guide, we’ll delve into the intricacies of Davenport’s short-term rental market, discussing key statistics, trends, and essential information for both hosts and travelers.
Davenport’s Housing Landscape
To understand the dynamics of the (Airbnb) short-term rental market in Davenport, it’s crucial to consider the local real estate scene.
According to Zillow, homes in Davenport have depreciated by -1.00% recently. This depreciation trend, however, has not deterred investors and homeowners from embracing short-term rentals. The median home value in Davenport stands at an impressive $367,780, making it an attractive destination for property investment.
The Short-Term Rental Landscape
Supply and Demand
The short-term rental market in Davenport is bustling with activity, boasting 9,987 active rentals, as reported by Chalet. This abundance of listings reflects the growing interest in hosting travelers in this picturesque locale.
Financial Viability
Hosts in Davenport are reaping the rewards of this booming market. The average daily rate for short-term rentals in the area is a competitive $291.90, attracting both budget-conscious and luxury-seeking travelers.
With an impressive 57% occupancy rate, hosts can expect a steady stream of guests throughout the year. This robust demand translates into an annual revenue of $48,400 for short-term rental property owners, making it a lucrative investment opportunity.
Yield and Taxation
For those considering venturing into the short-term rental market, it’s essential to calculate potential returns. Davenport boasts an average gross yield of 13.36%, making it an attractive proposition for investors. Additionally, property taxes are relatively moderate, with an average rate of 0.89%, as reported by SmartAsset.
Understanding Davenport Beyond Short-Term Rentals
While the short-term rental market is undoubtedly thriving in Davenport, it’s essential to delve deeper into the city’s context to provide a comprehensive overview.
Socioeconomic Landscape
To gauge the economic feasibility of short-term rentals, knowing the median household income is crucial. Davenport’s median household income stood at approximately $51,452. However, for the most up-to-date figures, it’s advisable to consult local sources or government data.
