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 -2.83%, indicating a potential opportunity for buyers seeking investment properties.
- Median Home Value: The median home value in Palm Coast stands at $355,979, reflecting the attractiveness of the real estate market.
- Active Short-Term Rentals: Chalet reports a total of 508 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 $143, indicating the potential for lucrative returns on investment.
- Occupancy Rate: Chalet data suggests an occupancy rate of 50.88%, highlighting the consistent demand for short-term accommodations in Palm Coast.
- Annual Revenue: Short-term rentals generate an annual revenue of $26,312 on average, underlining the profitability of investment properties in the area.
- Average Gross Yield: With an average gross yield of 7.39%, Palm Coast offers competitive returns for investors compared to other markets.
- Average Property Tax: SmartAsset reports an average property tax rate of 0.85%, which contributes to the overall affordability of property ownership in Palm Coast.
