Introduction
Saint Petersburg, FL, often referred to as St. Pete, is not only known for its stunning beaches and vibrant culture but also for its flourishing short-term rental market. Whether you’re a local homeowner looking to capitalize on the tourism boom or a traveler seeking a unique accommodation experience, Saint Petersburg offers a diverse range of options through platforms like Airbnb. In this comprehensive guide, we’ll delve into the intricacies of the short-term rental market in Saint Petersburg, covering key statistics, market trends, and essential information for both hosts and guests.
Key Market Statistics
According to data from Chalet, Saint Petersburg boasts a robust short-term rental market with the following key statistics:
- Number of Active Rentals: 7,486
- Average Daily Rate: $261.80
- Occupancy Rate: 62%
- Annual Revenue: $46,600
- Average Gross Yield: 12.43%
Furthermore, Zillow reports that despite a slight depreciation in home values by 5.00%, the median home value in Saint Petersburg stands at $375,013. Considering these figures, it’s evident that short-term rentals represent a lucrative opportunity for homeowners in the area.
Market Analysis
Revenue Potential
With an average annual revenue of $46,600 and a healthy occupancy rate of 62%, short-term rentals in Saint Petersburg offer promising returns for property owners. The high average daily rate of $261.80 contributes to the attractive revenue potential, making it an enticing investment opportunity.
