Introduction
Tallahassee, the vibrant capital city of Florida, boasts a unique blend of history, culture, and natural beauty. With its rich tapestry of attractions, this city attracts a steady stream of visitors year-round. For homeowners looking to capitalize on this tourism influx, the Airbnb and short-term rental market in Tallahassee offers a promising opportunity. In this blog post, we will delve into the key data points that characterize this market, while also addressing the important questions that potential investors or hosts might have.
Tallahassee Real Estate Market
Before we dive into the world of Airbnb and short-term rentals, let’s take a quick look at the real estate landscape in Tallahassee. According to Zillow, homes in Tallahassee have seen a modest appreciation of 6.00%. The median home value stands at $280,791, making it an attractive destination for potential real estate investors.
Airbnb and Short-term Rental Market Data
Now, let’s shift our focus to the thriving Airbnb and short-term rental market in Tallahassee, where homeowners are capitalizing on the city’s allure.
Inventory and Rates
- Tallahassee boasts a significant presence in the short-term rental market, with a total of 1,036 active listings, as reported by Chalet.
- The average daily rate for these short-term rentals is a noteworthy $207.60, making it a competitive market for hosts looking to maximize their earnings.
Occupancy and Revenue
- The occupancy rate for short-term rentals in Tallahassee stands at 46%, indicating a healthy demand for these accommodations.
- The annual revenue generated from short-term rentals in the city averages an impressive $28,000, showcasing the financial potential for homeowners in this market.
Returns and Taxes
- The average gross yield for short-term rental properties in Tallahassee is calculated at 9.97%, a favorable figure for investors looking for lucrative returns.
- Property taxes in Tallahassee are relatively low, with an average rate of 0.82%, making it an appealing destination for property owners.
