Report finds that Airbnb is increasingly used as business for South Florida renters
Large portion of Airbnb’s South Florida revenue comes from multi-unit operators, properties listed 360 days or more
Hoteliers argue these kinds of rentals should be regulated, pay taxes
For some South Florida homeowners, Airbnb is more than a way to pick up a few extra dollars. It’s a 365-day-a-year business that earned more than $47 million last year.
That information comes from a report published Wednesday by Pennsylvania State University’s School of Hospitality Management and the American Hotel & Lodging Association. The report analyzed listings in Miami-Dade, Broward and Palm Beach counties between October 2014 and September 2015.
According to the report, about 6 percent of South Florida Airbnb operators list units for rent more than 360 days per year, bringing in 39 percent of Airbnb’s Miami-area revenue — the highest percentage of any of the 14 major metropolitan regions studied.
The study put the total South Florida earnings for the period at more than $122 million.
Other South Florida findings:
▪ About 28 percent of the 5,044 local Airbnb operators listed their properties more than 180-days per year, bringing in $93 million.
▪ Four of the top five zip codes for Airbnb revenue were in Miami Beach; the fifth was in downtown / Brickell. Together, they accounted for more than $79 million in revenue.
▪ Operators who offer multiple units on the online service drove nearly two-thirds of Airbnb’s regional revenue — about $76 million. At 62 percent, that was the highest percentage of the cities studied, which includes New York City, Los Angeles, Chicago and San Francisco.
That follows a national trend. Multi-unit hosts account for nearly 40 percent of Airbnb revenue in the 14 cities, or about $500 million, according to the study.
Regulations regarding Airbnb and other short-term rentals vary by municipality, but the practice is illegal in much of the region. Miami Beach bans short-term rentals in all single-family homes and allows it in multi-family buildings only in specified areas. Fort Lauderdale limits the number of guests. Key West recently cracked down on the practice, requiring licenses for rentals lasting less than 30 days.