Pavilion from the Ocean

Pavilion from the Ocean

Welcome to

This forum, by owners for owners, provides useful information for owners to view and discuss.

This blog does not belong nor represents the views of the Pavilon Condo Association

You can subscribe to the blog by entering your email on the upper hand side on the blog. You will then receive an email with a link that you must click on to complete the subscription. Then every time the blog is updated you will receive an email message.

South Florida renters using Airbnb as an unregulated business, report says

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.

No comments: