Airbnb has seen explosive growth the last few years, even as some cities have fought to manage short-term rentals that they fear are overtaking communities. Still, homeowners and investors are cashing in.
Florida is Airbnb’s hot spot, finds a new study released from IPX 1031, a 1031 exchange resource. For homeowners or investors looking to rent out housing on a short-term basis, the state is home to seven cities with the most per capita rentals through Airbnb. Miami Beach has the most, topping IPX 1031’s list with more than 3,400 Airbnb listings per 50,000 people. Kissimmee, Fla.—near Walt Disney World Resort and Universal Studios—came in at number two.
Airbnb has bloomed into a multibillion-dollar company since launching in 2008. The company allows investment property owners to rent out their homes, apartments, and condos. Some cities haven’t been happy about the growth of short-term rentals in their communities. (Read more.)
IPX 1031 analyzed 350 cities to find those with the most Airbnb properties per capita by using data from a short-term rental analytics database called AirDNA.
Charlotte, N.C., has seen the most growth in the number of rental listings through Airbnb since 2017. The city has posted a 54.7% jump in Airbnb listings since 2017. Following close behind is Fresno, Calif., at a 54.4% increase, and Jacksonville, Fla., with a 54% uptick.
On the other hand, cities like Chicago, Austin, Boston, and Los Angeles have seen the most limited growth in short-term rentals. Washington, D.C., has seen a decrease. “Some of these cities have been dealing with tighter regulations and restrictions on Airbnbs, which may be the reason for these stagnant numbers,” the IPX 1031 Insight Blog notes.
Source: “2019 State of Down Payment Assistance Report,” Chenoa Fund (October 2019)
