What if you could rent out your vacation home when you weren’t using it and make enough money to cover some of your ownership costs?
That’s exactly what homeowners in Florida are discovering – and those with homes in the Palm Bay area are finding they can generate a solid income from the high demand. That includes the communities of Satellite Beach, Cape Canaveral, Cocoa Beach, and Melbourne.
Our new Vacation Rental Performance Report contains key data on rental income, occupancy rates, booking windows, and vacation rental inventory for these areas. It paints a pretty clear picture of Palm Bay as a top place to own a vacation rental.
Some of the driving forces behind the area’s success as a vacation rental destination include:
- Year-round tourism driving up occupancy rates
- Strong demand for vacation rentals
- Long duration of stays during high and low season
Why this a great place to own a vacation rental
For tourists, Florida’s Cape Canaveral, Cocoa Beach, Satellite Beach, and Melbourne areas are huge destinations. Between the Kennedy Space Station, seaside attractions, and a location less than an hour’s drive from Disney, it’s a great place to stay and explore some of the sunshine state’s biggest draws.
While hotels and motels monopolized the tourism industry in the past, individual owners now have the opportunity to take a slice of that pie.
A TripAdvisor search for vacation rentals in Brevard County yields more than 509 results. Owners and investors are lining up to add their second homes to the list so they can satisfy travelers’ hunger for the chance to ‘live like a local.’
How much can you earn with a Palm Bay Area Vacation Rental?
The exact amount you’ll earn with your vacation rental depends on a number of factors, like your property size, your amenities, and your proximity to the beach.
But our report offers a look at what owners can expect to make if your property performs at the 50th percentile (the median of the market) or the 75th percentile (the top quarter of the market).
With a two-bedroom home, you can expect to earn $17,232 in yearly revenue at the 50th percentile. At the 75th percentile, rental income jumps up to $25,905 per year.
Three-bedroom properties provide a nice leap in income. At the 50th percentile, three-bedrooms generate $25,428. And at the 75th percentile, they earn $37,267 in yearly revenue.
How to succeed with a vacation rental in the Palm Bay Area
These are some key differentiators that we’ve identified that can make your vacation rental stand out from the rest of the properties on the market:
Close proximity to beaches
Travelers put a premium on being close to the beach. If your property is within walking distance of the coast, you’re already in a great position to outperform the competition. Make this a focal point in your listing to immediately make your property the most attractive result on the page
Screened lanais, patios with grills, private pools, and decks with lounge chairs are key amenities guests look for when booking a Florida vacation rental. Invest in your outdoor space so it shows well in listing photos and guests know they will have a private space to soak up the sunshine.
Competitive fall rates
To keep your calendar active throughout the fall shoulder season, decrease your minimum stay requirements and lower your rates. This will make your property more attractive to travelers and you increase your likelihood of getting a few off-season bookings that’ll put you in the best place for winter.
Download our full report on Palm Bay area vacation rentals
There’s huge opportunity with vacation rental in Palm Bay and the surrounding areas of Melbourne, Satellite Beach, Cocoa Beach, and Cape Canaveral. Download the full report and learn what to expect when starting a vacation rental business.
Download our free 2018 Vacation Rental Performance Report for the Palm Bay Area to learn:
● Rental income potential by property size
● Average occupancy by property size
● Average daily rate by property size
● Average days booked in advance
● Average length of stay
● Vacation rental inventory by property size
● Occupancy rate by month
The Palm Bay Area
Vacation Rental Performance Report
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