2018 Vacation Rental Performance Report: Fort Lauderdale and West Palm Beach Areas

Sari EichenblattLeave a Comment

The greater Fort Lauderdale and West Palm Beach areas are growing in popularity for travelers and homeowners. So what does this mean for those considering a vacation rental venture in the area?

We analyzed thousands of vacation rental listings and compiled our Vacation Rental Performance Reports for Fort Lauderdale and the West Palm Beach areas. The reports will give you insight into average rental income, occupancy rates, and booking windows.

Some of the key factors we’ve identified that contribute to the region’s immense success are:

  • Consistently high booking seasons
  • Close location to major airports
  • Travelers’ desires for the amenities of a home

Why are vacation rentals in Fort Lauderdale and West Palm Beach so successful?

Like many locations on the Florida coast, Fort Lauderdale and West Palm Beach are popular all year long with a variety of tourists. Families and snowbirds alike visit the East coast, looking to escape the cold weather for the sun and sand.

With rental competition fairly low and regulations fairly relaxed, now is the perfect time to begin your lucrative vacation rental business in Southeast Florida.

We found that the Fort Lauderdale area, and the neighboring towns of Pompano Beach, Boca Raton, and Delray Beach, as well as the West Palm Beach area (including Palm Beach and Lake Worth), are great locations for a vacation rental investment.

How much vacation rental owners can earn with a Fort Lauderdale rental

Owners in Fort Lauderdale, Pompano Beach, Boca Raton, and Delray Beach can make a large amount of money if they go the extra mile to ensure their properties are what travelers are looking for.

According to the report, one-bedroom properties are the most popular for homeowners, taking up 30% of the vacation rental inventory. They get booked up around 58% of the year.

In the 50th percentile, one-bedroom properties can make $11,697. But for the top performers in the 75th percentile, properties can make $18,070.

Four-bedroom properties take up a much smaller slice of the vacation rental inventory– just 9% of VRs. They book up around 49% of the year.

In the 50th percentile, four-bedroom properties make $49,237, but for the top performers in the 75th percentile, they can expect to make $69,448.

How much vacation rental owners can earn with a West Palm Beach Rental

Homeowners in West Palm Beach, Palm Beach, and Lake Worth can earn more from their investment if they do what it takes to beat out the competition and provide great guest experiences.

As stated in the report, two-bedroom properties are the most popular for homeowners, taking up 35% of the vacation rental inventory, and booking up an average of 55% of the year.

Two bedroom properties that perform at the median make an average of $15,027 per year. But properties that perform in the 75th percentile make $25,817 per year.

Similarly to Fort Lauderdale, four-bedroom properties occupy a small percentage of the inventory at 7% of the homes, but are booked up to 58% of their year.

In the 50th percentile, four-bedroom properties can make $33,015, but in the 75th percentile, they can make $59,195.

How To Run A Successful Vacation Rental In The Fort Lauderdale Area

Because of the major airport and nearby ports, Fort Lauderdale is a convenient and popular tourist spot. But because of the large amount of tourism, and even larger desire by the tourists to stay in a vacation rental, homeowners have to be strategic to beat out competitors.

Like most coastal towns, having a property close to the water in Fort Lauderdale automatically puts you ahead of competitors. But if you’ve already purchased a home, or don’t want to splurge on a beachside property, there are still many ways to be successful.

Here are some amenities to get ahead of the curve in Fort Lauderdale:

  • Pool
  • Hottub
  • Updated furnishings
  • Modern decor
  • Updated kitchen appliances

How To Run A Successful Vacation Rental In The West Palm Beach Area

Homeowners in West Palm Beach can earn themselves a very comfortable income from their properties – if they can beat out competitors.

Unlike Fort Lauderdale, West Palm Beach vacation rentals compete less with each other and more with the high-rise hotels and resorts found on the coastline.

To get ahead of the resort competition, homeowners not only need to target their demographic correctly, but guarantee that their home has hotel-like amenities and concierge-like guest service.

Consider these strategies to make your rental more professional:

  • Provide professional property photos in your listing
  • Respond to inquiries within 24 hours
  • Supply amenities such as towels, extra linens, shampoo, and conditioner
  • Employ a guest contact who is available 24/7 for guest emergencies

DOWNLOAD OUR FULL REPORT ON PARK CITY VACATION RENTALS

There’s huge opportunity with vacation rental in the Fort Lauderdale and West Palm Beach areas. Get ahead of the curve and stand out against competition by equipping yourself with the information needed for success.

Download our free 2018 Vacation Rental Performance Reports for Fort Lauderdale and West Palm Beach to find out about:

  • Rental income potential by property size
  • Average occupancy by property size
  • Average daily rates by property size
  • Average number of days booked in advance
  • Average length of stay
  • Vacation rental inventory by property size
  • Occupancy rate by month

Want to earn more from your second home without all the hassle? Evolve has helped more than 9,000 owners throughout North America earn over $350 million in rental income. Click here to learn how.

Southeast Florida Market Performance Report

The Southeast Florida Area
Vacation Rental Performance Report

Enter your email below to download your free copy.