Miami Airbnb hosts’ cash haul among biggest worldwide. Here’s how much and more
Miami is one of the most expensive Airbnb markets in the world: The average monthly price of a short-term rental in the city is $8,024, according to a study by Compare the Market, making it the third most profitable Airbnb market globally for hosts, after Las Vegas and Honolulu.
In 2021, Miami Airbnbs hosted 710,000 guests and earned a collective $200 million, Airbnb said.
With big events like spring break, the Miami Open and Ultra Music Festival, Miami Airbnb hosts stand to gain thousands of dollars in March and April.
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Airbnb said that in December and January, searches for Miami stays during spring break period, from March 14 to April 6, were up 200% compared to last year. Miami hosts earned a collective $7 million during that stretch in 2019, the last spring break before the pandemic.
Travel booking website Priceline said Miami was the most popular travel destination for Gen Z travelers (ages 18 to 25) this spring break, with Fort Lauderdale being the second-most booked flight.
“In Miami, big events are really coming back this year and we’re seeing people are excited to travel again for those big events,” said Liz DeBold Fusco, who heads Airbnb’s North American policy and corporate communications. “We’ve seen a lot more domestic travel since the pandemic hit. After all travel completely stopped, starting in May and June 2020, we saw people starting to travel and stay at Airbnbs within 300 to 500 miles of where they live.”
Like in many tourists destinations all over the world, there has been pushback on Airbnb in the Miami area because it reduces the housing stock, displacing locals and driving up prices, while often avoiding hotel taxes.
Miami Beach does not allow for Airbnbs in most residential areas and used to have some of the steepest fines in the country for illegal Airbnbs, with perpetrators facing between $20,000 and $100,000 fines. Following a 2018 lawsuit, the Miami Beach city council voted to lower the fines to $1,000 for first-time offenders and $5,000 for repeat offenders.
Fusco said the digital short-term rental company has seen bookings for long-term stays of 28 days or more via Airbnb skyrocket since the pandemic. The year-round sunshine, bevy of outdoor activities and lax COVID-19 rules drove remote workers to Miami to live and work.
“I cannot overstate the idea of people living on Airbnb and how significant that is,” she said, noting that 22% of the bookings in October through December of 2021 were for stays that were a month or longer and that Airbnb partnered with Visit Florida to attract those visitors.
“It’s an opportunity for cities, many cities have thought about how to embrace remote workers and Miami is a clear example of having done this.”
This story was originally published March 18, 2022 at 3:51 PM.