Miami is one of the most expensive Airbnb markets in the world: the average monthly price for a short-term rental in town is $8,024, according to a Compare the Market study, making it the third most profitable Airbnb market in the world for hosts, after Las Vegas and Honolulu.
In 2021, Miami Airbnbs hosted 710,000 guests and earned $200 million, Airbnb said.
With big events like Spring Break, the Miami Open, and the Ultra Music Festival, Miami Airbnb hosts can earn thousands of dollars in March and April.
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Airbnb said that in December and January, searches for staycations in Miami during the spring break period, from March 14 to April 6, increased by 200% compared to last year. The Miami hosts earned a collective $7 million during that time in 2019, the last week off before the pandemic.
Travel booking website Priceline said Miami was the most popular travel destination for Gen Z travelers (ages 18-25) during spring break, with Fort Lauderdale the second most booked flight .
“In Miami, the big events are really coming back this year and we’re seeing people are excited to travel again for these big events,” said Liz DeBold Fusco, who leads North American policy and corporate communications at Miami. Airbnb. “We have seen a lot more domestic travel since the pandemic hit. After all travel came to a complete halt, starting in May and June 2020, we’ve seen people start traveling and staying with Airbnbs within 300-500 miles of where they live.
As in many tourist destinations around the world, Airbnb has been pushed back in the Miami area as it reduces housing stock, displaces residents and drives up prices, while often avoiding hotel taxes.
Miami Beach doesn’t allow Airbnbs in most residential areas and used to have some of the heaviest fines in the country for illegal Airbnbs, with perpetrators facing fines between $20,000 and $100,000. Following a lawsuit in 2018, the Miami Beach City Council voted to lower fines to $1,000 for first-time offenders and $5,000 for repeat offenders.
Fusco said the digital short-term rental company has seen long-term stay bookings of 28 days or more through Airbnb soar since the pandemic. Year-round sunshine, a slew of outdoor activities, and lax COVID-19 rules have pushed remote workers in Miami to live and work.
“I can’t overstate the idea that people live on Airbnb and how important that is,” she said, noting that 22% of bookings from October to December 2021 were for month-long stays. or more and that Airbnb has partnered with Visit Florida to attract those visitors.
“This is an opportunity for cities, many cities have thought about how to accommodate remote workers and Miami is a clear example.
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