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STR Off-Market Properties – St. Augustine, FL
STR Destination Report – 2/15/24
St. Augustine’s short-term rental (STR) market boasts a market score of 97 out of 100, highlighting its robust performance and significant potential for STR real estate investors.
STR Market Performance Overview
- Market Score: 97/100, indicating a thriving STR market.
- Investability: 74, showcasing strong potential for investment.
- Rental Demand: 65, reflecting healthy demand with opportunities for growth.
- Revenue Growth: A slight decrease of 5% over the past year, with a positive outlook for future growth.
- Occupancy Rate: Currently at 59%, indicating a decrease but with room for strategic improvement.
- Average Daily Rate (ADR): Stands at $277.2, slightly down by 1%, suggesting stable pricing in a competitive market.
Market Composition & Trends
- Listings Growth: An 8% year-over-year increase, signaling a growing market.
- Rental Channels: Airbnb (30%), Vrbo (21%), and both (49%), indicating diverse market strategies.
- Property Types: Predominantly 2-bedroom (39%) and 3-bedroom (26%) properties, catering to families and groups.
Top Attractions
- St. Augustine attracts visitors with its historic sites, beaches, and cultural offerings. Key attractions include the Castillo de San Marcos, St. Augustine Lighthouse, and the historic downtown.
Getting Here
- Access is primarily through Jacksonville International Airport (JAX) and Daytona Beach International Airport (DAB), with St. Augustine also being a popular drive-to destination for those in Orlando, Tampa, and Miami.
Tourist Numbers
- The city welcomes approximately 6 million tourists annually, showcasing steady growth and underscoring its popularity among visitors.
Operational Insights and Strategic Implications
- Amenities: Essential amenities like air conditioning, wireless internet, and parking are critical, with pools being a significant draw. These condos have the amenities guests love.
- Regulatory Landscape: Navigating the moderate regulatory environment (score of 49) is essential for compliant operations.
- Largest Property Managers: Notable property managers include Coastal Realty, Vacasa, and iTrip Vacations, highlighting the competitive landscape.
Conclusion and Recommendations
Investing in St. Augustine’s STR market offers promising returns, especially for those who adeptly manage seasonality and pricing strategies. By leveraging the city’s tourist appeal, investors can optimize this condo portfolio for maximum occupancy and revenue.
Source: Airdna.co and local research and market insight.