Buying Airbnb income property has been one of the most profitable ways of investing in real estate in the past few years. Some neighborhoods, like Fort Myers Beach, have consistently given investors a reason to expand their real estate portfolio. However, what does the neighborhood have for investors in 2022?
Investing in Airbnb property isn’t just a guesswork game. You need to do your due diligence. Firstly, you have to decide which rental strategy you want to follow. A conventional long-term rental strategy is where you have tenants renting your property for six months or longer. On the other hand, for a short-term rental strategy, guests stay at your property for a minimum of one night.
Another important factor to consider is location. In fact, the location of the property determines which of the rental strategies is going to be more profitable. For example, a profitable traditional rental property is going to be near schools, shopping facilities, and parks. As for short-term rental properties, they are more profitable in a tourist city.
Today, we’re going to look at whether investing in Airbnb Fort Myers Beach in the Florida housing market is a good idea in 2022 and why.
Is Airbnb Fort Myers Beach 2022 a Good Idea?
Fort Myers Beach is located on the Gulf of Mexico in Southwest Florida. It’s about 15 miles south of Fort Myers. The area is known for its pristine white sandy beaches and an endless supply of sunshine.
This makes the location a hotspot for sunbathing as you enjoy the sugar-soft beach. Other activities popular with tourists in the location include parasailing, windsurfing, and kayaking.
Fort Myers Beach was previously seasonal, only experiencing a high number of visitors during the peak season. However, things have now changed. Many families, couples, seasonal residents, retirees, and beach bums are thronging the area all year-round in the quest of the Caribbean vibe and immaculate sandy shores.
Here’s a breakdown of activities that have increased tourism in the area:
Things to do in Fort Myers Beach
Beach lovers can never have enough of Fort Myers Beach. Its namesake, Fort Myers Beach is one of the most popular beaches in the US. The beach is safe for children too since its waters are shallow and calm.
You’re also spoilt for options if you want to enjoy the outdoors and visit some parks. Lovers Key State Park has various bird species that you can observe, and also spot bottlenose dolphins and manatees offshore.
You can also take a 90-minute eco excursion at the Good Time Charters to explore the water offshore. This tour gives nature lovers access to a fully-equipped boat, as the captain stays on the lookout for dolphins, manatees, and various species of birds and marine life. There’s a trained biologist to give you an educational run-down of the different aquatic animals you’ll see while you tour the coastal scenery.
There are also various family-friendly activities to be enjoyed. The 14-acre Sun Splash Waterpark in nearby Cape Coral is arguably the largest waterpark in the region. It has various activities for people of all ages. Its attractions include a lazy river that slowly glides through the park, a huge tube slide that will plunge you into complete darkness, and many other water slides of various sizes.
For art lovers, the Fort Myers Beach Art Association and Gallery have two functioning art galleries, with various works from over 150 artists spread across the country on display. Some fine artworks are sold on-site.
No vacation or holiday would be complete without sampling the local cuisine and beverage culture. Heidi’s Island Bistro is a family-owned and operated restaurant that serves delicious German and American food in a laid-back dining room. The bistro also has an in-house bakery that serves selections of German-style rolls, bread, and sweets. The restaurant is also famed for its black forest cake.
If you want to sample some local beers, wines, and spirits, visit the FMB Haunted Pub Crawl. This location offers the best of both worlds since you can get a tour of some of Fort Myers Beach’s most haunted locations, as you enjoy the local beverages. As you walk from pub to pub, you’ll hear of some of the town’s most chilling stories, learn some of the area’s most interesting history, and get entertained by tour guides, some of whom are magicians and mediums.
As you can see, setting up an Airbnb property in Fort Myers Beach in 2022 is going to be a lucrative venture because of the tourism activities.
Popular Summer Events in Fort Myers Beach
The Fourth of July Fireworks event begins at 9 PM at Times Square. You can carry along a beach chair and enjoy the magnificent views as the fireworks light up the sky. Various restaurants, hotels, and watering holes where you can enjoy food and beverages remain open throughout the day for you to make merry.
Popular Winter Events in Fort Myers Beach
The Edison & Ford Winter Estates have historic homes, gardens, and a museum site that was once owned by Thomas Edison and Henry Ford. It’s one of the most popular sites in Fort Myers Beach and it lights up during the holidays.
Every holiday, the historic homes are decorated from top to bottom with traditional lights and trimmings. Holiday Nights are the only time of the year when the location is open past sunset. It’s an entertaining and educational way for the family to enjoy an evening.
There are also various holiday boat parades in Fort Myers Beach during this period. Dozens of boats are decorated in Christmas lights and glow. They slowly glide as you watch while the music, food, and crafts bring the holiday spirit. Don’t forget to bring a blanket to enjoy the lovely tradition.
Popular Fall Events in Fort Myers Beach
The Halloween Spooktacular is a family-friendly event where you can bring your kids along for trick-or-treating. You’ll be able to stock up your favorite candy, as your kids participate in a costume contest or take part in a dance party at Center Court.
Fort Myers Beach Airbnbs Performance in 2021
We’ve seen that Fort Myers Beach is a strong tourist destination. This means that it’s a great location for Airbnb investment. This is backed by the Airbnb data in 2021. The following is key data compiled by Mashvisor’s Property Analysis Report for Airbnb Fort Myers Beach:
- Median Property Sale Price: $1,004,511
- Average Price per Square Foot: $738.95
- Days on Market: 93
- Airbnb Rental Income: $2,857.73
- Airbnb Cash on Cash Return: 0.21%
- Airbnb Daily Rate: $283
- Airbnb Occupancy Rate: 46.21%
- Walk Score: 52
Airbnb Fort Myers Beach Real Estate Market trends 2022
As of December 2021, average home prices in Fort Myers Beach had risen by 36.4% compared to the previous year. The average home price was $750,000. The median listing home price per square foot was $613.
Houses in Fort Myers Beach averaged 63 days on the market. This was an improvement from the previous year when properties took 122 days to sell.
There were also 81 houses sold in Fort Myers Beach in 2021, compared to 57 the previous year. This was an increase of 42.1%.
As of January 2022, there are 98 properties for sale in Fort Myers Beach on the Mashvisor platform. The properties range from $315,000 to $4,700,000. This means that the Fort Myers Beach market is suitable for investment even while you may not have a lot of capital.
The decline in the number of days listings spend on the market show that the 2022 US housing market is becoming more competitive. Redfin reports that some homes are getting multiple offers, while the average home sells for about 2% less than the listing price and goes pending for 26 days. Hot properties can sell around the listing price and go pending in roughly 7 days.
Ordinances Surrounding Airbnb Fort Myers Beach
Investing in short-term rentals now looks like a better prospect compared to traditional rental properties. Mashvisor’s Airbnb property data has shown that a majority of cities across the US offer investors a better return on investment and positive cash flow with a vacation rental strategy than a conventional one.
Investing in vacation rentals is not that straightforward anymore. As they gain popularity, city and state authorities have continued to pass stringent laws to regulate the industry. Others have banned Airbnbs outright.
Luckily, Airbnbs are legal in Fort Myers Beach. Investors who seek to invest in the area have to follow some rules and regulations of owning an Airbnb Fort Myers Beach.
Airbnb Fort Myers Beach Rules and Regulations
Airbnb owners are subject to the following rules and regulations Fort Myers Beach:
- Property owners must register with the town within 90 days of conducting short-term rental business. Applications for registration should include the following:
- Street address of the unit that is being registered
- Name, address, telephone number, and email address of the owner
- Name, address, and contact telephone/cellphone number of either the owner, authorized representative or responsible party who’ll be available at the property 24/7.
- Registrants must declare on the application form their understanding and agreement to comply with the town’s short-term rental regulations.
- Registration is renewed annually.
- All guests must observe quiet hours between 10.00 PM and 7.00 AM. Any outdoor activities, including swimming, must be kept at reasonable levels that are respectful to neighbors.
- The registration number issued during the registration process cannot be transferred, assigned, or used by another party, other than the person to whom it was assigned. Similarly, it cannot be used in another location.
The laws we’ve listed may not be up to date as they’re subject to change. We recommend you consult with your city authorities for updates and any further clarifications before buying a vacation rental property.
How to Invest in the Best Airbnb Fort Myers Beach
After we’ve established that the short-term rental business in Fort Myers Beach is profitable, it’s now time to look at the steps to take to find the most suitable property for this business in the market. Mashvisor is the ultimate tool to help you in any property searching process.
Here’s how you can use Mashvisor as your friend:
Carry Out Analysis for Airbnb Fort Myers Beach
Carrying out market analysis before investing in the Florida real estate market is important. You want to know which of the neighborhoods in the city are the best for investment. You should especially pay attention to this process if you’re not familiar with the market.
You can do this using Mashvisor’s Property Search feature where you type your area of choice in the search box, such as Fort Myers Beach FL, USA. After that, you can set the heatmap to display hot areas. The tool displays this using the following criteria:
- Listing Price
- Airbnb Cash on Cash Return
- Traditional Cash on Cash Return
- Airbnb Rental Income
- Traditional Rental Income
- Airbnb Occupancy Rate
The heatmap tool uses colors to represent various neighborhoods. The color green represents hot neighborhoods, while red represents areas that relatively perform badly. Neutral areas are represented using yellow and orange.
That’s not all. You can even set the search results and heatmap to update as soon as you move the map to other areas. The heatmap allows you to quickly find an area that will meet your investment goals.
Estimate Potential Earnings
The Mashvisor Airbnb Profit Calculator allows you to calculate how much revenue you could get from the Airbnb property. Once you’ve found a listing that you like, simply click on it. You’ll find the buying price, square footage, and description.
In addition, you’ll also have access to the Airbnb Profit Calculator. This tool will provide you with a detailed analysis of the house based on comparable homes within that neighborhood. It also uses data from Airbnb itself and other platforms so you’re assured of accuracy.
The profit estimator calculates the following metrics:
You can also change the rental income, occupancy rate, and expenses, and the calculator will edit the results to give an accurate estimate. This means you can use this tool to determine whether the property will help you reach your goals or you have to change your income or expenses.
Real estate investing in Airbnb Fort Myers Fl will be a lucrative business in 2022. Tourism activities are set to increase and resume pre-pandemic levels. As such, there will be a high demand for vacation rentals. Investors who wish to make money in real estate in 2022 and own Airbnbs in Fort Myers Beach should check with the city authorities to ensure they adhere to the laws and regulations.
Also, use Mashvisor’s tools to search and analyze properties for sale and buy lucrative investment properties.