For anyone with properties in Palm Beach or Broward County Florida, how's business?

[Matthew Maynard]

As I'm looking at properties to turn into an AirBnB and running numbers using AirDNA, it seems like the market is still pretty strong down here. How have your properties been performing? In general, are the numbers pretty reliable from AirDNA? I'm also wondering if someone has a sample set of numbers they ran on a property when considering turning it into an AirBnB they can share so I can compare how I'm running mine.

Thanks!

[Andrew Steffens]

Quote from @Matthew Maynard:

As I'm looking at properties to turn into an AirBnB and running numbers using AirDNA, it seems like the market is still pretty strong down here. How have your properties been performing? In general, are the numbers pretty reliable from AirDNA? I'm also wondering if someone has a sample set of numbers they ran on a property when considering turning it into an AirBnB they can share so I can compare how I'm running mine.

Thanks!

Hey Matt - Not in Palm Beach but I am in Tampa with 80+ properties so somewhat nearby.  We are slower than we were in 2020-2022 due to COVID boom being over and there is more market saturation. However I would say we are still strong and renting.  That being said, it is more important than ever to have nice properties in desired location with as many amenities as possible to ensure success.

Also of note, as mentioned above AirDNA which we use is a starting point in underwriting.  You must dig deeper.  Also, AirDNA looks backward a year while determining the estimate for the following year.  Being we are in an ever changing economy you need to go with your gut after reviewing all available data and not just rely on AirDNA.