Lower Keys Dockage and Occupancy

[Account Closed]

Hi all,

I've read several posts from years past about the FL keys. I'm and experienced STR owner and manager and multifamily owner operator, so I know about 28 day minimums, local regulations, underwriting, insurance etc. We own in Florida, but we do not own in the keys and I was hoping to get some more nuanced feedback than what I've seen in older posts (something more than "follow the law, get STR license" etc).

Specifically, in the lower keys (Summerland to Key West):

- how important do you find private dockage to be to 28 day "STR" guests? (On a scale of: "People would book my place regardless" to "Dockage is an absolute must I'd be vacant without it")

- same question about a pool? 

- what do you find to be slow months? (I've seen so many answers and opinions on this - I know what I believe after my own underwriting and experience in other parts of FL, but I want other opinions) 

Thanks in advance

[Jesse Turner]

For Summerland specifically, occupancy dips April through June, peaks a bit in July, then drops off again until it gradually climbs back in November. Peak months are February and March.

For Key West, the same trend occurs but with less dramatic swings (likely due to the greater variety of listing types).

What size property are you looking for? These numbers will likely differ based on size.

In Summerland, p12m, the ADR and RevPAR for listings with a pool were $458 and $277, but $350 and $198 without a pool. Occupancy was 4% higher for pools

In Key West, p12m, the ADR and RevPAR for listings with a pool were $663 and $394, but $479 and $301 without a pool. Occupancy was 2% higher for pools.