Key Findings on South Carolina Beachfront Markets

Here’s a summary of the key findings for each of the beachfront destinations in South Carolina, focusing on occupancy rates, daily rates, and annual revenue for 1-bedroom Airbnb units:

Daily Rate Trends

• Highest Peak Rate: Isle of Palms reaches the highest peak daily rate at $305 in July 2023.
• Lowest Overall Rate: Myrtle Beach has the lowest overall daily rate at $80 in October 2023.

Occupancy Rates

• High Occupancy During Peak Season: Folly Beach, Myrtle Beach, and Isle of Palms all achieve 100% occupancy during peak periods, notably in summer months.
• Lower Occupancy: Off-peak occupancy is much lower, with Garden City at 21% in January 2024, and Edisto Beach at 12% in November and December 2023.

Revenue Trends

• Top Revenue: Isle of Palms leads with the highest annual revenue at $76,856.
• Lower Revenue:  Garden City and Edisto Beach have the lowest annual revenues, at $32,430 and $32,183, respectively.

Seasonal Trends

• Peak Season Highs: Peak seasons drive the highest daily rates and occupancy, with Isle of Palms reaching $305 per night and Folly Beach achieving full occupancy in June and July.
• Off-Peak Seasons: Off-peak periods see significant declines, with Myrtle Beach’s daily rate dropping to $80 and Garden City’s occupancy falling to 21% in January.

Key Findings on Florida Beachfront Markets

Daily Rate Trends:

• Highest Peak Rate: Key West has the highest daily rate, reaching up to $308 during peak demand periods (Dec. 2023, Jan. 2024, Apr. 2024).
• Lowest Overall Rate: Fort Lauderdale offers the lowest daily rate, with prices as low as $93 (Sept. 2023). 

Occupancy Rates:

• High Occupancy During Peak Season: Occupancy rates peak at 100% across several locations during high-demand periods, including Clearwater (March 2024), Siesta Key (February and March 2024), St. Pete Beach (February 2024), Destin (June 2024), Cocoa Beach (February and March 2024), and Panama City Beach (June 2024).
• Lower Occupancy: Panama City Beach experiences an average occupancy of 59%, with a notable decline to 20% in November. Destin has an average occupancy rate of 65%, with significant drops to 25% during off-peak months.

Revenue Trends:

• Top Revenue: Key West leads with the highest annual revenue of $78,095 and a peak monthly revenue of $9.1K in 2024. Siesta Key and Destin also show strong annual revenues, with $52,240 and $53,741, respectively
• Lower Revenue: Fort Lauderdale has the lowest annual revenue at $32,866, with its lowest monthly revenue dropping to $1.8K in October 2023. Cocoa Beach follows with a lower annual revenue of $33,156.

Seasonal Trends:

• Peak Season Highs: Occupancy and revenue typically surge during peak travel periods in February, March, June, and July, particularly in Clearwater, Siesta Key, Destin, Cocoa Beach, Panama City Beach, and Key West.
• Off-Peak Seasons: Performance generally declines from September through November due to the end of summer vacations, potential hurricane activity, and other factors, with notable impacts in Panama City Beach and Fort Lauderdale.

Key Findings from Seasonal Trends Across Beach Locations:

Overall Increase in Daily Rates:

• Significant Variability: Daily rates increase notably from off-peak to peak seasons across all locations, with the percentage increase varying by destination.
• Highest Increase: Coron has the highest percentage increase of 78.57% in daily rates, indicating a substantial rise in pricing during peak times.

Occupancy Rates:

• Peak Season Peaks: Most destinations experience near-full occupancy or high occupancy rates during peak seasons. For example, El Nido and Siargao reach near-full occupancy, with El Nido at 100% and Siargao at 98% in peak months.
• Off-Peak Challenges: Off-peak seasons show significantly lower occupancy rates. Locations like Boracay and Samal Island face substantial drops, reflecting decreased demand.

Revenue Trends:

• Revenue Peaks in Peak Season: Revenue generally peaks during high-demand periods due to increased daily rates and occupancy. For instance, El Nido’s revenue significantly rises in February and March.
• Revenue Decline in Off-Peak: Conversely, revenue drops during off-peak periods due to lower occupancy and reduced daily rates. For example, Boracay’s revenue dips in June, aligning with its lower occupancy.

Regional Variations:

• Consistent Peaks: Popular destinations such as Boracay, El Nido, and Siargao see high demand during peak seasons, reflected in both occupancy and revenue.
• Variable Rates: The percentage increase in daily rates varies across locations, from 10% in Panglao to 78.57% in Coron, indicating differing market dynamics and demand elasticity