Breeze Airways is continuing to expand with brand-new flights to Illinois, marking the first time the low-cost airline will fly to the state.
18.09.2023 - 18:15 / skift.com / Srividya Kalyanaraman
The sunshine state of Florida is the nation’s fastest-growing state population-wise for the first time since 1957. In the 1950s, it was newly popular air conditioning that brought people to Florida, and today it’s remote work.
By September 2022, Florida had welcomed 58.9 million overnight visitors staying in vacation rentals alone, according to the Oxford Economics’ economic impact study done in 2022. Even so, Florida is also the least affordable state to live in — monthly rent in Miami can be as high as 60% of a household’s income, according to a housing affordability study conducted by Realtor.com
Florida has always been a formidable destination for vacation rentals, but it’s increasingly becoming unaffordable for visitors and residents alike.
At the height of the pandemic between 2021 and 2022, some 58.9 million overnight visitors collectively spent $13.8 billion on vacation rentals in Florida, Oxford Economics said in its economic impact study. These travelers generated 49.2 million room nights across 221,600 properties on 15 million trips. If those stats seem heady, they should.
The South Florida Business Journal published a study in May that found that Miami has the most Airbnb short-term rental listings per 100,000 people in the country.
At the rate it’s going, Miami will be home to quite a few short-term rental buildings. Developers are building condominium units that are already licensed to be short-term rentals “irrespective of regulations.”
“We design them as hotels and they have both residential as well as commercial licenses,” said Harvey Hernandez, CEO of Newgard Development Group. The company is developing a 362-unit property in Miami’s main business district. Hernandez added that all but five units are sold, and the building won’t be ready for another three years.
Owners can buy these units to be rented out on Airbnb. Airbnb has been active in Florida making such deals with developers.
“Challenge we are having is how do we supply this demand faster,” Hernandez said.
“We have some 20,000 investors or buyers that have expressed interest, and we add 1,000 more to the list every month.”
However, it comes with a profit squeeze.
Rising construction and labor costs put pressure on developer margins. It doesn’t help that lenders have retreated and tightened big construction loans. Hernandez admitted that despite the demand, it’s harder and more expensive to build.
While inflation is moderating in most of the United States, Florida tells a different story. The Miami-Fort Lauderdale region witnessed a staggering 9% price surge in May compared to the previous year, while nationwide inflation stood at 4% for the same period. In the Tampa-St. Petersburg area, inflation was slightly lower at
Breeze Airways is continuing to expand with brand-new flights to Illinois, marking the first time the low-cost airline will fly to the state.
In late May, I flew with my daughter from California to Kennedy International Airport in New York, where I rented a car from Avis and headed to Connecticut for a three-day family visit. On day two, I parked the car in Waveny Park in New Canaan and when I returned, it was gone. The local police told me they had impounded the rental because Avis had reported it stolen to the New York Police Department. I had planned to spend the last day of my trip with my 80-something mother, whom I had not seen for three years because of the pandemic, but had to waste precious hours on hold with Avis’s customer service department. They eventually offered me a new car but I was unable to coordinate picking it up, so we ended up relying on my sisters to get around. I was only able to spend a few hours with my mom and had to take a $100 Uber back to the airport. I asked Avis not to charge me for the rental, but they did, $653, and when I disputed the charge with Capital One, Avis fought me. I can’t believe Avis is renting out cars they have reported stolen, and then charging its clients. Can you help?
If you need to rent a car for a vacation in the next few months and hold an American Express card, listen up: You may be able to earn some extra points on your next trip through the Amex Offers program.
Good morning from Skift. It’s Wednesday, September 20. Here’s what you need to know about the business of travel today.
European parliamentary group Progressive Alliance of Socialists and Democrats has stressed the need to regulate short-term rental booking platforms, such as Airbnb and Booking.com, to make housing more affordable. The European Parliament’s committee on internal market and consumer protection has given the go-ahead to do so.
“That sounds like a baby gator. Did you hear it?” We stopped paddling and listened. Leaves rustled, there was the splash of a turtle sliding into water, and then “pew, pew,” the dainty call of a baby alligator sounding like a video game laser. We saw the hatchling’s mother hauled out on muddy ground. She watched us pass. Giving due deference we moved away, quietly thrilled by the encounter.
Good morning from Skift. It’s Friday, September 15. Here’s what you need to know about the business of travel today.
In addition to being home to some of the world’s most thrilling amusement parks, Florida has a captivating blend of experiences that fuse a rich history, diverse cities and natural encounters into an enticing escape.
I have 24 credit cards right now, and it's getting hard to justify continuing to pay for the annual fees for all of them since the costs continue to skyrocket (ahem, The Platinum Card® from American Express).
With spectacular year-round sunshine, never-ending entertainment and action-packed activities, there’s certainly no bad time to visit Florida. But depending on your interests and what you’re trying to find (or avoid) when you get here, there’s likely to be a “best time” to come.
Scott Kelly was looking for accommodations as flexible as he is when he found a standby apartment. Actually, make that standby apartments.
Low-cost airline Breeze Airways is adding two new routes to Florida this fall, adding to its robust service to the Sunshine State.