Key West, FL Airbnb Market Data, Statistics, and Occupancy Rates

Key West Short-Term Rental Market Overview

Key West stands out as a premium short-term rental market where high nightly rates and strong occupancy converge to deliver impressive revenue potential. With an average daily rate of $722—well above Florida's $498 state average—and occupancy running at 69% versus the statewide 54%, hosts in this island destination earn an average of $98,833 annually. The market's 769 active listings reflect sustained investor interest, and its ROI score of 72 out of 100 signals an attractive opportunity driven by above-average occupancy stability and market growth trends.

Key Market Statistics

According to Rabbu market data, the Key West short-term rental market shows:

Data sources: Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026.

Why Investors Consider Key West

Key West's unique island location, year-round tourism appeal, and premium pricing power make it a compelling market for investors seeking high-revenue short-term rentals with above-average occupancy stability.

Expert Market Assessment

"With an ROI score of 72 and designation as an "Attractive Opportunity," Key West delivers a compelling balance of high revenue and steady demand. The market's seasonality is unmistakable—March leads at $15,283 in average monthly revenue while September bottoms out near $3,772—so cash-flow planning around these swings is essential. Revenue-to-price ratio sits at average levels given the island's elevated home values near $1.88 million, meaning investors need the premium ADR and strong occupancy to make the numbers work. For those who can secure the right property at the right price, the combination of above-average occupancy stability and growth momentum positions Key West as one of Florida's most rewarding STR markets."

— Rabbu Market Analysis Team

Key Airbnb Metrics & Trends in Key West

Average revenue by month in Key West

Key West exhibits sharp seasonality, with March topping out at $15,283 in average monthly revenue and September dipping to just $3,772—a roughly 4x spread that investors must plan around. A secondary summer peak in July ($9,213) and strong winter months from January through February ($10,396–$12,576) help concentrate most of the year's earnings into the first half.

Active Airbnb listings by property size in Key West

One- and two-bedroom units dominate Key West's supply with 280 and 274 listings respectively, making up over 72% of the 769 active listings. Larger properties with 4+ bedrooms account for only 92 listings total, suggesting less competition and potential opportunity for investors who can acquire bigger homes in a market where those sizes command dramatically higher revenue.

Average daily rate (ADR) by property size in Key West

ADR in Key West scales steeply with size—from $395 for studios up to $2,703 for 6+ bedroom properties—reflecting the premium travelers will pay for group-sized island accommodations. The sharpest rate jump occurs between 3-bedroom ($921) and 4-bedroom ($1,343) units, where an extra bedroom adds over $400 per night, making that transition a key inflection point for revenue optimization.

Average RevPAN by property size in Key West

Five-bedroom properties lead on RevPAN at $1,543, outperforming even 6+ bedroom units ($1,315) thanks to their stronger occupancy-to-rate balance. On the smaller end, 2-bedroom listings deliver $410 in RevPAN—a meaningful step up from 1-bedrooms at $312—making them a solid mid-tier option for investors who want dependable per-night yield without the capital commitment of larger homes.

Average occupancy rates by property size in Key West

Occupancy remains remarkably consistent across most property sizes in Key West, with studios through 5-bedroom units all clustering between 66% and 72%. The notable exception is 6+ bedroom properties, which drop to 49% occupancy—likely reflecting higher price points that limit the booking pool—while 2- and 3-bedroom listings tie for the highest occupancy at 72%.

Average monthly revenue by property size in Key West

Monthly revenue diverges sharply by size: studios and 1-bedrooms average $5,423–$5,766 per month, while 5-bedroom properties bring in $34,080—roughly six times the revenue of a studio. The jump from 3-bedroom ($13,685/month) to 4-bedroom ($19,357/month) represents a significant step up, and 5- and 6+ bedroom properties operate in a different tier entirely, both exceeding $33,600 monthly.

Average annual revenue by property size in Key West

Annual revenue ranges from $65,077 for studios to $408,964 for 5-bedroom listings, with each bedroom step adding substantial earning potential. Four-bedroom properties at $232,292 annually offer a strong balance of revenue scale and somewhat manageable acquisition costs, while 5-bedroom units push past $400,000 in yearly revenue for investors targeting maximum top-line performance.

Most common amenities for Airbnb listings in Key West

Kitchens (85%), parking (79%), and pools (71%) are table-stakes amenities in Key West, with the vast majority of competitive listings offering all three. Self check-in at 66% and patios/balconies at 59% round out the top tier, while differentiators like hot tubs (22%) and pet-friendly policies (37%) remain less common and could help listings stand out in a market where the basics are widely expected.

Understanding Key West's ROI Score: 72/100

Rabbu's ROI Score is a proprietary metric that evaluates short-term rental investment potential based on multiple factors.

How the ROI Score is Calculated

What This Means for Investors

Key West's ROI score of 72 out of 100 places it in the "Attractive Opportunity" band, driven primarily by above-average occupancy stability and market growth trends that signal sustained demand on the island. The revenue-to-price ratio and supply/demand balance both register as average, which reflects the reality that Key West's elevated home values ($1.88M average) require strong nightly rates and occupancy to deliver competitive returns. Investors should pair this score with thorough local regulatory research and property-level financial modeling to ensure acquisition costs align with the market's demonstrated revenue potential.

Short-Term Rental Regulations in Key West

Understanding local STR regulations is essential before investing in Key West. Here's the current regulatory landscape:

Permit Requirements

The City of Key West and Monroe County in Florida require short-term rental operators to obtain appropriate permits or registrations before listing a property. Investors should verify current permit requirements directly with Key West's planning and zoning department, as regulations in this market can change and enforcement has historically been active.

Key Restrictions

Common restrictions in Key West-area STR markets can include occupancy limits tied to property size, minimum stay requirements, noise ordinances, parking provisions, and caps on the number of transient rental permits issued. HOA or condo association rules may add further limitations, so reviewing deed restrictions and community covenants before purchasing is essential.

Tax Obligations

Short-term rental hosts in Florida are typically subject to state sales tax and local tourist development taxes, which platforms like Airbnb often collect and remit on the host's behalf. Investors should confirm with Monroe County's tax collector that all applicable occupancy and tourism taxes are being properly handled for their property.

Regulations subject to change. Always verify with local authorities before purchasing. A Rabbu partner agent specializing in Key West can provide current regulatory guidance.

Future Outlook & Long-Term Forecast

"Over the next 12–18 months, Key West's pronounced winter-to-spring peak season—where monthly revenues can exceed $15,000 in March—should continue to anchor strong annual returns. Above-average occupancy stability and growth trends suggest ADR could edge up 2–4% as demand for island getaways remains resilient, with occupancy likely holding in the 66–72% range across most property sizes. Summer months provide a secondary revenue bump around July, helping smooth cash flow beyond the traditional high season. Investors should still plan conservatively for the September–October soft period, when average monthly revenue can dip below $4,500."

— Rabbu Market Analysis Team

Frequently asked questions about Airbnb in Key West, FL

What is the average Airbnb occupancy rate in Key West?

The average Airbnb occupancy rate in Key West is currently 69%, which is significantly higher than the Florida state average of 54%. Occupancy tends to be strongest for 2- and 3-bedroom properties, both averaging around 72%, while larger 6+ bedroom properties see lower occupancy around 49%. This robust occupancy rate helps support consistent booking revenue throughout much of the year.

How much do Airbnb hosts make in Key West?

Airbnb hosts in Key West earn an average of $8,236 per month and approximately $98,833 per year based on trailing 12-month booking data. Revenue varies considerably by property size—studios and 1-bedroom units average around $5,400–$5,800 monthly, while 4-bedroom properties earn roughly $19,357 per month and 5-bedroom listings can bring in over $34,000 monthly. Peak season months like February and March can push monthly earnings well above $12,000 for the average listing.

Is Key West a good market for Airbnb investment?

Key West earns an ROI score of 72 out of 100 from Rabbu, placing it in the "Attractive Opportunity" category. The market benefits from above-average occupancy stability and growth trends, with nightly rates averaging $722—far above the state norm. However, average home values near $1,878,583 mean the revenue-to-price ratio is average, so investors need to carefully evaluate acquisition costs against the strong revenue potential. For those who can manage the higher entry price, Key West's year-round tourism appeal and premium pricing power make it a standout Florida STR market.

What is the average daily rate (ADR) for Airbnb in Key West?

The average daily rate for Airbnb listings in Key West is $722, which is approximately 45% higher than the Florida state average of $498. ADR scales dramatically with property size: studios average $395 per night, 2-bedrooms run $567, 3-bedrooms reach $921, and 5-bedroom properties command an impressive $2,259 per night. This premium pricing reflects Key West's desirability as a vacation destination and the limited housing supply on the island.

Are short-term rentals legal in Key West?

Short-term rentals do operate in Key West, but the city and Monroe County have specific permitting and zoning regulations that govern where and how STRs can be listed. Investors should contact the City of Key West's planning and zoning department to confirm current permit requirements, any caps on transient rental licenses, and applicable restrictions before purchasing a property. Regulations in Key West have historically been actively enforced, making due diligence especially important.

When is peak season for Airbnb in Key West?

Peak season for Airbnb in Key West runs from January through March, with March delivering the highest average monthly revenue at $15,283. February follows closely at $12,576, and January comes in at $10,396. The slowest months are September ($3,772) and October ($4,308), creating a roughly 4:1 spread between peak and trough months. A secondary uptick occurs in July around $9,213, offering a mid-year revenue boost.

How many Airbnbs are there in Key West?

There are currently 769 active Airbnb listings in Key West as of April 2026. The market is dominated by 1-bedroom (280 listings) and 2-bedroom (274 listings) properties, which together account for over 70% of supply. Larger properties with 4+ bedrooms represent a smaller share of inventory—just 92 listings combined—which may present opportunity for investors targeting the higher-revenue, lower-competition segment.

How is Airbnb revenue calculated in Key West?

The annual and monthly revenue figures for Key West are derived from the trailing 12 months of historical booking performance for active comparable Airbnb listings in the market—not a forward-looking projection. We average each comparable listing's actual revenue per available night (RevPAN) by month over the past year, remove regional outliers, and roll the results up to a market-level historical average. This approach anchors the figures to what hosts have actually earned recently and naturally reflects seasonal peaks (like March at $15,283) and slower months (like September at $3,772), since each month uses its own historical performance. Individual results can vary based on property quality, pricing strategy, and operational management.

About Rabbu Market Data

Rabbu provides Airbnb and short-term rental market data and statistics across the United States. Our mission is to empower investors with accurate insights and easy-to-use tools, so they can confidently identify and act on the best opportunities in the Airbnb market.

What this data includes

• Regularly updated active Airbnb and STR listing counts for Key West and surrounding zip codes
• Occupancy rates, average daily rates, and RevPAN metrics tracked over time
• Monthly and annual revenue figures based on trailing 12-month booking performance
• Property size breakdowns covering studio through 6+ bedroom configurations
• Data sourced from Rabbu proprietary analytics and Zillow Home Value Index for consistency

Sources and disclaimers

Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026. Revenue projections are estimates based on comparable properties and do not guarantee future performance. Data reflects trailing 12-month historical averages and may not capture very recent market shifts or regulatory changes. Local regulations, HOA rules, and permitting requirements can materially affect an investor's ability to operate a short-term rental in Key West.