Vacation Home Rentals Contribute $457 Million to Sarasota and Manatee Economy

Business

SRQ DAILY MONDAY BUSINESS EDITION MONDAY FEB 24, 2020

A new report commissioned by Florida Realtors® reveals that Sarasota and Manatee’s vacation rental industry contributes $457 million annually to the local economy. Conducted by the University of Central Florida, the study reveals the 2018 direct economic contribution of Florida’s vacation home industry and its impact across the state. “Floridians have long-known that the state’s vacation rental industry has a significant impact on our economy, but the numbers in this report are simply staggering,” says Florida Realtors® president Barry Grooms, a Realtor® and co-owner of Sarabay Suncoast Realty Inc. in Bradenton. “More than $27 billion a year statewide is a substantial contribution to our economy, and the 115,000 jobs it supports are critical to the well-being of many of our communities.” The report focuses on 25 Florida counties, including Sarasota and Manatee. The research shows that when combined, the two-county area accounts for 6.6 percent of the total amount of registered vacation rental homes in Florida. “Given the vital importance of vacation rentals to our economy, I truly hope policymakers and stakeholders consider this information as they deliberate on measures that could impact the industry,” adds Grooms. The report was conducted by the University of Central Florida’s Rosen College of Hospitality Management. The data and conclusions provided in the report were generated from data received from the three primary stakeholders involved in the vacation rental home sector: homeowners, management companies and tourists/visitors. In total, 6,240 tourists, 1,748 vacation rental homeowners and 143 vacation rental home management companies were surveyed. That survey data was then triangulated with data from Key Data, the Survey Center of the Bureau of Economic and Business Center, AirBnB, the Florida Tourist Development Tax Association Inc. (FTDTA), multiple county tax collectors’ offices, and the Florida Department of Revenue.

For more information and to view the report in full detail

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