Destin leads the Emerald Coast with 4,033 active STR listings and a peak-season ADR of $459.
Market Overview
Destin is one of Florida’s most active short-term rental markets, with 4,033 active listings as of February 2026. That supply figure has grown substantially over the past five years, up from 2,284 listings in 2021, which has put direct pressure on occupancy rates across the market.
The market draws roughly 3.86 million visitors per year to a permanent population of only 14,188 residents, creating a demand base that is unusually large relative to the size of the city. That visitor-to-resident ratio underpins the rental demand that sustains the STR market even as supply has expanded.
Average daily rates have climbed meaningfully since 2021. The market-wide ADR was $323 in 2021 and reached $434 in 2025, a gain of 34% over four years. However, rising ADRs have not fully offset the decline in occupancy. Market-wide average occupancy dropped from 57.7% in 2021 to 41.9% in 2025 as new supply entered the market. The net effect is that average annual revenue per listing has compressed from $7,844 in 2021 to $5,891 in 2025.
Destin is a seasonal beach destination, which means monthly performance varies sharply. A property earning $10,000+ in June or July may bring in under $3,200 in January. Investors entering this market need to underwrite to the full seasonal cycle, not just peak-summer performance.
The market sits in Okaloosa County on the Florida Panhandle. Condominiums make up a large share of the rental inventory, and the regulatory framework treats condos differently from single-family homes (see Regulatory Summary below).
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 30% | $316 | $3,048 | 3,170 |
| Feb | 43% | $306 | $3,987 | 3,210 |
| Mar | 57% | $345 | $6,826 | 2,816 |
| Apr | 54% | $339 | $6,209 | 2,844 |
| May | 55% | $381 | $7,425 | 2,758 |
| Jun | 62% | $450 | $10,123 | 2,943 |
| Jul | 60% | $459 | $10,769 | 3,183 |
| Aug | 55% | $379 | $7,240 | 3,174 |
| Sep | 49% | $341 | $5,723 | 3,167 |
| Oct | 47% | $329 | $5,113 | 3,069 |
| Nov | 37% | $321 | $3,892 | 3,107 |
| Dec | 33% | $340 | $3,849 | 3,153 |
Destin’s seasonality is among the most pronounced of any Florida STR market. The spread between the best and worst months in average revenue is more than 3.5x.
Peak season runs June through July. June averages 62.4% occupancy with a $450 ADR, producing roughly $10,123 in average monthly revenue. July is the single highest-revenue month at $10,769, with 60.4% occupancy and a $459 ADR. These two months alone account for a disproportionate share of annual income for most properties.
The shoulder seasons on either side of peak have meaningful but lower performance. March through May occupancy averages 55% with ADRs in the $345-$381 range and monthly revenues between $6,826 and $7,425. September and October continue to produce revenue in the $5,100-$5,700 range as the Gulf water stays warm and crowds thin.
The off-season runs November through February. January is the weakest month: 29.8% occupancy, $316 ADR, and $3,048 average revenue. February, while still slow at 30% occupancy overall, benefits from early spring break inquiries and averages $3,988. December averages $3,849 despite holiday demand, held back by cooler temperatures.
For operators, the practical implication is that pricing strategy needs to shift aggressively between seasons. A property that can justify $450+ per night in summer needs to be priced at $300-$340 in winter to hold any occupancy at all. Operators who try to hold peak-season rates into October and November tend to see sharp occupancy drops rather than revenue gains.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $1,121 | $2,582 | $4,653 | $7,376 |
| ADR | $248 | $325 | $511 | $785 |
| Occupancy | 11% | 25% | 44% | 59% |
Revenue distribution across Destin’s 4,033 listings is wide, reflecting the mix of property types, sizes, locations, and management quality.
As of February 2026 (an off-peak month), the data breaks out as follows:
– Bottom quartile (p25): $1,121 per month
– Median (p50): $2,582 per month
– Top quartile (p75): $4,653 per month
– Top decile (p90): $7,376 per month
The ADR spread tells a similar story. Median ADR in February was $325, while top-quartile properties commanded $511 and top-decile properties averaged $785 per night. Bottom-quartile ADR was $248.
Occupancy at the median was 25% in February, meaning the median listing was occupied roughly 7-8 nights that month. Top-quartile properties hit 44% occupancy (about 13 nights), and top-decile reached 59% (roughly 16-17 nights).
Annualizing February figures understates performance. Based on seasonal averages, a well-managed mid-market property earning around the p50 level year-round would gross roughly $60,000-$70,000 annually. A top-quartile operator in a beachfront or waterfront property could reasonably expect $90,000-$120,000 in gross revenue based on the seasonal data, though individual results vary by bedroom count, amenities, and proximity to the water.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $7,952 | $257 | $294 |
| Apr 2021 | $7,569 | $252 | $298 |
| May 2021 | $8,160 | $263 | $310 |
| Jun 2021 | $9,870 | $329 | $366 |
| Jul 2021 | $10,160 | $328 | $393 |
| Aug 2021 | $9,105 | $294 | $348 |
| Sep 2021 | $7,474 | $249 | $312 |
| Oct 2021 | $6,748 | $218 | $306 |
| Nov 2021 | $5,591 | $186 | $302 |
| Dec 2021 | $5,813 | $188 | $301 |
| Jan 2022 | $4,139 | $134 | $273 |
| Feb 2022 | $4,999 | $179 | $284 |
| Mar 2022 | $8,148 | $263 | $334 |
| Apr 2022 | $7,601 | $253 | $339 |
| May 2022 | $8,828 | $285 | $378 |
| Jun 2022 | $11,508 | $384 | $437 |
| Jul 2022 | $12,586 | $406 | $476 |
| Aug 2022 | $8,414 | $271 | $368 |
| Sep 2022 | $6,854 | $229 | $329 |
| Oct 2022 | $5,990 | $193 | $302 |
| Nov 2022 | $4,686 | $156 | $281 |
| Dec 2022 | $4,556 | $147 | $291 |
| Jan 2023 | $3,552 | $115 | $267 |
| Feb 2023 | $4,420 | $158 | $246 |
| Mar 2023 | $6,914 | $223 | $301 |
| Apr 2023 | $6,097 | $203 | $288 |
| May 2023 | $6,872 | $222 | $307 |
| Jun 2023 | $9,293 | $310 | $369 |
| Jul 2023 | $10,359 | $334 | $397 |
| Aug 2023 | $6,692 | $216 | $301 |
| Sep 2023 | $5,131 | $171 | $282 |
| Oct 2023 | $3,419 | $110 | $254 |
| Nov 2023 | $2,461 | $82 | $265 |
| Dec 2023 | $2,495 | $81 | $307 |
| Jan 2024 | $2,290 | $74 | $290 |
| Feb 2024 | $3,472 | $120 | $269 |
| Mar 2024 | $4,983 | $161 | $378 |
| Apr 2024 | $4,038 | $135 | $363 |
| May 2024 | $6,342 | $205 | $431 |
| Jun 2024 | $9,120 | $304 | $525 |
| Jul 2024 | $9,323 | $301 | $490 |
| Aug 2024 | $5,719 | $185 | $421 |
| Sep 2024 | $4,297 | $143 | $370 |
| Oct 2024 | $4,298 | $139 | $352 |
| Nov 2024 | $2,831 | $94 | $322 |
| Dec 2024 | $2,752 | $89 | $336 |
| Jan 2025 | $2,321 | $75 | $306 |
| Feb 2025 | $3,582 | $128 | $303 |
| Mar 2025 | $6,133 | $198 | $420 |
| Apr 2025 | $5,739 | $191 | $405 |
| May 2025 | $6,921 | $223 | $481 |
| Jun 2025 | $10,821 | $361 | $554 |
| Jul 2025 | $11,417 | $368 | $538 |
| Aug 2025 | $6,272 | $202 | $459 |
| Sep 2025 | $4,860 | $162 | $411 |
| Oct 2025 | $5,110 | $165 | $432 |
| Nov 2025 | $3,893 | $130 | $434 |
| Dec 2025 | $3,628 | $117 | $466 |
| Jan 2026 | $2,937 | $95 | $445 |
| Feb 2026 | $3,460 | $124 | $426 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 67% | 1,964 |
| Jun 2021 | 56% | 2,285 |
| Sep 2021 | 66% | 2,361 |
| Dec 2021 | 49% | 2,415 |
| Mar 2022 | 67% | 2,494 |
| Jun 2022 | 69% | 3,036 |
| Sep 2022 | 55% | 3,013 |
| Dec 2022 | 40% | 2,988 |
| Mar 2023 | 63% | 3,051 |
| Jun 2023 | 72% | 3,039 |
| Sep 2023 | 49% | 2,884 |
| Dec 2023 | 26% | 2,692 |
| Mar 2024 | 41% | 2,728 |
| Jun 2024 | 54% | 2,225 |
| Sep 2024 | 38% | 3,513 |
| Dec 2024 | 26% | 3,688 |
| Mar 2025 | 46% | 3,842 |
| Jun 2025 | 61% | 4,129 |
| Sep 2025 | 39% | 4,066 |
| Dec 2025 | 25% | 3,984 |
Entry costs in Destin are high relative to most STR markets. The typical home value is $610,329 and the median sale price is $619,666, placing this firmly in the upper tier of Gulf Coast investment markets. With a sale-to-list ratio of 95.4% and a median of 123 days to pending, there is meaningful negotiating room and no urgency pressure, which is useful context for buyers making offers.
At a $620,000 purchase price with 25% down ($155,000) and a 7% mortgage rate on a 30-year loan, monthly debt service is roughly $3,100. A property earning at the 50th percentile for annual revenue needs to generate approximately $37,200 per year to cover principal and interest alone, before property taxes, insurance, HOA fees, management fees, and maintenance.
Based on the seasonal data, the top-performing months (June and July) average roughly $10,400 in gross revenue per listing. If a property captures six high-demand months (March through August) at seasonal averages, the gross revenue sum is approximately $47,800. That gives a rough ceiling before accounting for the six slower months, which average about $4,100 per month.
Properties at the 75th revenue percentile brought in $4,653 in February 2026, which is an off-peak month. Top-quartile performers in peak season likely exceed $8,000 to $10,000 per month. The p90 revenue figure for February was $7,376, suggesting top-10% operators maintain strong performance even in slow months.
Key risk factors: (1) Supply grew 72% from 2,284 listings in 2021 to 3,941 in 2025 with no sign of plateauing. (2) Occupancy has declined every year since 2021. (3) The 123-day median time to pending indicates a slower resale market, so liquidity risk is real if an exit is needed. Investors should stress-test underwriting at 40-45% annual occupancy rather than peak-year figures.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $481,076 |
| Dec 2021 | $577,561 |
| Sep 2022 | $673,150 |
| Jun 2023 | $675,359 |
| Mar 2024 | $657,772 |
| Dec 2024 | $636,097 |
| Sep 2025 | $610,017 |
Booking Insights
The average booking lead time in Destin as of February 2026 was 64 days, with a median of 37 days. The gap between average and median indicates that a portion of bookings come in well in advance (pulling up the average), while roughly half of all bookings are made within 5-6 weeks of arrival.
The average length of stay was 7 days, with a median of 4 days. This mix of week-long and shorter stays reflects both the traditional Gulf Coast vacation pattern (Saturday-to-Saturday weekly rentals in summer) and shorter getaway bookings that are more common in shoulder and off seasons.
For pricing strategy, the 37-day median lead time means that most revenue is committed or committed-pending within about five weeks of check-in. Operators who hold out for higher rates beyond the 6-week window risk losing bookings to lower-priced competitors. A practical approach is to set target rates for dates 60+ days out and use dynamic pricing to fill remaining availability within 30 days of arrival.
The 7-day average stay length suggests Destin guests skew toward longer vacation bookings compared to urban markets. This supports weekly minimum stay policies during peak season, which reduce turnover costs and cleaning fees while maintaining revenue per reservation. During off-season, dropping to 3- or 4-night minimums improves occupancy without significantly reducing average revenue per night.
Short-Term Rental Regulations
Destin has a structured STR registration system that investors must understand before purchasing.
Property type determines registration requirements. Single-family homes and townhomes must register with the City of Destin annually. Condominiums and apartments do not require city registration but still need a business tax receipt and must comply with all applicable city regulations. This distinction matters significantly when evaluating property types.
The 2026 annual registration fee is $250 per property, renewable each December 31. Missing the December 31 deadline triggers a $500 late fee on top of the standard fee. Platforms including Airbnb and Vrbo are required to verify that listed single-family homes and townhomes carry valid registration numbers.
Zoning coverage is reasonably broad: STRs are permitted in 13 of Destin’s 20+ zoning districts. Confirming a specific parcel’s zoning eligibility before purchase is essential.
Occupancy limits are set at 2 adults per bedroom plus 4 additional persons, with an absolute cap of 24 people per property regardless of bedroom count.
At the state level, Florida requires a separate short-term rental license from the state if a property is rented more than three times per year for periods under 30 days, or if it is publicly advertised for rent. Property owners must also register with the Florida Department of Revenue to collect and remit both tourist development tax and sales tax on rental income.
The City of Destin actively enforces compliance. The City Marshal’s Office investigates and files charges against operators running unregistered STRs. Investors should budget compliance costs and calendar annual renewal deadlines as part of their operating model.
Market Comparison
Destin’s STR metrics position it as a high-ADR, seasonally concentrated Gulf Coast market with above-average entry costs.
For context, the national median STR occupancy is estimated in the 45-55% range for well-performing coastal markets. Destin’s 2025 full-year average occupancy of 41.9% sits below that range, reflecting the pressure from a 72% supply increase since 2021. Markets that have seen similar supply growth, such as parts of the Smoky Mountains and the Texas Hill Country, have experienced comparable occupancy compression.
Destin’s average ADR of $434 in 2025 is meaningfully above the national STR average of roughly $175-$200 for all property types, which reflects both the coastal premium and the concentration of larger vacation homes and condos in the market. For comparison, the February 2026 median ADR of $325 is still roughly 60-80% above what typical urban or suburban STR markets command.
The typical home value of $610,329 places Destin’s acquisition costs well above most inland STR markets and comparable to other premier Gulf Coast destinations such as 30A and Panama City Beach. The 123-day median time to pending indicates a slower buyer market than the 2021-2022 peak, which creates more negotiating leverage but also longer holding periods if a resale becomes necessary.
Investors comparing Destin to other Florida coastal markets should note that the demand base (3.86 million annual visitors) is large for a city of 14,000 permanent residents, which creates a structurally favorable visitor-to-supply ratio even as supply has grown.
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