Key Largo, Florida Short-Term Rental Market
Key Largo STRs averaged $529/night at 59.3% occupancy in April 2026, with county zoning restrictions limiting where vacation rentals are legally permitted.
Quick Answer: Key Largo, Florida is an active short-term rental market. average occupancy is 64%. average monthly revenue is $8,168. average daily rate is $485. the top operator is Vacasa with 321 listings. market score is 56/100 (grade C).
Market data reflects the Key West regional market, which includes Key Largo. Regulations, taxes, and permit details below are specific to Key Largo.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Key Largo is an unincorporated community of approximately 13,026 residents and the northernmost island in the Florida Keys chain, governed by Monroe County rather than a municipal government. The STR market here operates under a county-level Special Vacation Rental Permit system that restricts vacation rentals to specific zoning districts and imposes meaningful supply constraints.
Market performance in April 2026: average daily rate of $529, occupancy rate of 59.3%, RevPAR of $314, and average monthly revenue of $8,640. Year-over-year, occupancy declined 2.61 percentage points while ADR grew 3.51% and revenue grew 3.02%.
The listing mix is dominated by entire-place rentals, which account for approximately 8,844 units (98.3% of the tracked market area). Private rooms represent the remaining 152 units (1.7%). By bedroom count, two-bedroom units are most prevalent at 3,504, followed by three-bedroom (2,321), one-bedroom (1,563), four-bedroom (1,056), and five-bedroom or larger (538).
VRBO and dual-listed properties lead the channel distribution: dual-listed at 5,277, VRBO at 2,211, and Airbnb-only at 1,508. This VRBO skew is consistent with Keys vacation markets where weekly rentals are standard.
The market’s overall investment score is 56.4 out of 100, with revenue growth at 87.1 being the strongest individual component.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 65% | $391 | $6,388 |
| Feb | 80% | $417 | $7,543 |
| Mar | 78% | $444 | $8,832 |
| Apr | 59% | $421 | $6,803 |
| May | 59% | $391 | $6,080 |
| Jun | 68% | $401 | $6,695 |
| Jul | 68% | $383 | $6,719 |
| Aug | 50% | $357 | $5,021 |
| Sep | 40% | $340 | $3,924 |
| Oct | 52% | $364 | $4,669 |
| Nov | 58% | $390 | $5,347 |
| Dec | 61% | $434 | $6,427 |
Top Short-Term Rental Operators in Key Largo
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Vacasa | 321 | 15,979 | ★ 4.54 |
| 2 | Vacation Rentals of the Florida Keys LLC. | 232 | 4,454 | ★ 4.68 |
| 3 | Brightwild | 201 | 14,771 | ★ 4.64 |
| 4 | Last Key | 156 | 8,212 | ★ 4.89 |
| 5 | Wendy Zintsmaster and Team | 133 | 5,728 | ★ 4.81 |
What Kind of STR Should I Buy in Key Largo?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,563 |
| 2 bed | 3,504 |
| 3 bed | 2,321 |
| 4 bed | 1,056 |
| 5 bed | 538 |
ADR by Property Tier
| Entire Home | $488 |
| Luxury | $952 |
| Professionally Managed | $576 |
Revenue by Dwelling Type
| Apartment | $6,387 |
| Entire Place | $8,235 |
| House | $9,605 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 16.8% |
| vrbo | 24.6% |
| both | 58.7% |
Investment Analysis
At $8,640 in average monthly revenue and a typical home value of $1,087,682, the implied gross yield for a Key Largo STR is approximately 9.5% annualized ($8,640 times 12 equals $103,680 divided by $1,087,682). That is a solid return relative to most coastal STR markets, before operating costs, management fees, property taxes, and lodging taxes.
Tier differentials are wide. The all-listings ADR of $529 compares to an entire-home ADR of $532, a professionally managed tier of $666, and a luxury tier of $1,058. Managing at the professionally managed tier adds roughly 26% over unmanaged listings.
Revenue by property type: houses averaged $9,409 per month, entire-place listings $8,688, and apartment-type listings $8,163.
The critical investment constraint in Key Largo is zoning eligibility. Monroe County restricts vacation rentals to specific land use districts (SR, MU, UR, IS-V, and OS). Common residential districts including IS, URM, and IS-M do not permit vacation rentals with the county’s Special Vacation Rental Permit, meaning many homes in Key Largo cannot legally operate as short-term rentals regardless of purchase price. Buyers must verify zoning district eligibility before acquiring.
The median sale price is $1,176,583 and the median list price is $1,292,150, with 291 active for-sale units. Homes are spending a median of 63 days to go pending, and the sale-to-list ratio is 0.911, indicating buyers are typically paying about 91.1% of list price. At a $1,087,682 typical home value, the 9.5% gross yield is compelling if the zoning permits STR use.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Key Largo bookings are placed well in advance: the average lead time is 83 days, nearly three months. This reflects the planning behavior of travelers booking weeklong Keys vacations, particularly for the February-March peak period. The 28-day default minimum (for properties without a Special Vacation Rental Permit) would further concentrate bookings into longer committed stays.
Average length of stay across the tracked dataset is 4.82 nights. Permitted vacation rental properties in Key Largo may accommodate shorter stays within the county’s permitting framework, but operators in the market area generally price around weekly blocks given the Keys’ weekly-vacation norm.
For permitted operators, the 83-day lead time means February and March peak-season rates should be set and published by late November. Last-minute inventory in the shoulder months (October-November) may be available for aggressive discounting to fill otherwise empty weeks during the slower period.
Short-Term Rental Regulations
Key Largo is unincorporated and governed by Monroe County under the Land Development Code. Renting a home for stays under 28 days is only legal with a county-issued Special Vacation Rental Permit. These permits are available only in specific zoning districts: SR (Suburban Residential), MU (Mixed Use), UR (Urban Residential), IS-V (Improved Subdivision-Vacation Rental), and OS (Offshore Islands). They are prohibited in the IS, URM, and IS-M residential districts. In areas without a permit, the legal minimum rental term is 28 consecutive days to the same tenant.
Permit fees: initial application approximately $490, annual renewal approximately $100. A Manager License (approximately $110) and a Fire and Life Safety inspection ($125 for one-bedroom properties, up to $400 for four-bedroom or larger properties) are also required. Permits are nontransferable, meaning a new owner must re-apply upon purchase of a permitted property.
There is no owner-occupancy or primary-residence requirement. Annual night caps are not specified in the available data.
The combined lodging tax is 12.5%: 7.5% Florida state sales and use tax plus a 5% Monroe County Tourist Development Tax. Operators must register and remit monthly.
Enforcement is active. Monroe County operates a Transient Rental Fraud Hotline and a Code Compliance program. Operating without a permit is unlawful, with fines starting around $500 and escalating for repeat violations.
Market Comparison
Key Largo’s April 2026 ADR of $529 is more than double the national STR median of approximately $220, reflecting premium Keys positioning. Occupancy at 59.3% is slightly above the national median of approximately 55%, though the market’s regulatory constraints limit the supply of legally operating STRs.
The market’s total investment score of 56.4 sits near the national median, with the standout component being revenue growth at 87.1 out of 100. Regulation scores 56.9, reflecting the county’s active permitting program and district restrictions. Rental demand is 59.8 and investability is 68.6.
The professional management sector is well-established. Vacasa leads with 321 listings and a 4.54 average guest rating across 15,979 reviews. Vacation Rentals of the Florida Keys LLC manages 232 listings with a 4.68 rating (4,454 reviews). Brightwild holds 201 listings with a 4.64 rating (14,771 reviews). Last Key manages 156 listings with the highest rating in the top five at 4.89 across 8,212 reviews. Together the top five managers account for more than 1,000 listings in the broader market area.
Key Largo’s primary draws are John Pennekamp Coral Reef State Park (the first undersea park in the U.S., at Mile Marker 102), the Florida Keys National Marine Sanctuary, and the Christ of the Abyss dive site, which generate significant visitor traffic and support vacation rental demand from divers and snorkelers.
Frequently Asked Questions About Key Largo, Florida
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