The impact of Airbnb in Puerto Rico is such that it already exceeds 10,000 properties on the Island, according to an analytical report by Estudios Técnicos Inc.
In tourist zones like Culebra and Old San Juan, a quarter of all homes are listed through the digital renting platform, which demonstrates its very high penetration in the Puerto Rican market.
Estudios Técnicos Inc.’s analysis measured the penetration of Airbnb in Puerto Rico as a percent of all existing housing in a locality, which are listed on the platform.
“To find where these properties tend to converge, we used the total number of households in each zip code and contrasted it with the number of Airbnb units,” said Roberto A. López, economist and market analyst at Estudios Técnicos Inc.
“The places in Puerto Rico where there is a greater penetration of Airbnb are the main coastal zones: Culebra, Old San Juan, Ocean Park, Vieques, Rincón, and Isla Verde,” he said.
In Culebra there are 1,519 homes, of which 416 are properties listed on Airbnb; this reflects a penetration of 27.4 percent. Meanwhile, 1,012 properties of the 4,165 households in Old San Juan are Airbnb units, for a penetration of 24.3 percent.
By contrast, the areas with the least penetration of Airbnb are in the center of the island, including Corozal, Yauco, Las Piedras, Guayanilla, San Lorenzo, and Villalba.
Lopez stressed that the average daily rate of a property on Airbnb depends on its proximity to the beach and the area’s property value, in that order.
“The most expensive rented properties in Puerto Rico are in Dorado ($420 per night, on average), Palmas del Mar ($300) and Río Grande ($268). This list also includes Vieques ($204) and Culebra ($193), which means that they are not only areas of high penetration, but also of high price. These two characteristics together make these municipalities ideal places for an investor in short term rentals,” said López.
The report states that the most recent number of Airbnb properties in Puerto Rico is approximately 10,000 units, according to AirDNA and Estudios Técnicos Inc’s own estimates.
The areas with the most Airbnb properties are Rincón, with 1,201 units; Miramar, with 1,183; Torrecilla Baja, San Juan, with 1,180; Old San Juan, with 1,012; and Ocean Park, with 986.
“With a greater number of properties and tourist facilities, it is logical that the metro area also has the most Airbnb units. But a high proportion of Airbnb units in the metro area are in condominiums, which explains the attention that has been given to the subject in the discussions about the new condominium legislation,” said López.