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TDT collections show mixed recovery: inland gains offset beach rental shortfalls
Summary
Visit St. Pete Clearwater staff reported November TDT (tourist development tax) collections nearly matched 2023 but highlighted a split between inland growth and beach-area losses; vacation-rental supply remained constrained after hurricanes.
Visit St. Pete Clearwater analyst Eddie presented November tax and occupancy data showing a nuanced recovery across Pinellas County.
Eddie told council members November TDT revenue was down less than 1% year over year, a marked improvement from October when collections fell about 28% (roughly $1.7 million). "Jumping ahead now to the month of November, we were down less than a percentage point," Eddie said.
Eddie said inland properties led gains: St. Petersburg inland TDT collections passed $1,000,000 in November for the first time in the dataset and inland revenue grew by more than $15,000,000 year over year in the sample presented. By contrast, beach-area TDT revenue fell about $2.4 million, and vacation-rental sample revenues were down roughly 39% for 2024 compared with prior years. He cautioned that vacation rentals remain slower to recover because supply and permitting, not just demand, are constraining returns.
On supply, STR data cited by Eddie put the county’s room inventory around 21,262 rooms during the reporting period, representing roughly a 6% supply shortfall compared with typical pre-storm supply (about 22,000–23,000 rooms) — a gap of approximately 1,000 rooms concentrated in beach areas such as St. Pete Beach and Madeira Beach. Eddie said the supply gap was slow to shrink between October and November and that December STR snapshots showed continued strong hotel demand despite reduced vacation-rental supply.
Board members asked about FEMA-paid room nights and the timing of displaced properties returning to service. Eddie said he had not received a final count of FEMA room-night usage for the period and that further detail would be provided in the next month’s report. Other TDC members noted new hotel openings (the Opel Soul was cited as adding about 250 rooms within 30–60 days) that would help inventory; Eddie agreed new properties would change the supply picture but stressed recovery will be gradual.
Ending: The presentation framed recovery as uneven — robust hotel demand led by inland areas, ongoing vacation-rental supply constraints and a slow return to full pre-storm inventory.
