Florence vs Milan: which is better for Airbnb investment? (2026)

Bottom line

Florence and Milan score similarly on the metrics that matter most for short-term rental returns. The right pick depends on whether you optimise for yield (lower regulation risk, higher RevPAR) or capital growth.

Head-to-head metrics

	Florence	Milan
Median occupancy	30%	30%
Median daily rate	£116	£103
Median RevPAR	£32	£20
Active listings	10,305	16,143
YoY occupancy	+0.4 pts	+13.6 pts
YoY daily rate	-8.7%	-2.4%
Regulation risk	—	—
Annual night cap	None	None
License required	No	No

Full analysis: Florence vs Milan

There is no clean winner between Florence and Milan. Florence posts 30% occupancy and £32 RevPAR; Milan posts 30% occupancy and £20 RevPAR. Weighted together with regulation risk the two finish inside the margin we are willing to call, which is the honest answer rather than an evasive one — a scoring gap this small would flip on the next data refresh. When markets are this close the decision stops being about the market and starts being about the deal: what you pay, what it costs to run, and how quickly you could exit.

Florence takes both halves of the yield equation, which is less common than it sounds. It charges more per night — £116 against £103 — and still fills more of the year, 30% against 30%. A market that leads on price and utilisation at once is normally one where demand has outrun supply, rather than one where hosts are discounting to keep the calendar busy. RevPAR reflects the double advantage at £32 against £20.

A tie does not mean the two are interchangeable — it means each holds something the other does not. Across a full year the median Florence listing grosses £11,735 against £7,140 in Milan. The twelve-month direction favours Milan too: occupancy there moved +13.6 points while Florence moved +0.4 points. Pick the one whose advantage matches how you intend to operate, because the composite score will not do that job for you.

Neither Florence nor Milan currently has a verified short-term rental regulation record in our register, so the comparison above is a yield comparison only. Regulation is the single largest source of downside in this asset class — an unverified market is an unpriced risk, not an absent one.

The two calendars also behave differently. Florence peaks in October at 65% and bottoms in December at 31.2%; Milan runs from 69.5% in September down to 33.5% in December. Both swing by a similar amount across the year, so neither offers meaningfully steadier cash flow than the other.

Who each suits, then. Florence suits buyers who want a conventional, lightly regulated entry and who can hold rate through the shoulder season rather than discounting to fill the calendar. Milan answers to the same regulatory profile, so the split between them is operational rather than legal: it is the market for an owner whose economics survive high turnover — more bookings, more cleans, more guest contact per pound of revenue. It is also the momentum side of this pair. Every figure above comes from the same Inside Airbnb snapshot pipeline on both sides, dated 2025-09, filtered to listings with at least one booking in the last twelve months. Occupancy medians are drawn from 5,209 active Florence listings and 9,889 in Milan.

Frequently asked questions

Is Florence or Milan better for Airbnb investment?

Neither pulls clearly ahead. Florence runs 30% occupancy and £116 a night; Milan runs 30% occupancy and £103 a night. Once occupancy, revenue per available night and regulation risk are weighted together the two finish within a couple of points of each other, so the decision turns on purchase price, how far you are willing to travel, and which rulebook you would rather work under.

Which has higher occupancy, Florence or Milan?

Effectively neither — they are level. Florence sits at 30% and Milan at 30%, a 0-point difference that is inside the noise of a median drawn from a listings snapshot. Over the last twelve months Florence was flat and Milan gained 13.6 points, so the gap is closing.

Which has higher nightly rates, Florence or Milan?

Florence, at £116 a night against £103 in Milan — roughly 13.2% more. Revenue per available night agrees rather than contradicts: £32 in Florence against £20, so the rate premium survives contact with the occupancy figures.

Which has stronger year-over-year growth, Florence or Milan?

Milan, on occupancy: +13.6 points over the last twelve months against +0.4 points in Florence. Nightly rates fell 8.7% in Florence and fell 2.4% in Milan over the same window. One year of movement is a direction, not a trend — weigh it against the regulation picture before treating it as momentum.

Which is the bigger Airbnb market, Florence or Milan?

Milan, with 16,143 active listings against 10,305 in Florence. Size cuts both ways: a deep market gives you comparables, contractors and an exit, while a thinner one means fewer near-identical rivals competing for the same search results.

How much can you earn from an Airbnb in Florence vs Milan?

Florence earns more: roughly £11,735 a year for a median listing against £7,140 in Milan. Those are gross booking revenues before cleaning, management, platform fees, furnishing amortisation and tax — budget for a meaningful share of them, and note that a median listing is a median operator, not a good one.

Go deeper on each city

Market guide

Airbnb in Florence →

Occupancy, ADR, neighborhoods, regulation

Market guide

Airbnb in Milan →

Occupancy, ADR, neighborhoods, regulation

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