Airbnb Data on 1,009 Active Vacation Rentals in Folly Beach

Introduction

Folly Beach, located in South Carolina, is a popular tourist destination known for its beautiful beaches, vibrant atmosphere, and wide range of recreational activities. With the rise of the sharing economy, short-term rentals have become a significant part of the local real estate market.

In this guide, we will delve into the current state of the short-term (Airbnb) rental market in Folly Beach, exploring key data points and discussing relevant factors that shape the industry.

Market Data and Analysis

Home Appreciation and Value

According to Zillow, homes in Folly Beach experienced an appreciation of 1.30% since the same time last year. The median home value in Folly Beach is reported to be $1,169,368.

Airbnb Rental Supply and Performance

With 1,009 active short-term (Airbnb) rentals, Folly Beach offers a considerable inventory for tourists and visitors. Chalet, a leading provider of data and analytics for the vacation rental industry, reports that the average daily rate for short-term (Airbnb) rentals in Folly Beach is $527.80. This suggests a strong market demand, supported by an impressive 69% occupancy rate. The annual revenue generated by short-term rentals in the area amounts to $112,500.

Investment Potential and Property Taxes

The average gross yield for short-term (Airbnb) rentals in Folly Beach stands at 9.62%. This figure indicates the potential return on investment for property owners who choose to rent their homes on a short-term basis. Moreover, the average property tax rate in the area is 0.50%, according to SmartAsset. This relatively low tax burden contributes to the overall attractiveness of investing in short-term rental properties in Folly Beach.

Short-Term Rental Regulations

Folly Beach’s short-term rental market operates within a somewhat investor-friendly regulatory environment. Currently, the city has different zoning regulations and limitations in place to manage short-term rentals. However, there are new laws in the pipeline that may further ease the process for investors to own and operate short-term rentals. These impending changes could potentially create more opportunities and flexibility for property owners in the market.

Additional Information

Now that we have explored the short-term rental market in Folly Beach, let’s address the additional questions to provide a more comprehensive understanding of the area.

Median Household Income

The median household income in Folly Beach, SC, is not explicitly provided in the given data points. However, according to the U.S. Census Bureau’s most recent data, the median household income for the Charleston-North Charleston metro area (which includes Folly Beach) is approximately $63,394.

Climate

Folly Beach enjoys a pleasant subtropical climate. Summers are typically warm and humid, with temperatures averaging around 86°F (30°C). Winters are mild, with average temperatures hovering around 58°F (14°C). The area experiences a moderate amount of rainfall throughout the year, with the wettest months typically occurring during the summer.

Population Size

The exact population size of Folly Beach, SC, is not specified in the given information. As of the 2020 U.S. Census, the population of Folly Beach was recorded at approximately 2,753 residents. It is worth noting that the population can fluctuate significantly during peak tourist seasons.

SportsTeams and Colleges

Folly Beach, SC, does not have any professional sports teams based within its immediate vicinity. However, the city is in close proximity to Charleston, which is home to several sports teams, including the Charleston Battery, a professional soccer team, and the Charleston RiverDogs, a minor league baseball team affiliated with the New York Yankees.

When it comes to colleges, Folly Beach does not have any educational institutions within its limits. However, Charleston, being a vibrant and historic city, boasts several colleges and universities. Some notable institutions in the area include the College of Charleston, The Citadel (Military College of South Carolina), and Charleston Southern University.

Crime Rate

Unfortunately, the specific crime rate for Folly Beach, SC, is not provided in the given information. However, Folly Beach is generally considered a safe community with a relatively low crime rate. As with any tourist destination, it’s always recommended to exercise basic safety precautions and be mindful of personal belongings.

Visitors and Tourist Attractions

Folly Beach attracts visitors from various locations, both domestically and internationally. While the exact breakdown of visitor demographics is not available, the area draws tourists from neighboring states like North Carolina and Georgia, as well as from farther regions across the United States.

As for tourist attractions, Folly Beach offers a wide array of activities and sights to explore. Some of the biggest attractions in the area include:

1. Folly Beach County Park: A beautiful beachfront park offering amenities such as picnic areas, showers, and restrooms, making it a popular spot for sunbathing, swimming, and beachcombing.
2. Morris Island Lighthouse: This historic lighthouse, located just off the coast of Folly Beach, is a picturesque sight and a popular destination for nature enthusiasts and photographers.
3. Folly Beach Pier: The iconic Folly Beach Pier stretches into the Atlantic Ocean, providing breathtaking views and opportunities for fishing, strolling, and enjoying the coastal ambiance.
4. Folly River Park: Situated along the Folly River, this park offers boat ramps, a fishing pier, and nature trails, providing visitors with a chance to explore the natural beauty of the area.
5. Surfing and Water Sports: Folly Beach is known for its excellent surf breaks, attracting surfers of all skill levels. Additionally, the area offers opportunities for kayaking, paddleboarding, and other water sports.

Peak Season

The peak season in Folly Beach, SC, typically occurs during the summer months when visitors flock to the area to enjoy the warm weather and coastal activities. From late May to early September, the beach is bustling with tourists seeking relaxation, outdoor adventures, and a vibrant beach town atmosphere. During this period, rental demand is typically at its highest, and businesses catering to tourists thrive.

It’s important to note that Folly Beach experiences increased visitation during long holiday weekends and events such as the Folly Gras festival, the Sea and Sand Festival, and various surfing competitions. These events contribute to the overall popularity and appeal of Folly Beach as a vacation destination.

Conclusion

Folly Beach, SC, offers a thriving short-term rental market with a diverse range of opportunities for property owners and investors. While there has been a slight depreciation in home values, the market remains strong, with high occupancy rates and attractive average daily rates. The investor-friendly regulations, coupled with relatively low property taxes, make Folly Beach an appealing location for short-term rental ventures.

Beyond the rental market, Folly Beach boasts a pleasant climate, a safe environment, and numerous tourist attractions that attract visitors from various locations. Whether you’re looking for a relaxing beach getaway, outdoor adventures, or a taste of Southern charm, Folly Beach has much to offer.

If you’re considering investing in the short-termrental market or planning a visit to Folly Beach, it’s important to conduct further research and consult with local real estate professionals to get the most up-to-date and accurate information. By staying informed and understanding the dynamics of the market and the area, you can make well-informed decisions and fully enjoy all that Folly Beach has to offer.

Disclaimer: The information provided in this blog post is based on the given data points and general knowledge up until September 2021. Market conditions and statistics may change over time, so it’s advisable to verify the information through reliable sources for the most current and accurate data.