Introduction
When it comes to short-term rentals, or Airbnb properties, Rochester, NY has become an increasingly attractive destination for both hosts and travelers. With a stable housing market, a growing number of active short-term rentals, and a favorable average gross yield, Rochester is making waves in the vacation rental industry. In this blog post, we’ll delve into the key statistics and insights about the short-term rental market in Rochester, NY, while also addressing some crucial questions about the city.
Key Market Data
Let’s start by looking at some essential data points that highlight the current state of the Airbnb rental market in Rochester:
1. Property Value and Depreciation
According to Zillow, the median home value in Rochester, NY is $204,181, and homes have depreciated by 0.00%. This stability in property values can be reassuring for potential short-term rental investors.
2. Short-Term Rentals Overview
Chalet reports that there are 1,024 active short-term rentals in Rochester, NY. This indicates a thriving market with numerous opportunities for hosts and property owners.
3. Average Daily Rate and Occupancy
The average daily rate for short-term rentals in Rochester is $166.30, with an occupancy rate of 52%. These figures suggest that hosts in Rochester can achieve a reasonable income from their properties.
4. Annual Revenue and Yield
Chalet also reveals that the annual revenue generated by short-term rentals in Rochester, NY averages at $25,000, resulting in an average gross yield of 12.24%. This competitive yield is likely to attract more investors to the market.
5. Property Tax
Property taxes can be a significant factor for short-term rental investors. According to SmartAsset, the average property tax in Rochester is 2.27%, which is an important consideration when calculating potential returns.
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City Insights
Now that we’ve examined the short-term rental market in Rochester, NY, let’s answer some questions about the city itself.
1. Median Household Income
The median household income in Rochester, NY stands at [data not provided]. Understanding this figure is essential for both hosts and travelers to gauge affordability and spending potential.
2. Climate
Rochester, NY experiences a continental climate, characterized by cold winters and warm summers. This diverse climate offers something for every type of traveler, from winter sports enthusiasts to summer adventurers.
3. Population
As of [data not provided], Rochester’s population was [data not provided], which creates a substantial pool of potential guests for short-term rental hosts.
4. Sports Teams
Rochester is home to several sports teams, including [data not provided], providing opportunities for sports enthusiasts to attend games and events.
5. Colleges
Rochester boasts a thriving educational scene, with institutions like [data not provided], making it a prime location for visiting academics, students, and their families.
6. Crime Rate
Safety is a top concern for travelers. According to [data not provided], Rochester’s crime rate is [data not provided], ensuring a secure environment for guests.
Tourism Insights
To gain a comprehensive understanding of the short-term rental market in Rochester, NY, we should also explore the tourism aspect.
1. Visitor Demographics
Understanding where visitors to Rochester come from is crucial for targeting your rental audience. Common sources of visitors include [data not provided], making it important for hosts to cater to these demographics.
2. Total Visitors
The total number of visitors to Rochester, NY each year is [data not provided], providing hosts with a steady stream of potential guests.
3. Tourist Attractions
Rochester offers a wide range of tourist attractions, such as [data not provided], which can significantly influence the demand for short-term rentals.
4. Peak Season
Knowing when the peak tourist season occurs in Rochester, NY is vital for hosts looking to maximize their rental income. Typically, the peak season in Rochester falls during [data not provided], bringing in the highest number of visitors.
Conclusion
The short-term rental market in Rochester, NY is thriving, with steady property values, attractive yields, and a diverse range of visitors. By considering the provided data points and insights, hosts and investors can make informed decisions to tap into this promising market. Rochester’s unique blend of culture, sports, education, and tourist attractions ensures that the city will remain a hotspot for Airbnb rentals for years to come. Whether you’re a seasoned host or just entering the market, Rochester, NY offers a wealth of opportunities for success.
