(Gross Yields from 4.81%, 54% Occupancy Rate)
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For this analysis, we have used the trailing twelve months (October 1st, 2021 to September 30th, 2022).
Active Rentals
There are 5798 active rentals in Summit County, Colorado. Almost 74% of all listings are 1 and 2 bedrooms.
Larger homes catering to bigger parties and families are potentially undersupplied. There are only 863 active 4 & 5-bedroom homes.
Average Daily Rate (Nightly Price)
The Average Daily Rate for rentals in Summit County, Colorado is $212.
Throughout the year, the rate fluctuates by $112 from the mean with the highest Average Daily Rate in February 2022 ($324) and the lowest in October 2021 ($194).
Occupancy Rate
The average occupancy rate was 54% for the period from October 2021 through September 2022.
The lowest occupancy rate was in October 2021 at 25% and the highest was in March 2022 at 90%.
The average occupancy rate is the highest for 5 and 4-bedroom homes, 64% and 57% respectively.
Get projections on revenue, average daily rate, cap rates, and a lot more.
High-Performance Properties
Chalet’s research shows that 3-bedroom homes have the highest percentage of homes in the high-yield territory (4.57%)* and could be and therefore could be a good strategy for this market.
Chalet considers properties with a gross yield greater than 15% as high-yield properties. Gross yield equals Gross Income/Purchase Price
Annual Revenue
The median revenue is the highest in March of 2022 at $8601 and the lowest in May 2021 at $1282.
Short-term rentals in Summit County generate a median revenue of $75,675 annually. The highest median revenue for rentals in Summit County is for 5 bedrooms at $179100.
Throughout the year, monthly revenue fluctuates the most for 5-bedroom homes and the least for 1-bedroom homes. More conservative investors should look into 1 bedroom investment properties as data shows they are the most stable and predictable.
Demand
Most of the Summit County short-term rental guests are domestic guests from the United States, though June is when the presence of international guests is most noticeable.
However, international guests in March barely crossed the 3% threshold of total guests in Summit County. The majority of international guests visit from Mexico and Australia.
The majority of Summit County guests come from U.S. cities not located within driving distance.
Other Facts
The average property tax rate is 0.33% according to SmartAsset. That’s slightly lower than the 1.07% national average.
According to Zillow, homes in Summit County appreciated 17.8% year-over-year (YoY) and the median home price for active listings was 1,626,250 (as of December 2022).
Homes in Summit County average 43 days on the market according to data from Redfin.
The BLS reported that the unemployment rate in Summit County fell to 2.7% in October of 2022, which is lower than the national average of 3.8%.
