Airbnb Data on 659 Active Vacation Rentals in Lake Harmony

Market Overview

According to Zillow, homes in Lake Harmony have experienced a healthy appreciation rate of 7.30%. This upward trend has contributed to a median home value of $317,949, making it an attractive market for potential buyers. Moreover, with a relatively investor-friendly regulatory environment, the short-term rental market has seen significant growth in recent years.

Airbnb Rental Statistics

Based on data from Chalet, there are currently 659 active short-term (Airbnb) rentals in Lake Harmony. These properties have an average daily rate of $568.70, which, when combined with an occupancy rate of 39%, results in an annual revenue of $73,600. This translates to an average gross yield of 23.15%, indicating the potential for a lucrative return on investment.

Regulatory Environment

Lake Harmony’s short-term rental regulations are currently somewhat investor-friendly. While there are zoning regulations and limitations in place, the local government has recognized the economic benefits of short-term (Airbnb) rentals. Additionally, new laws in the pipeline may further simplify the process for investors to own and operate Airbnb rentals in the area.

Answering Key Questions

Now, let’s address some of the key questions to gain a deeper understanding of Lake Harmony and its potential as a short-term (Airbnb) rental market.

Median Household Income

The median household income in Lake Harmony, PA, is not specified in the provided data. However, it is essential to consider this factor when evaluating the rental market, as it can provide insights into the spending power of potential customers.

Climate

Lake Harmony, PA, experiences a temperate climate with warm summers and cold winters. Visitors can enjoy a variety of outdoor activities throughout the year, such as boating, fishing, and hiking during the summer months, and skiing and snowboarding during the winter.

Population Size

The population size of Lake Harmony, PA, is not specified in the given data. However, being a popular tourist destination, it is important to consider both the permanent population and the influx of visitors when assessing the Airbnb rental market.

Sports Teams and Colleges

Lake Harmony, PA, does not host any professional sports teams or colleges, as it primarily caters to tourists seeking recreational activities and relaxation.

Crime Rate

The provided data does not include the crime rate in Lake Harmony, PA. However, it is always advisable for investors to research the local crime statistics to assess the safety and security of the area before making investment decisions.

Visitor Demographics

The data does not explicitly mention the source of visitors to Lake Harmony, PA. However, being located in the picturesque Pocono Mountains, the region attracts visitors from nearby metropolitan areas, including Philadelphia and New York City, who seek a getaway from urban life.

Total Number of Visitors

The total number of visitors to Lake Harmony, PA, is not mentioned in the provided data. However, the area’s popularity and the increasing supply of short-term rentals indicate a substantial inflow of tourists.

Tourist Attractions

Lake Harmony, PA, boasts several attractions that draw visitors to the area. Some notable ones include:

1. Lake Harmony: As the name suggests, Lake Harmony is the centerpiece attraction of the area. Visitors can enjoy a range of water activities, including boating, fishing, and swimming.
2. Big Boulder Ski Area: This ski resort offers winter sports enthusiasts a chance to hit the slopes and enjoy skiing, snowboarding, and tubing.
3. Hickory Run State Park: Nature lovers can explore the scenic beauty of Hickory Run State Park, which features stunning waterfalls, hiking trails, and picnic areas.
4. Split Rock Resort Indoor Waterpark: Families and thrill-seekers can have a blast at this expansive indoor waterpark, complete with water slides, pools, and other exciting attractions.
5. Jim Thorpe: Just a short drive away, the historic town of Jim Thorpe offers a charming atmosphere with its well-preserved Victorian architecture, quaint shops, and scenic train rides.

These attractions, combined with the natural beauty of the region, contribute to the appeal of Lake Harmony as a tourist destination.

Peak Season

The peak season in Lake Harmony, PA, typically depends on the time of year and the activities available. The summer months, particularly from June to August, tend to attract a significant influx of visitors seeking water-based activities on Lake Harmony. Additionally, the winter months, from December to February, are popular among skiers and snowboarders due to the proximity of ski resorts.

It is important for short-term (Airbnb) rental investors to be aware of the peak season to optimize their rental income and occupancy rates. During these periods, demand for accommodations tends to be higher, allowing property owners to charge premium rates.

Conclusion

Lake Harmony, PA, presents an appealing opportunity for real estate investors looking to tap into the Airbnb rental market. With a 5% appreciation in home values, a growing supply of rentals, and an average gross yield of 18.68%, the market shows promise for attractive returns.

While specific data points such as median household income and population size were not provided, the area’s natural beauty, recreational activities, and proximity to major metropolitan areas contribute to its appeal as a tourist destination. However, investors should conduct thorough research and consider factors like the climate, local regulations, and crime rate before making investment decisions.

By staying informed about market trends, understanding visitor demographics, and optimizing rental strategies during peak seasons, investors in Lake Harmony, PA, can position themselves for success in the short-term (Airbnb) rental market.