Virginia Beach, Virginia, is a city located in the southeastern part of the state, bordering the Atlantic Ocean.
It is a popular tourist destination, known for its pristine beaches, boardwalk, and entertainment options. With such an attractive location, it is no surprise that the Airbnb rental market in Virginia Beach has been flourishing.
In this blog post, we will take a deep dive into the current state of the Airbnb rental market in Virginia Beach.
The Current State of the Short-Term Rental Market in Virginia Beach
According to data from Chalet, there are currently 1,581 active short-term rentals in Virginia Beach. The average daily rate for these rentals is $372.80, and the occupancy rate is 58%. These statistics indicate that Airbnb rentals are in high demand in Virginia Beach, with visitors willing to pay premium prices for the convenience and amenities that short-term rentals offer.
The annual revenue for Airbnb rentals in Virginia Beach is $60,600 which is a significant amount for property owners who use their homes as short-term rentals. Furthermore, the average gross yield for these rentals is 15.49%, which is an attractive return for investors.
Short-Term Rental Supply and Demand in Virginia Beach
Investor-friendly regulations in Virginia Beach mean that property owners have the freedom to use their homes as Airbnb rentals without facing too many restrictions. This makes it easier for investors to enter the market and generate revenue from their properties.
Real Estate Trends in Virginia Beach
The real estate market in Virginia Beach is also growing, with homes appreciating 6.30% according to Zillow. The median home value in Virginia Beach is $391,244.
However, property owners in Virginia Beach are subject to property taxes, which can affect their bottom line. According to SmartAsset, the average property tax in Virginia Beach is 1.05%, which is lower than the national average of 1.07%. It is important for property owners to consider the cost of property taxes when evaluating the profitability of short-term rentals in Virginia Beach.
Facts about Virginia Beach, VA
Virginia Beach is the largest city in Virginia, with a population of over 450,000 people. The city is located on the Atlantic Ocean and offers 35 miles of sandy beaches, making it a popular tourist destination. Virginia Beach is also home to a diverse range of attractions, including theme parks, museums, and historical sites.
Median Household Income: According to the United States Census Bureau, the median household income in Virginia Beach is $76,650, which is higher than the national average.
Climate
Virginia Beach has a humid subtropical climate with hot summers and mild winters. The average temperature in the summer is around 80 degrees Fahrenheit, while the winter months see temperatures averaging around 50 degrees Fahrenheit.
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Population Size
Virginia Beach has a population of over 450,000 people, making it the largest city in Virginia and the 44th largest city in the United States.
Sports Teams
Virginia Beach is home to the Virginia Beach Sportsplex, which hosts a variety of sporting events throughout the year. The city does not have any professional sports teams.
Colleges
Virginia Beach is home to several colleges, including Regent University, Tidewater Community College, and Atlantic University.
Crime Rate
The crime rate in Virginia Beach is lower than the national average, with a crime rate of 18.02 per 1,000 residents.
Visitor Demographics
According to the Virginia Beach Convention and Visitors Bureau, visitors to Virginia Beach come from all over the world, with the majority coming from within the United States.
Total Number of Visitors: In 2019, Virginia Beach welcomed over 19 million visitors, making it one of the most popular tourist destinations on the East Coast.
Tourist Attractions & Peak Season
Some of the biggest tourist attractions in Virginia Beach include the Virginia Aquarium & Marine Science Center, the Military Aviation Museum, and the Ocean Breeze Waterpark.
The peak season in Virginia Beach is during the summer months, from June to August when the weather is warm and the beaches are crowded with visitors.
Conclusion
In conclusion, the short-term rental market in Virginia Beach is thriving, with high demand and attractive returns for property owners. The investor-friendly short-term rental regulations in Virginia Beach have made it easier for investors to enter the market and generate revenue from their properties.
While property values are appreciating in Virginia Beach, property owners must also consider the cost of property taxes when evaluating the profitability of short-term rentals. However, the overall outlook for the short-term rental market in Virginia Beach is positive, with continued growth expected in the coming years.
