If you’re considering investing in short-term (Airbnb) rentals in East Stroudsburg, PA, you might be wondering about the current state of the market. Fortunately, there is plenty of data available to help you make an informed decision. In this blog post, we’ll take a closer look at the short-term rental market in East Stroudsburg, including recent trends, key metrics, and regulations.
Overview of the East Stroudsburg
Airbnb Rental Market East Stroudsburg is a borough located in Monroe County, Pennsylvania. The area has been experiencing steady growth in recent years, thanks to its proximity to popular tourist destinations like the Delaware Water Gap National Recreation Area and the Pocono Mountains. As a result, short-term rentals have become an increasingly popular option for both tourists and investors.
According to data from Chalet, there are currently 657 active short-term rentals in East Stroudsburg. These properties have an average daily rate of $406.60, and an occupancy rate of 46%. This translates to an annual revenue of $62,200, based on Chalet’s calculations.
STR Trends in the East Stroudsburg
Another trend worth noting is the appreciation of home values in East Stroudsburg. According to Zillow, homes in the area appreciated 4.10% over the past year. The median home value in East Stroudsburg is currently $284,285.
Key Metrics for the East Stroudsburg
Airbnb Rental Market If you’re thinking about investing in short-term rentals in East Stroudsburg, it’s important to consider key metrics like gross yield and property tax rates. According to Chalet, the average gross yield for short-term rentals in the area is 21.88%. This is slightly higher than the national average of 14.21%, which suggests that East Stroudsburg could be a profitable market for investors.
However, it’s also worth noting that property tax rates in the area are relatively high. According to SmartAsset, the average property tax rate in Monroe County is 2.45%. This is higher than the statewide average of 1.58%, which means that investors will need to factor in these costs when calculating potential profits.
Regulations for Short-Term (Airbnb) Rentals
Another important consideration for investors is the regulatory environment for short-term rentals in East Stroudsburg. Fortunately, the area is generally considered to be investor-friendly when it comes to short-term rentals. According to local regulations, short-term rentals are allowed in residential areas, as long as they comply with certain rules and regulations.
For example, Airbnb rentals in East Stroudsburg must be registered with the borough, and must comply with certain safety and health standards. They must also pay a transient occupancy tax, which is 5% of the rental rate. However, there are no restrictions on the number of short-term rentals that an investor can own, which makes the area an attractive option for those looking to build a portfolio of rental properties.
Economy and Demographics
The median household income in East Stroudsburg is $51,038, according to the US Census Bureau. The town is home to a mix of professionals, service workers, and retirees, with a diverse range of ethnic backgrounds and ages represented. The town’s location near major highways and within commuting distance of New York City and Philadelphia makes it an attractive destination for both residents and businesses.
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Climate
East Stroudsburg experiences a continental climate, with hot summers and cold winters. Average high temperatures in the summer months range from the mid-70s to mid-80s, while average lows in the winter months range from the mid-teens to mid-20s. Snowfall is common in the winter, with an average of 52 inches per year.
Population
As of the 2020 US Census, the population of East Stroudsburg was approximately 11,300. The town has a diverse mix of residents, with a growing Hispanic and Latino population in recent years.
Sports Teams
East Stroudsburg is home to several sports teams, including the East Stroudsburg University Warriors, a Division II athletics program. The town also has a strong tradition of youth sports, with many community programs and leagues offering opportunities for young athletes to participate in soccer, baseball, basketball, and other sports.
Colleges
East Stroudsburg is perhaps best known for its university, East Stroudsburg University (ESU). Founded in 1893 as a teacher’s college, ESU has since grown to become a comprehensive university offering a wide range of undergraduate and graduate programs. The university is a major employer in the area and has a significant impact on the local economy.
Crime Rate
Like many small towns, East Stroudsburg has a relatively low crime rate compared to larger cities. According to NeighborhoodScout, the town’s crime rate is below the national average, with property crimes being the most common type of offense.
Tourism
East Stroudsburg is a popular destination for visitors to the Pocono Mountains region, thanks to its scenic location, outdoor recreation opportunities, and historical sites. According to the Pocono Mountains Visitors Bureau, the area receives more than 26 million visitors each year, with many coming from nearby cities like Philadelphia and New York. The biggest tourist attractions in the area include the Delaware Water Gap National Recreation Area, Bushkill Falls, and the Pocono Indian Museum.
Peak Season
The peak season in East Stroudsburg typically runs from May through September, with the summer months being the busiest time of year. During this time, visitors come to the area to enjoy hiking, camping, fishing, and other outdoor activities in the region’s many parks and forests. The fall months are also popular, thanks to the area’s stunning foliage and harvest festivals.
Conclusion
Overall, the Airbnb rental market in East Stroudsburg, PA appears to be a promising opportunity for investors. With a growing number of short-term rentals and a high gross yield, there is potential for strong returns on investment. Additionally, the area’s popularity with tourists and steady appreciation of home values suggest that there is demand for short-term rental properties.
That said, investors should also be aware of the relatively high property tax rates in the area, which could impact their bottom line. It’s also important to comply with local regulations and ensure that short-term rental properties are registered and maintained to a high standard.
Overall, the East Stroudsburg short-term rental market presents an exciting opportunity for investors who are willing to do their research and take the necessary steps to ensure success. By understanding market trends, key metrics, and regulations, investors can make informed decisions and build profitable rental portfolios in this growing market.
