Hilton Head Island, located in South Carolina, is a popular destination for tourists due to its beautiful beaches, golf courses, and other attractions. This has led to a thriving short-term (Airbnb) rental market in the area, with many property owners taking advantage of the high demand from vacationers.
In this blog post, we will explore the current state of the short-term (Airbnb) rental market in Hilton Head Island, including key statistics, regulations, and other relevant information.
Key Statistics
According to data from Zillow, the median home value in Hilton Head Island is $753,662. Furthermore, homes in the area appreciated by 6.20% in the past year, making it an attractive location for real estate investors. Despite this, the average gross yield remains strong at 10.38%.
Supply
The most popular homes are 2-bedroom homes, comprising 40.28% of inventory. This is followed by 3 and 1-bedroom homes at 24.06% and 15.16% of the total inventory, respectively.
Short-term Rental Regulations
One reason for the growth of the Airbnb rental market in Hilton Head Island is the investor-friendly regulations. There are currently no restrictions on the number of days a property can be rented out, and short-term rental owners are not required to obtain any special permits or licenses.
However, it is important to note that short-term rental owners are required to collect and remit the state and local accommodations taxes.
Average Daily Rate
The median ADR for the market is $402.30. The Average Daily Rate is the highest for 7-bedroom homes ($503) followed by 6 bedrooms and 5 bedrooms at $487 and $438 respectively.
Property Taxes
The average property tax in Hilton Head Island is 0.96%, according to SmartAsset. This is relatively low compared to other popular vacation destinations, making it an attractive location for real estate investors.
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Responding to Additional Questions
What is the median household income in Hilton Head Island, SC? The median household income in Hilton Head Island, SC is $102,512, according to the US Census Bureau.
What is the climate of Hilton Head Island, SC? Hilton Head Island has a humid subtropical climate, with hot summers and mild winters. The average temperature in the summer months is around 85°F, while the winter months average around 60°F.
Hosts
The market is dominated by property management firms. The largest host is Vacasa South Carolina with 15.89% of the total inventory and an average review of 4.57 ⭐️s .
What is the population size of Hilton Head Island, SC?
As of the 2020 US Census, the population of Hilton Head Island is 37,099.
What is the crime rate in Hilton Head Island, SC?
According to NeighborhoodScout, the crime rate in Hilton Head Island, SC is lower than the national average. The chance of becoming a victim of crime in the area is 1 in 50.
Guests
The majority of the guests come from outside of South Caroline. 3.69% of all guests are from Atlanta followed by Carlotte with 3.35%.
Where are the visitors coming from to Hilton Head Island, SC?
The majority of visitors to Hilton Head Island come from within the United States, with the top states being Georgia, North Carolina, and Florida. International visitors mainly come from Canada and the United Kingdom.
What is the total number of visitors to Hilton Head Island, SC?
According to the Hilton Head Island-Bluffton Chamber of Commerce, the area attracts over 2.6 million visitors annually.
What are the biggest tourist attractions in Hilton Head Island, SC?
Some of the biggest tourist attractions on Hilton Head Island include its beaches, golf courses, and nature preserves such as the Sea Pines Forest Preserve. Other popular activities include water sports, fishing, and exploring the island’s historic lighthouses and museums.
When is the peak season in Hilton Head Island, SC?
The peak season in Hilton Head Island typically runs from May through August, with the busiest months being June and July. During this time, the island sees a significant increase in tourism and higher prices for accommodations. The off-season runs from November through February, with lower prices and fewer visitors.
Conclusion
In conclusion, Hilton Head Island, SC, is a thriving location for short-term rental investments. With high demand from tourists and investor-friendly regulations, it offers a promising opportunity for real estate investors.
The island’s low property taxes and attractive climate make it even more appealing for those looking to invest in vacation rental properties. Additionally, with a low crime rate and a range of tourist attractions, Hilton Head Island is a great location for both investors and vacationers.
