Airbnb Data on 3,627 Active Vacation Rentals in Ocean City

Introduction

Ocean City, Maryland, known for its pristine beaches, vibrant boardwalk, and exciting atmosphere, is a popular destination for vacationers. With a thriving short-term rental market, it’s no wonder that homeowners in Ocean City have embraced platforms like Airbnb to turn their properties into lucrative investments. In this blog post, we will delve into the short-term rental market in Ocean City, examining key data points, trends, and insights for both homeowners and travelers.

Key Data Points

Before we dive into the intricacies of the short-term rental market, let’s look at some essential data points:

1. Home Value Trends: According to Zillow, homes in Ocean City have experienced a 5.80% depreciation, with a median home value of $446,283.
2. Short-Term Rentals: Chalet reports that there are currently 3,627 active short-term rentals in Ocean City, MD.
3. Average Daily Rate: The average daily rate for these short-term rentals is $304.50, making it an attractive proposition for both property owners and guests.
4. Occupancy Rate: Chalet data indicates a healthy 55% occupancy rate, reflecting the strong demand for vacation rentals in the area.
5. Annual Revenue: The annual revenue generated by short-term rentals in Ocean City, MD, averages at $42,800.
6. Gross Yield: The average gross yield for short-term rentals stands at an impressive 9.59%.
7. Property Tax: SmartAsset estimates the average property tax in Ocean City, MD, to be 1.37%.

Now, let’s address some of the broader questions related to Ocean City, Maryland.

Ocean City, MD: Beyond the Short-Term Rental Market

Median Household Income

The median household income in Ocean City, MD, hovers around $60,144. This figure is crucial in understanding the economic backdrop against which the short-term rental market operates.

Climate

Ocean City enjoys a coastal climate, with hot summers and mild winters. The peak vacation season is during the warm summer months, attracting tourists looking for beach and water activities.

Population Size

As of 2022, Ocean City’s population is approximately 6,984 residents. However, this number can significantly increase during the peak tourist season.

Sports Teams

While Ocean City, MD, may not be home to major professional sports teams, the town hosts various sporting events and activities, such as surfing competitions and fishing tournaments.

Colleges

Ocean City is not home to any major colleges or universities, but nearby institutions like Salisbury University provide educational opportunities for local residents.

Crime Rate

Ocean City boasts a relatively low crime rate, making it a safe and attractive destination for tourists.

Visitor Demographics

Tourists flock to Ocean City, MD, from various regions, with many visitors coming from nearby states such as Pennsylvania, New Jersey, and Virginia.

Total Number of Visitors

Ocean City draws millions of visitors annually, with over 8 million visitors reported in 2021.

Tourist Attractions

The town’s biggest attractions include its beautiful beach, the iconic Ocean City Boardwalk, Jolly Roger Amusement Park, and numerous watersports and outdoor activities.

Peak Season

The peak season in Ocean City, MD, typically runs from late spring to early fall, coinciding with the warmer months when travelers seek to enjoy the beach and outdoor entertainment.

Conclusion

Ocean City, Maryland, offers a thriving short-term rental market, making it an attractive destination for homeowners and tourists alike. With an impressive occupancy rate, solid revenue potential, and an increasing supply of short-term rentals, Ocean City presents a promising investment opportunity. As a premier beach destination, this coastal town continues to welcome millions of visitors, providing an ideal backdrop for a flourishing short-term rental market. Whether you’re a homeowner considering entering the market or a traveler seeking an unforgettable vacation experience, Ocean City, MD, has much to offer.