Big Bear Lake, located in San Bernardino County, California, is a popular tourist destination known for its beautiful mountains, lakes, and skiing resorts. With the rise of short-term rental platforms like Airbnb, Big Bear City’s real estate market has seen a significant boost in recent years.
In this blog post, we will take a closer look at the (Airbnb) short-term rental market in Big Bear City, CA, using various data points.
Market Overview
According to Zillow, the median home value in Big Bear City, CA, is $597,092, which has appreciated by -1.50% over the past year. This appreciation rate is slightly lower than the national average but still indicates a healthy real estate market.
Supply
The most popular homes are 3-bedroom homes, comprising 35.83% of inventory. This is followed by 2 and 4-bedroom homes at 31.86% and 15.51% of the total inventory, respectively.
Revenue
The short-term rental market in Big Bear City, CA, is thriving, with 3,692 active short-term rentals as reported by Chalet, a market research firm. The occupancy rate is 39%, resulting in an annual revenue of $52,800.
Average Daily Rate
The median ADR for the market is $442.60. The Average Daily Rate is the highest for 6-bedroom homes ($624) followed by 5-bedrooms and 7 bedrooms at $510 and $478 respectively.
Big Bear City, CA, has investor-friendly short-term rental regulations. Unlike some other cities that have placed restrictions on short-term rentals, Big Bear City, CA, has adopted a more liberal approach. This relaxed policy has led to a thriving (Airbnb) short-term rental market, and property owners have reaped the benefits.
Population
Big Bear City, CA, has a population of approximately 5,000 residents, making it a small and tight-knit community. The town is known for its beautiful scenery, crystal clear lake, and various outdoor activities that draw in visitors from all over the world.
Hosts
The market is dominated by property management firms. The largest host is Destination Big Bear with 7.65% of the total inventory and an average review of 4.65 ⭐️s .
Climate and Geography
Big Bear City, CA, experiences four distinct seasons. Summers are mild, with temperatures ranging from the 60s to 80s, making it an ideal time to enjoy outdoor activities such as hiking, fishing, and water sports. In the winter, temperatures can dip down to the 20s, creating the perfect environment for skiing, snowboarding, and other winter sports. The town is situated at an elevation of 6,750 feet, and its proximity to the San Bernardino Mountains provides stunning views of the surrounding landscape.
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Sports Teams and Colleges
Big Bear City, CA, is a small town and does not have any professional sports teams. However, the town has a strong youth sports program, with a focus on soccer and Little League baseball. There are also no colleges or universities located in Big Bear City, CA.
Crime Rate and Safety
Big Bear City, CA, is a relatively safe town, with a crime rate that is lower than the national average. According to NeighborhoodScout, the town’s crime rate is 38% lower than the national average. This makes it a great place to live, work, and visit.
Guests
The majority of the guests come from inside of California. 18.32% of all guests are from Los Angeles followed by San Diego with 8.71%.
Visitors and Tourist Attractions
Big Bear City, CA, attracts visitors from all over the world, with the majority coming from California, Nevada, and Arizona. The town sees an estimated 4 million visitors annually, making tourism a significant part of the local economy. Some of the biggest tourist attractions in Big Bear City, CA, include Big Bear Lake, Snow Summit Ski Resort, and Bear Mountain Ski Resort. Other popular activities include fishing, hiking, and boating.
Peak Season
The peak season in Big Bear City, CA, is during the winter months when skiing and snowboarding are at their best. The winter season typically runs from November to April. However, the town also experiences a surge in tourism during the summer months when visitors flock to the lake for boating, swimming, and fishing. The summer season typically runs from May to October.
Median Household Income
The median household income in Big Bear City, CA, is $57,121 according to the United States Census Bureau. This is lower than the national average, but the cost of living in Big Bear City, CA, is also lower than in many other parts of California.
Additionally, the average property tax is 0.90% according to SmartAsset, which is lower than the national average.
Conclusion
In conclusion, the short-term rental market in Big Bear City, CA, is healthy and profitable. With 3,692 active short-term rentals, an average daily rate of $442.60, and an annual revenue of $52,800, property owners can expect a high return on their investment. Additionally, the average gross yield of 8.84% is higher than the national average, making short-term rentals a lucrative investment option. The city’s investor-friendly regulations further add to the appeal of owning a short-term rental property in Big Bear City, CA.
