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.
