Introduction
Fayetteville, AR, nestled in the picturesque Ozark Mountains, is not just a college town but also a burgeoning hub for short-term rentals. With its vibrant culture, scenic beauty, and a thriving economy, Fayetteville offers an enticing landscape for property investors seeking to capitalize on the Airbnb phenomenon.
Market Trends
According to Zillow, homes in Fayetteville depreciated by 4.20% recently, a trend that might concern traditional homeowners but presents an opportunity for short-term rental investors. Despite the depreciation, the median home value stands at a respectable $344,753, offering a solid foundation for investment.
Short-Term Rental Landscape
Chalet reports a robust short-term rental market in Fayetteville, with 723 active listings. The average daily rate is $229, with an occupancy rate of 46%, resulting in an annual revenue of $32,000 per property. These figures translate to an average gross yield of 9.28%, making Fayetteville an attractive destination for Airbnb investors.
Financial Considerations
SmartAsset data reveals that the average property tax in Fayetteville is 0.91%, a factor investors must factor into their financial calculations.
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Responding to Key Questions
Median Household Income
The median household income in Fayetteville, AR, is $41,278, showcasing the economic diversity of the region.
Climate
Fayetteville experiences a humid subtropical climate, characterized by hot, humid summers and mild winters, making it a desirable destination year-round.
Population Size
As of the latest data, Fayetteville boasts a population of approximately 87,590 residents, a number that continues to grow steadily.
Sports Teams
Fayetteville is home to the University of Arkansas Razorbacks, with a passionate following for their football, basketball, and baseball teams.
Colleges
Apart from the University of Arkansas, Fayetteville is also home to several other educational institutions, contributing to its vibrant atmosphere.
Crime Rate
Fayetteville maintains a relatively low crime rate compared to national averages, ensuring a safe environment for residents and visitors alike.
Visitor Demographics
Visitors flock to Fayetteville from across the country, drawn by its cultural events, outdoor activities, and academic institutions.
Total Number of Visitors
With its diverse attractions, Fayetteville attracts thousands of visitors annually, contributing significantly to its economy.
Tourist Attractions
From the stunning Botanical Garden of the Ozarks to the historic Fayetteville Downtown Square, the city offers a plethora of attractions for tourists to explore.
Peak Season
The peak season in Fayetteville typically coincides with events such as the Bikes, Blues & BBQ Festival in September and the Fayetteville Roots Festival in August, attracting crowds and driving up demand for short-term rentals.
Conclusion
In conclusion, Fayetteville, AR, emerges as a promising frontier for Airbnb investors, with its steady market growth, favorable financial metrics, and diverse array of attractions. By tapping into this vibrant market, investors can unlock significant potential for lucrative returns while contributing to the city’s burgeoning tourism industry. Whether it’s exploring the natural beauty of the Ozarks or immersing oneself in the city’s cultural tapestry, Fayetteville offers a wealth of opportunities for both investors and visitors alike.
