Introduction
Hudson, New York, nestled in the picturesque Hudson Valley, has become a hotspot for short-term rentals, particularly through platforms like Airbnb. This charming city offers a unique blend of historic architecture, cultural attractions, and natural beauty, making it an ideal destination for travelers seeking an authentic experience. In this guide, we delve into the dynamics of the short-term rental market in Hudson, exploring key data points, market trends, and insights for both homeowners and visitors.
Understanding the Market Landscape
Key Data Points
According to recent data:
- Homes Depreciated: The housing market in Hudson experienced a 3.10% depreciation, indicating a potential opportunity for property investment.
- Median Home Value: The median home value stands at $372,040, reflecting the overall property market in the area.
- Active Short-term Rentals: Chalet reports 316 active short-term rentals, showcasing the popularity of this accommodation option.
- Average Daily Rate: The average daily rate for short-term rentals is $343.80, indicating the potential rental income for homeowners.
- Occupancy Rate: With an occupancy rate of 48%, homeowners can expect consistent bookings throughout the year.
- Annual Revenue: Short-term rentals generate an annual revenue of $51,200, highlighting the lucrative nature of this market.
- Average Gross Yield: The average gross yield stands at 13.76%, showcasing the return on investment for property owners.
- Average Property Tax: Property owners should factor in an average property tax rate of 2.27% when assessing profitability.
