Introduction
Island Park, ID, located in the picturesque state of Idaho, is a hidden gem for those seeking a tranquil retreat amidst nature’s beauty. With its stunning landscapes, pristine lakes, and proximity to Yellowstone National Park, Island Park has become a sought-after destination for travelers.
As a result, the short-term (Airbnb) rental market in Island Park has experienced significant growth and offers a promising investment opportunity. In this blog post, we will explore the current state of the short-term rental market in Island Park, ID, analyzing key data points and shedding light on the factors contributing to its success.
Market Overview
To understand the dynamics of the short-term rental market in Island Park, we must first examine some essential data points. According to Zillow, home prices in Island Park have experienced a depreciation of -3.10%, indicating a potential opportunity for investors to acquire properties at a lower cost. The median home value stands at $504,860, making Island Park an attractive destination for those seeking an affordable vacation home or investment property.
Short-Term (Airbnb) Rental Statistics
Island Park boasts an impressive number of active Airbnb rentals, with 592 properties listed, as reported by Chalet. This high inventory of available rentals is a testament to the popularity of the region among travelers. The average daily rate for short-term rentals in Island Park is $445.10, indicating healthy demand for accommodations in the area. Moreover, the occupancy rate of 55% demonstrates consistent interest from tourists, ensuring a steady flow of bookings throughout the year.
Based on Chalet’s data, the annual revenue generated by short-term rentals in Island Park amounts to $66,800, showcasing the potential profitability of this market. The average gross yield of 13.23% further emphasizes the lucrative nature of short-term (Airbnb) rental investments in the area. These statistics highlight the opportunity for investors to achieve favorable returns on their properties.
Short-Term (AIrbnb) Rental Regulation
Understanding the regulatory landscape is crucial for investors considering the short-term rental market in Island Park. Currently, short-term rental regulations in Island Park are somewhat investor-friendly, with different zoning regulations and limitations in place.
However, it is essential to stay informed about any new laws or ordinances that may affect the ownership and operation of short-term rentals. There are indications that new laws are in the pipeline that may make it even easier for investors to own and operate short-term rentals in the future.
