Introduction
Ithaca, New York, renowned for its stunning natural beauty, vibrant culture, and world-class education institutions, has become a hotbed for short-term rentals, commonly listed on platforms like Airbnb. In this blog post, we will delve into the short-term rental market in Ithaca, analyzing key data points and addressing various aspects related to this burgeoning industry. Whether you’re a potential investor, traveler, or simply curious about the state of short-term rentals in Ithaca, we’ve got you covered.
The State of the Housing Market
Before we dive into the world of short-term rentals, let’s first understand the backdrop of Ithaca’s housing market:
Home Appreciation and Value
According to Zillow, homes in Ithaca experienced a 7.70% depreciation, with a median home value of $312,727. This data highlights the unique dynamics of the housing market in the area.
Short-Term Rentals in Ithaca
Market Overview
As of the latest data available from Chalet, there are a total of 509 active short-term rentals in Ithaca. This substantial number indicates the popularity of short-term rentals in the area.
Financial Snapshot
Average Daily Rate
The average daily rate for these short-term rentals stands at a respectable $284.70, contributing significantly to the local economy.
Occupancy Rate
Ithaca’s short-term rental occupancy rate is 56%, emphasizing the consistent demand for accommodation in the region.
Annual Revenue
The annual revenue generated by short-term rentals in Ithaca amounts to an impressive $45,400, further underscoring the potential for investment in this market.
Investment Potential
With an average gross yield of 14.52%, investors may find the Ithaca short-term rental market quite enticing, especially when considering the potential return on investment.
Property Taxes
For those interested in investing, it’s crucial to note that the average property tax in Ithaca is 2.42%, which may impact your overall financial planning.
