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.
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Understanding Ithaca, NY
Now that we’ve delved into the short-term rental market in Ithaca, let’s explore some key aspects of the city:
Median Household Income
The median household income in Ithaca, NY, is a significant factor to consider when assessing the affordability and target audience for short-term rentals.
Climate
Ithaca experiences a temperate climate with four distinct seasons, making it an attractive destination year-round for travelers.
Population
The city boasts a diverse population, with varying demographics that contribute to the demand for short-term rentals.
Sports Teams
Ithaca, NY, is home to the Cornell University Big Red, known for its competitive sports teams and events.
Educational Institutions
The city is famous for being home to prestigious institutions like Cornell University and Ithaca College, drawing students, faculty, and visitors from around the world.
Crime Rate
Understanding the safety of a destination is crucial for travelers, and Ithaca maintains a crime rate that aligns with its status as a welcoming community.
Visitor Demographics
Chalet data can provide insights into the origin of visitors and their preferences when staying in short-term rentals in Ithaca.
Tourist Attractions
Discover the must-visit places in Ithaca, NY, that drive tourism and create demand for short-term rentals.
Peak Season
Find out when Ithaca experiences its peak tourist season, which can greatly impact short-term rental occupancy rates and pricing.
Conclusion
In conclusion, the short-term rental market in Ithaca, NY, is thriving, offering lucrative opportunities for investors and a variety of accommodation choices for travelers. With its unique blend of natural beauty, educational institutions, and cultural attractions, Ithaca continues to attract visitors from across the globe. Whether you’re considering investing in the short-term rental market or planning a trip to this charming city, understanding the data and dynamics outlined in this blog post will undoubtedly enhance your experience and decision-making process.
