The short-term rental market has been booming in recent years, and North Charleston, SC is no exception. With its warm climate, beautiful beaches, and rich history, it is no wonder that the city has become a popular destination for tourists from all over the world.
In this guide, we will explore the trends and insights into the short-term (Airbnb) rental market in North Charleston, SC.
Overview of the Short-term Rental Market
According to Chalet, there are currently 821 active short-term (Airbnb) rentals in North Charleston, SC. The average daily rate for these rentals is $220.40, and the occupancy rate is 57%. These numbers suggest that there is strong demand for short-term (Airbnb) rentals in the area, with visitors willing to pay a premium to stay in a home rather than a hotel.
The annual revenue for Airbnb rentals in North Charleston is $39,300, which is a significant increase compared to previous years.
Market Trends
The Airbnb rental market in North Charleston, SC is growing rapidly, and several trends are contributing to this growth. One of the biggest factors is the appreciation of home values in the area. According to Zillow, homes appreciated 7.50% in North Charleston, SC in the past year. This increase in home values makes it an attractive market for real estate investors who are looking to purchase properties for short-term rental purposes.
The median home value in North Charleston, SC is $296,809, which is a reasonable price for investors who are looking to purchase properties for Airbnb rental purposes. The average gross yield for short-term rentals in the area is 13.24%, which is a healthy return on investment.
Another trend that is contributing to the growth of the short-term rental market in North Charleston, SC is the investor-friendly short-term (Airbnb) rental regulation. Unlike many other cities in the United States, North Charleston, SC has a relatively relaxed regulatory environment for Airbnb rentals. This means that investors can purchase properties and operate them as Airbnb rentals without facing too many bureaucratic hurdles.
The average property tax rate in North Charleston, SC is 0.64%, which is relatively low compared to other cities in the United States. This means that investors can enjoy a relatively low tax burden while still generating healthy returns on their investments.
