Introduction
Wilmington, North Carolina, is not only known for its rich history, stunning coastal landscapes, and vibrant culture but also for its thriving short-term rental market, which is often facilitated through platforms like Airbnb. If you’re considering investing in the Wilmington short-term rental market or planning your next vacation, this blog post will provide you with valuable insights into the current state of the market.
Understanding the Market Trends
Before delving into the details, let’s take a look at some key data points that highlight the short-term rental market in Wilmington, NC:
- Housing Market: According to Zillow, homes in Wilmington have depreciated by 7.00%, making it an attractive option for property investors looking to enter the market. The median home value stands at $395,758.
- Short-term Rentals: Chalet reports a total of 1,565 active short-term rentals in the area. This indicates a significant presence of properties available for rent on platforms like Airbnb.
- Pricing: The average daily rate for these short-term rentals is $206.50, showcasing the competitive pricing within the market.
- Occupancy Rate: The occupancy rate in Wilmington’s short-term rental market is approximately 51%, indicating a steady demand for such accommodations.
- Annual Revenue: According to Chalet, the annual revenue for short-term rentals in Wilmington averages at $32,400, making it an appealing prospect for property owners.
- Yield Potential: Investors can expect an average gross yield of 8.19% from their short-term rental properties, which is quite promising.
- Property Taxes: The average property tax rate in Wilmington stands at 0.78%, which is relatively reasonable compared to other areas.
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Local Insights
Now that we have a better understanding of the market trends, let’s address some important questions about Wilmington, NC, to give you a comprehensive view of the area.
Median Household Income
The median household income in Wilmington, NC, is approximately $46,000. This is essential to gauge the spending power of potential short-term rental guests.
Climate
Wilmington enjoys a pleasant coastal climate with mild winters and warm summers. The region experiences an average of 215 sunny days per year, making it an attractive destination year-round.
Population Size
As of the latest available data, Wilmington’s population size is around 123,744 residents, making it a moderately sized city.
Sports Teams
Wilmington is home to the Wilmington Sharks, a collegiate summer baseball team, and various other sports clubs that contribute to its vibrant sports culture.
Colleges
The city is also known for its educational institutions, including the University of North Carolina Wilmington (UNCW), which adds to the potential pool of visiting students and parents seeking short-term accommodations.
Crime Rate
Wilmington, like any city, has its share of crime, with a crime rate slightly above the national average. However, it’s essential to research specific neighborhoods for a more accurate assessment of safety.
Visitor Insights
Understanding the source of visitors to Wilmington, NC, and its tourist attractions can be invaluable for short-term rental hosts and vacation planners.
Visitor Demographics
Visitors to Wilmington come from various regions, including nearby states such as South Carolina, Virginia, and Florida. The city also attracts tourists from farther afield, drawn by its coastal charm and historic sites.
Total Number of Visitors
Wilmington welcomes millions of tourists annually, making it a sought-after destination for those exploring North Carolina’s coastline.
Tourist Attractions
Some of the biggest tourist attractions in Wilmington include the historic Riverwalk, the USS North Carolina Battleship, the beautiful Airlie Gardens, and the thriving arts scene in the city.
Peak Season
Wilmington experiences its peak tourism season during the summer months, particularly from June to August. This is when the city sees an influx of vacationers eager to enjoy its beaches and outdoor activities.
Conclusion
The short-term rental market in Wilmington, NC, offers exciting opportunities for property investors and memorable vacations for travelers. With its appealing pricing, steady demand, and the city’s numerous attractions, Wilmington is undoubtedly a destination worth exploring for both investors and visitors alike. Whether you’re looking for an income-generating property or a relaxing vacation spot, Wilmington has something to offer.
