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.
