Introduction
Big Bear City, California, is a picturesque mountain town nestled in the San Bernardino Mountains. Known for its stunning natural beauty and numerous recreational opportunities, this charming town has become a popular destination for tourists and vacationers. With the rise of platforms like Airbnb, the short-term rental market in Big Bear City has experienced significant growth in recent years. In this blog post, we’ll dive deep into the data to understand the current state of the short-term rental market in Big Bear City and answer some crucial questions about the area.
Key Market Statistics
Let’s start by examining some key market statistics that shed light on the current state of short-term rentals in Big Bear City:
1. Property Values
According to Zillow, the median home value in Big Bear City is $417,813. While this may be a concern for potential property investors, it’s important to consider that the short-term rental market can offer a lucrative alternative to traditional long-term renting.
2. Property Depreciation
Zillow reports a depreciation of -0.50% in home values in Big Bear City. While this may not be encouraging for homeowners, short-term rentals offer a chance to generate income and potentially offset the depreciation.
3. Short-Term Rental Supply
As of the most recent data available from Chalet, there are a total of 1,655 active short-term rentals in Big Bear City. This indicates a robust market with plenty of opportunities for property owners to list their homes.
4. Rental Rates and Occupancy
The average daily rate for short-term rentals in Big Bear City stands at $361.60, with an occupancy rate of 39%. This data suggests that demand for short-term rentals in the area remains strong.
5. Annual Revenue
Chalet also reports that the annual revenue for short-term rentals in Big Bear City is approximately $43,500. This figure showcases the income potential for property owners in the short-term rental market.
7. Gross Yield and Property Tax
The average gross yield for short-term rentals in Big Bear City is 10.43%, making it an attractive option for investors. Property tax in the area is relatively low at 0.90%, which can positively impact the return on investment.
