Introduction
Charleston, South Carolina, renowned for its rich history, stunning architecture, and vibrant culture, is not only a popular tourist destination but also a thriving market for short-term rentals.
Whether you’re a local homeowner considering Airbnb as a supplemental income source or an investor eyeing the Charleston market, understanding its dynamics is crucial.
In this guide, we’ll delve into the intricacies of the short-term rental market in Charleston, examining key metrics, market trends, and factors driving demand.
Market Overview
According to Zillow, the median home value in Charleston stands at $564,285, with homes appreciating by 7.97% recently. Despite this, Charleston remains an attractive destination for short-term rental investors, with Chalet reporting 1,924 active listings in the market.
The average daily rate for these rentals is $230, with an occupancy rate of 60%, leading to an annual revenue of $48,284. This translates to an impressive average gross yield of 8.56%. Charleston Airbnb management are becoming increasingly important for property owners looking to maximize their returns.
Investment Potential
The allure of Charleston’s short-term rental market lies not only in its high occupancy rates and substantial revenue but also in its favorable investment environment. With an average property tax rate of 0.45%, investors can maximize their returns while mitigating operational costs.
