Introduction
Duluth, Minnesota, a city known for its stunning natural beauty and vibrant cultural scene, has been gaining traction in the short-term rental market. As property owners look for lucrative investment opportunities and travelers seek unique accommodations, Duluth’s Airbnb market has seen significant growth. In this blog post, we will delve into the short-term rental landscape in Duluth, offering valuable insights and data to help property owners, tourists, and anyone interested in this market. We will also answer some essential questions about Duluth to provide a comprehensive overview.
A Growing Market
According to data from Chalet, Duluth currently boasts 421 active short-term rentals.
Key Market Statistics
Property Values
Zillow reports that the median home value in Duluth is $251,827. Property owners in Duluth can take advantage of their real estate investments by participating in the short-term rental market.
Home Appreciation
Although property values in Duluth have seen a 5.60% depreciation, the potential revenue from short-term rentals can offset this trend. Investors can still benefit from the thriving vacation rental scene.
Rental Metrics
Chalet data reveals that the average daily rate for short-term rentals in Duluth is $264.90. The occupancy rate stands at a healthy 55%, contributing to an annual revenue of $45,100 for short-term rental property owners. With an average gross yield of 27.91%, it’s clear that the Duluth short-term rental market is a lucrative opportunity.
Property Taxes
SmartAsset reports that the average property tax in Duluth is 1.18%. Understanding local tax regulations is crucial for property owners to make informed decisions.
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Essential Information about Duluth
To provide a comprehensive overview, let’s address some fundamental questions about Duluth, MN:
Median Household Income
The median household income in Duluth, MN is $51,962. This information is valuable for understanding the local economic landscape.
Climate
Duluth experiences a humid continental climate, characterized by cold winters and mild summers. It’s essential to consider the weather when planning your visit or managing short-term rentals.
Population
As of my last knowledge update in January 2022, Duluth had a population of approximately 85,884. It’s worth checking for the most up-to-date figures to better understand the city’s growth.
Sports Teams
Duluth is home to several sports teams, including the University of Minnesota Duluth Bulldogs, who compete in various college sports.
Colleges
Duluth is known for its educational institutions, including the University of Minnesota Duluth and Lake Superior College.
Crime Rate
Duluth’s crime rate is influenced by various factors, and it’s important to check with local authorities for the latest statistics.
Tourism in Duluth
To cater to the short-term rental market, it’s crucial to understand the tourist landscape in Duluth. Here are some key insights:
Visitors and Tourist Attractions
Visitors are drawn to Duluth for its breathtaking landscapes, including Lake Superior and the Aerial Lift Bridge. With an array of outdoor activities, museums, and cultural events, Duluth has become a sought-after destination.
Peak Season
Duluth experiences a peak tourist season during the summer months, from June to August. During this time, travelers flock to the city to enjoy outdoor activities and cultural festivals.
Conclusion
Duluth, MN, presents a promising opportunity for property owners and a delightful destination for tourists. The short-term (Airbnb) rental market is thriving, with impressive growth in supply and favorable rental metrics. By understanding key market statistics, local information, and the tourism landscape, individuals can make informed decisions about short-term rentals in Duluth. Whether you’re considering investing in the market or planning a vacation, Duluth’s unique charm and economic potential make it a city worth exploring.
