Introduction
Hampton, Virginia, a city steeped in history and culture, has become an attractive destination for tourists and travelers. With a mix of beautiful beaches, historical landmarks, and vibrant communities, it’s no wonder that the short-term rental market, including Airbnb listings, has been thriving in this coastal gem. In this blog post, we’ll delve into the intricacies of Hampton’s short-term rental market, providing valuable insights for both hosts and travelers.
The Real Estate Landscape
Before we dive into the specifics of the short-term rental market, let’s take a look at Hampton’s real estate scene. According to Zillow, homes in Hampton depreciated by 7.60% recently, with a median home value of $259,034. This data suggests that property values in Hampton remain relatively stable, making it an attractive place for real estate investment.
Short-Term Rentals in Hampton, VA
Supply and Demand
Chalet, a reputable source for short-term rental data, reports that there are currently 338 active short-term rentals in Hampton, VA. This signifies a significant presence of Airbnb and similar listings in the city, indicating a robust demand from visitors.
Pricing and Occupancy
The average daily rate for these short-term rentals is $243.40, showcasing the potential for hosts to generate income. The occupancy rate stands at 49%, indicating that these properties are frequently booked throughout the year. This translates to an annual revenue of $36,900 for hosts in Hampton.
Investment Potential
With an average gross yield of 14.25%, Hampton, VA, is undoubtedly an appealing destination for property investors seeking to enter the short-term rental market. Moreover, the average property tax rate is relatively low at 0.99%, making it an advantageous financial environment for hosts.
