Introduction
When it comes to short-term rentals, or Airbnb properties, Irving, TX, has emerged as a noteworthy player in the market. With its appealing blend of affordable homes and a thriving tourist scene, this Texan city is becoming an attractive destination for both property investors and vacationers. In this blog post, we’ll delve into the intricacies of the short-term rental market in Irving, providing insights, statistics, and answers to some key questions.
Market Overview
Property Appreciation and Value
According to data from Zillow, homes in Irving have experienced a modest depreciation rate of 3.60%. However, the median home value remains relatively high at $344,587, making it a promising market for property investment.
Short-Term Rental Inventory
As of the latest available data from Chalet, there are currently 539 active short-term rentals in Irving. This substantial inventory indicates a robust market for those interested in Airbnb or other vacation rental opportunities.
Rental Performance
The average daily rate for short-term rentals in Irving stands at $149.10, with an occupancy rate of 53%. This translates to an annual revenue of approximately $24,000 per property, showcasing the potential for investors to generate a steady income.
Return on Investment
Investors in Irving’s short-term rental market can expect an average gross yield of 6.96%, which is a competitive return on investment compared to other real estate markets.
Property Tax Considerations
Property investors should also be aware of the average property tax rate in Irving, which stands at 1.77%, according to SmartAsset. Understanding these financial aspects is crucial for making informed investment decisions.
