Introduction
Jackson, Wyoming, known for its stunning landscapes, vibrant wildlife, and outdoor recreational activities, has become a popular destination for travelers seeking a taste of the Wild West. In recent years, the Airbnb and short-term rental market in Jackson has been thriving, offering a unique opportunity for homeowners to capitalize on the area’s popularity. In this blog post, we will delve into the data and insights related to the short-term rental market in Jackson, Wyoming, and provide you with a comprehensive overview of the current state of affairs.
Jackson’s Real Estate Landscape
Before diving into the short-term rental market, let’s take a look at the broader real estate landscape in Jackson. According to Zillow, homes in Jackson have depreciated by 11.30%, which might raise questions among potential investors. However, it’s crucial to keep in mind that the short-term rental market can operate differently from the traditional housing market. The median home value in Jackson currently stands at a substantial $2,035,160, indicating the desirability of the area for homeowners.
Short-Term Rental Market Overview
Number of Active Rentals
Chalet reports that there are currently 465 active short-term rentals in Jackson, reflecting the high demand for lodging in the area. The increasing popularity of platforms like Airbnb has made it easier for property owners to tap into this thriving market.
Rental Rates and Occupancy
The average daily rate for short-term rentals in Jackson is $540.40, with an occupancy rate of 59%. These numbers indicate a healthy demand for short-term accommodations in the area. Property owners can expect consistent bookings and reasonable rental rates.
Annual Revenue and Yield
Chalet data reveals that the annual revenue for short-term rentals in Jackson averages $89.900, with an average gross yield of 4.42%. This suggests that investing in short-term rentals in Jackson can be a financially rewarding endeavor, especially for those who manage their properties efficiently.
Property Taxes
Property taxes are an important consideration for any real estate investor. In Jackson, the average property tax rate is 0.61%, which can impact the overall profitability of short-term rentals. It’s crucial for property owners to factor this into their financial planning.
