Introduction
In recent years, the short-term rental market in Little Rock, Arkansas, has seen a significant surge in popularity. With its unique blend of culture, history, and natural beauty, this charming southern city has become a hot spot for travelers seeking comfortable and convenient accommodation options. In this blog post, we will delve into the thriving Airbnb and short-term rental scene in Little Rock, exploring key data points and answering important questions about the city’s market.
Understanding the Market
Home Values and Depreciation
According to Zillow, the median home value in Little Rock stands at $205,937. Homes in the area have experienced a modest depreciation rate of 2.00%. This data indicates that property values in Little Rock remain relatively stable, making it an attractive destination for real estate investors looking to tap into the short-term rental market.
Short-Term Rental Landscape
Chalet reports that there are currently 539 active short-term rentals in Little Rock, showcasing the city’s growing popularity among hosts. The average daily rate for these rentals is $144, with an occupancy rate of 52%. Annually, these short-term rentals generate a total revenue of $20,900, highlighting the lucrative nature of the market.
Supply Trends
The average gross yield for short-term rentals in Little Rock stands at an appealing 10.15%.
Property Taxes
For potential investors, it’s crucial to consider property taxes. According to SmartAsset, the average property tax rate in Little Rock is 0.68%. Understanding these financial aspects is essential for anyone looking to enter the short-term rental market.
