Introduction
Mount Pleasant, South Carolina, is a picturesque coastal town known for its charming neighborhoods, scenic waterways, and historic charm. It’s no surprise that this idyllic destination has become a hotspot for short-term rentals, also commonly referred to as Airbnb rentals. In this blog post, we’ll delve into the thriving short-term rental market in Mount Pleasant, exploring key statistics, market trends, and factors that make this town an attractive destination for vacationers.
Key Market Statistics
Let’s begin by examining some essential statistics that shed light on the short-term rental market in Mount Pleasant, SC:
1. Property Appreciation
According to Zillow, homes in Mount Pleasant have experienced a 11.10% appreciation in value. This indicates that property prices have seen a decline, which could be an encouraging factor for potential investors in the short-term rental market.
2. Median Home Value
The median home value in Mount Pleasant is estimated to be $802,209, making it a desirable location for high-end vacation rentals.
3. Number of Active Short-Term Rentals
Chalet reports that there are currently 460 active short-term rentals in Mount Pleasant, showcasing a robust market for vacation accommodations.
4. Average Daily Rate
The average daily rate for short-term rentals in Mount Pleasant is $309.70, highlighting the potential for lucrative income for property owners.
5. Occupancy Rate
The occupancy rate for short-term rentals in Mount Pleasant stands at 65%, indicating a consistent demand for these properties.
6. Annual Revenue
Chalet’s data reveals that short-term rental owners in Mount Pleasant can expect an annual revenue of approximately $62,400, making it a financially rewarding investment.
7. Gross Yield
The average gross yield for short-term rentals in this town is an impressive 7.78%, making it a competitive market for investors.
8. Property Tax Rate
SmartAsset reports that the average property tax rate in Mount Pleasant is 0.62%, which is a favorable factor for property owners looking to maximize their returns.
