Introduction
Oxford, Ohio, nestled in Butler County, is not only renowned for its academic prestige as the home of Miami University but also for its charming atmosphere and vibrant community. With a growing interest in short-term rentals, particularly through platforms like Airbnb, it’s crucial to delve into the dynamics of the local market. In this guide, we’ll analyze key data points, trends, and factors influencing the short-term rental scene in Oxford, OH.
Understanding the Market Data
Let’s start by examining some essential metrics provided by reliable sources like Zillow and Chalet:
Zillow Insights
- Homes Depreciation: According to Zillow, homes in Oxford, OH, have experienced a depreciation of 4.80%, indicating shifts in property values within the area.
- Median Home Value: The median home value stands at $304,123, offering insights into the housing market’s overall health and stability.
Chalet Statistics
- Active Short-Term Rentals: Chalet reports 150 active short-term rentals in Oxford, OH, underscoring the popularity of such accommodations in the area.
- Average Daily Rate: The average daily rate for these rentals is $460.10, reflecting the pricing dynamics and demand for short-term stays.
- Occupancy Rate: With an occupancy rate of 41%, property owners can gauge the utilization of their rental properties effectively.
- Annual Revenue: The annual revenue generated from short-term rentals amounts to $58,500, providing a snapshot of the earning potential within the market.
- Average Gross Yield: The average gross yield is estimated at 19.24%, offering insights into the profitability of short-term rental investments.
- Property Tax: On average, property tax accounts for 1.49% of the property’s value, serving as a crucial consideration for property owners regarding financial planning and management.
