Introduction
Nestled in the breathtaking Wasatch Mountains of Utah, Park City has long been a coveted destination for outdoor enthusiasts and adventure seekers. With its world-class skiing, vibrant arts scene, and stunning natural beauty, it’s no wonder that Park City has become a hotspot for short-term rentals, often found on platforms like Airbnb. In this comprehensive guide, we’ll dive deep into the short-term rental market in Park City, UT, exploring key statistics, market trends, and answering questions about the local community and attractions.
Key Statistics
Let’s start by delving into some critical statistics that shed light on the Airbnb and short-term rental market in Park City:
1. Property Values and Depreciation
According to Zillow, the median home value in Park City stands at a staggering $1,538,743. However, homeowners in the area have seen a 0.00% depreciation in their properties. This indicates a unique opportunity for those looking to enter the short-term rental market, as more property owners may be motivated to put their homes up for rent.
2. Short-Term Rental Supply and Demand
Park City boasts a robust short-term rental market, with a staggering 6,432 active listings, as reported by Chalet. The average daily rate for these rentals is $695, and the occupancy rate is 52%. This translates to an annual revenue of approximately $94,200 for property owners. The short-term rental market in Park City is undoubtedly thriving.
3. Investment Potential
For potential investors, the average gross yield in Park City’s short-term rental market is an attractive 6.12%. This metric showcases the financial viability of entering this market.
4. Property Taxes
According to SmartAsset, the average property tax in Park City, UT, is 0.71%, which is relatively moderate, further enhancing the investment appeal of the region.
