Introduction
Pittsburgh, Pennsylvania, is a city with a rich history, diverse culture, and a growing tourism industry. With its unique neighborhoods, vibrant arts scene, and a plethora of sporting events, Pittsburgh has become an attractive destination for travelers looking for short-term accommodations. In this blog post, we will delve into the short-term (Airbnb) rental market in Pittsburgh, exploring key statistics, trends, and insights to help both hosts and travelers navigate this thriving market.
The Real Estate Landscape in Pittsburgh
Before diving into the world of short-term rentals, let’s take a look at the state of Pittsburgh’s real estate market. According to Zillow, homes in Pittsburgh have experienced a 5.60% depreciation, which may suggest affordability for potential buyers. The median home value stands at $222,433, making it an enticing market for real estate investors.
Short-Term Rentals in Pittsburgh
Market Size and Growth
Chalet, a platform specializing in vacation rental data, reports that Pittsburgh boasts a total of 2,408 active short-term rentals.
Rental Performance
To gauge the financial viability of short-term rentals in Pittsburgh, let’s examine key performance metrics:
- Average Daily Rate (ADR): According to Chalet, the average daily rate for short-term rentals in Pittsburgh is $170.40. This competitive rate makes it an attractive option for travelers.
- Occupancy Rate: The occupancy rate in Pittsburgh’s short-term rental market stands at 53%, reflecting healthy demand from visitors.
- Annual Revenue: Collectively, short-term rentals in Pittsburgh generate an annual revenue of $27,800, showcasing their potential as a lucrative investment.
- Average Gross Yield: With an average gross yield of 12.50%, short-term rental properties in Pittsburgh offer a promising return on investment.
