Introduction
Port Aransas, Texas, often referred to as a “Texan treasure,” is a coastal town situated on Mustang Island in the Gulf of Mexico.
Known for its beautiful beaches, world-class fishing, and charming atmosphere, Port Aransas is a popular destination for tourists seeking a beachside escape.
In recent years, the short-term rental market, primarily facilitated by platforms like Airbnb, has been on the rise in Port Aransas.
This blog post will delve into the dynamics of this thriving market, offering insights and answering essential questions about Port Aransas, its economy, and the factors contributing to the growth of short-term rentals.
Key Market Data
Let’s start by examining some vital statistics related to the short-term rental market in Port Aransas:
Home Values and Depreciation
- According to Zillow, the median home value in Port Aransas is $584,703. However, it’s worth noting that home values have depreciated by -3.30% in recent times, which can be an important factor influencing the growth of the short-term rental market.
Short-Term Rental Supply and Performance
- Chalet data shows that there are 3,413 active short-term rentals in Port Aransas, reflecting the popularity of this form of accommodation in the area.
- The average daily rate for these rentals stands at $478, indicating the potential profitability of the short-term rental market.
- The occupancy rate, a key metric for property owners, is around 48%, suggesting that properties are in demand and ensuring a steady stream of income.
- The annual revenue generated from short-term rentals in Port Aransas is estimated to be $72,100, offering a glimpse into the economic impact of this industry on the local economy.
Market Growth and Property Tax
- The average gross yield for property investors in the short-term rental market is an attractive 12.33%.
- Property tax rates in Port Aransas are relatively modest, with an average of 1.95%, making it an appealing destination for property investors.
Now that we have a clearer picture of the short-term rental market in Port Aransas, let’s delve into the broader context of the town.
