Regulations
Raleigh’s short-term rental regulations are somewhat investor-friendly, with different zoning regulations and limitations in place. Understanding these regulations is crucial for potential investors to ensure compliance and a smooth operation.
Top Places for Airbnb in Raleigh
Raleigh’s top submarkets for Airbnb investments include areas like ZIP code 27604, which has the highest gross yield at 7% and an annual revenue of $23,230. In contrast, ZIP code 27610 offers more extensive opportunities with 501 full-time listings, but a lower gross yield of 6%.
Hosts
The market is dominated by property management firms. The largest host is RoomPicks with 4.53% of the total inventory and an average review of 5.00 ⭐️s .
Exploring Raleigh, NC
Now that we have examined the key aspects of the short-term (Airbnb) rental market in Raleigh, let’s delve into some essential information about the city itself.
Median Household Income
The median household income in Raleigh, NC, is not mentioned in the provided data points. However, as of my knowledge cutoff date in September 2021, the median household income in Raleigh was approximately $67,000 per year. It’s worth noting that this figure may have changed, and it’s advisable to refer to the latest data for the most accurate information.
Climate and Population Size
Raleigh, like much of North Carolina, experiences a humid subtropical climate. The summers are hot and humid, with average temperatures ranging from the 80s to low 90s Fahrenheit (around 26-35 degrees Celsius). Winters are generally mild, with temperatures averaging in the 40s and 50s Fahrenheit (around 4-15 degrees Celsius).
As for the population size, Raleigh has been experiencing rapid growth in recent years. As of my knowledge cutoff date, the estimated population of Raleigh was around 474,000. However, it’s essential to note that this number may have increased since then due to the city’s ongoing development and population influx.
Guests
The majority of the guests come from inside of North Caroline. 4.96% of all guests are from Raleigh followed by Charlotte with 3.51%.
Sports Teams and Colleges
Raleigh is home to several notable sports teams, including:
- Carolina Hurricanes (NHL): The Carolina Hurricanes are a professional ice hockey team based in Raleigh. They have a dedicated fan base and play their home games at the PNC Arena.
- North Carolina FC (USL League One): North Carolina FC is a professional soccer team based in Cary, a neighboring town of Raleigh. They compete in the USL League One and play their home matches at the WakeMed Soccer Park.
Raleigh is also known for its renowned educational institutions, including:
- North Carolina State University (NCSU): NCSU is a prominent public research university located in Raleigh. It is known for its strong programs in engineering, agriculture, and veterinary sciences.
- Meredith College: Meredith College is a private liberal arts college for women located in Raleigh. It offers a wide range of undergraduate and graduate programs in various disciplines.
Crime Rate and Tourist Attractions
Unfortunately, the provided data points do not include information about the crime rate in Raleigh, NC. It’s advisable to refer to the latest crime statistics or official sources for the most accurate and up-to-date information on crime rates in the city.
Raleigh boasts a diverse range of tourist attractions that cater to a variety of interests. Some of the notable attractions include:
- North Carolina Museum of Natural Sciences: This museum is the largest natural history museum in the Southeast and offers a wide range of exhibits, including dinosaur fossils, live animals, and interactive displays.
- North Carolina Museum of Art: The North Carolina Museum of Art features an extensive collection of artworks, including European paintings, American art, and contemporary works. The museum also has beautiful outdoor sculpture gardens.
- Pullen Park: Pullen Park is a picturesque park in Raleigh with various recreational activities, including paddle boats, a miniature train ride, and a historic carousel. It’s a popular spot for families and outdoor enthusiasts.
- Marbles Kids Museum: Designed for children, Marbles Kids Museum offers interactive exhibits and hands-on activities that engage young minds in science, art, and imaginative play.
Visitor Demographics and Peak Season
While the data points provided do not specifically mention the visitor demographics or the total number of visitors to Raleigh, NC, it’s worth noting that Raleigh attracts visitors from various locations. As the capital city of North Carolina and a hub for research, technology, and education, Raleigh draws both domestic and international visitors.
The peak season in Raleigh typically aligns with the summer months, from June to August. During this time, the city experiences pleasant weather and hosts various events and festivals. However, it’s essential to note that Raleigh has a thriving business and academic scene, leading to consistent tourism throughout the year.
Conclusion
The short-term rental market in Raleigh, NC, presents an appealing opportunity for real estate investors. With steady home appreciation, a favorable median home value, healthy occupancy rates, and a growing supply of Airbnb rentals, Raleigh offers a potentially profitable investment landscape. Moreover, the city’s somewhat investor-friendly regulations and the potential ease of operating short-term rentals make it an attractive destination.
Beyond the real estate market, Raleigh’s diverse attractions, vibrant culture, and strong educational institutions contribute to its allure as a tourist destination. Whether visitors are interested in museums, parks, sports events, or exploring the city’s lively atmosphere, Raleigh has something to offer for everyone.
As with any investment, it’s crucial to conduct thorough research, analyze the latest data, and consult with local experts to make informed decisions. By keeping a pulse on the market trends and understanding the dynamics of Raleigh’s short-term rental market, investors can position themselves for success in this dynamic and promising city.
