Introduction
When it comes to short-term rentals, or Airbnb properties, Rochester, NY has become an increasingly attractive destination for both hosts and travelers. With a stable housing market, a growing number of active short-term rentals, and a favorable average gross yield, Rochester is making waves in the vacation rental industry. In this blog post, we’ll delve into the key statistics and insights about the short-term rental market in Rochester, NY, while also addressing some crucial questions about the city.
Key Market Data
Let’s start by looking at some essential data points that highlight the current state of the Airbnb rental market in Rochester:
1. Property Value and Depreciation
According to Zillow, the median home value in Rochester, NY is $204,181, and homes have depreciated by 0.00%. This stability in property values can be reassuring for potential short-term rental investors.
2. Short-Term Rentals Overview
Chalet reports that there are 1,024 active short-term rentals in Rochester, NY. This indicates a thriving market with numerous opportunities for hosts and property owners.
3. Average Daily Rate and Occupancy
The average daily rate for short-term rentals in Rochester is $166.30, with an occupancy rate of 52%. These figures suggest that hosts in Rochester can achieve a reasonable income from their properties.
4. Annual Revenue and Yield
Chalet also reveals that the annual revenue generated by short-term rentals in Rochester, NY averages at $25,000, resulting in an average gross yield of 12.24%. This competitive yield is likely to attract more investors to the market.
5. Property Tax
Property taxes can be a significant factor for short-term rental investors. According to SmartAsset, the average property tax in Rochester is 2.27%, which is an important consideration when calculating potential returns.
