Introduction
Spokane, Washington, a city known for its breathtaking natural beauty, thriving cultural scene, and outdoor recreational opportunities, has been attracting visitors from all over the world. As a result, the short-term rental market in Spokane, often facilitated by platforms like Airbnb, has seen significant growth. In this blog post, we’ll delve into the key data points and trends surrounding this thriving market, offering valuable insights for potential investors and curious travelers alike.
Spokane’s Real Estate Landscape
Before diving into the short-term rental market, let’s take a quick look at Spokane’s real estate scene. According to Zillow, homes in Spokane have experienced a modest depreciation of -0.30%, with a median home value of $377,349. These figures set the stage for understanding the potential profitability of short-term rentals in the area.
Short-Term Rental Overview
With 995 active short-term rentals listed on Airbnb, Spokane has emerged as a popular destination for travelers seeking unique and personalized lodging experiences. Chalet, a platform specializing in short-term rental data analytics, provides us with a comprehensive snapshot of the market:
Key Data Points
- Average Daily Rate: $163.50
- Occupancy Rate: 58%
- Annual Revenue for Short-Term Rentals: $28,100
- Average Gross Yield: 7.45%
This data reflects a healthy short-term rental market that can be quite lucrative for property owners looking to capitalize on Spokane’s appeal to tourists and business travelers alike.
