Introduce
Boise, Idaho, is not only known for its picturesque landscapes and outdoor activities but has also emerged as a thriving short-term rental market. In this blog post, we will delve into the Airbnb and short-term rental scene in Boise, ID, uncovering key statistics and insights that will help both hosts and travelers make informed decisions.
Market Overview
Real Estate Trends
To understand the dynamics of the short-term rental market in Boise, it’s essential to first look at the real estate landscape. According to Zillow, homes in Boise experienced a slight depreciation of 1.80% recently, with a median home value of $473,115. These figures provide valuable context for potential investors looking to enter the market.
Short-term Rental Statistics
Chalet, a platform that analyzes Airbnb and short-term rental data, reports that there are currently 1,239 active short-term rentals in Boise. These properties command an average daily rate of $164.20, resulting in an impressive 60% occupancy rate. The annual revenue for short-term rentals in Boise averages around $28,000, showcasing the potential for profitability in this market. Additionally, the average gross yield is a healthy 5.92%, making it an attractive option for investors.
Property Taxes
Understanding the financial aspects of short-term rentals is crucial. In Boise, the average property tax stands at 0.88%, which is an important factor to consider when calculating potential expenses and returns.
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Boise at a Glance
Before delving deeper into the short-term rental market, let’s get to know Boise a bit better:
Demographics
Boise boasts a median household income that is in line with the national average, creating a diverse and vibrant community.
Climate
Boise experiences a semi-arid climate with hot, dry summers and cold winters. This climatic diversity attracts tourists year-round.
Population
As of my knowledge cutoff date in January 2022, Boise had a population of over 200,000, making it one of the fastest-growing cities in the United States.
Sports Teams
Boise is home to the Boise State Broncos, known for their successful college football program. The city’s sports culture is a point of pride for residents and visitors alike.
Education
Several colleges and universities call Boise home, including Boise State University and the University of Idaho, offering a wide range of educational opportunities.
Safety
Boise generally has a lower crime rate compared to larger metropolitan areas, making it an attractive destination for travelers seeking a safe and welcoming environment.
Tourism in Boise
Visitors and Attractions
Boise welcomes visitors from various locations, with many drawn to its outdoor activities, cultural events, and natural beauty. The city’s total number of visitors fluctuates throughout the year, with peak seasons attracting more tourists.
Attractions
Boise offers a plethora of attractions, including the Boise River Greenbelt, Idaho State Capitol Building, and the Old Idaho Penitentiary. These sites contribute to the city’s appeal among tourists.
Peak Season
The peak season in Boise typically aligns with the summer months, when the weather is warm and outdoor activities are in full swing. This period sees an influx of tourists, making it an opportune time for short-term rental hosts to maximize their earnings.
Conclusion
Boise, ID, presents a promising short-term rental market for investors and a charming destination for travelers. With an array of attractions and a thriving tourism industry, this city offers a unique blend of urban and outdoor experiences. Whether you’re considering hosting on Airbnb or looking for a place to stay during your visit, Boise has much to offer in terms of hospitality and adventure. Keep an eye on market trends, and you may find an exciting opportunity in this growing short-term rental market.
