Broken Bow, Oklahoma, a city in the heart of McCurtain County, is steadily rising in popularity among vacationers and investors alike. Known for its beautiful landscapes and inviting community, it’s no surprise that the Airbnb rental market here is booming.
This guide will dive deep into the key statistics, facts, and figures that characterize the short-term (Airbnb) rental market in Broken Bow, OK, while also touching on some local features of the city that may be influencing this trend.
Market Overview
To understand the dynamics of the short-term rental market in Broken Bow, let’s delve into some key statistics and figures.
Supply
The most popular homes are 2-bedroom homes, comprising 26.81% of inventory. This is followed by 1 and 3-bedroom homes at 25.78% and 23.73% of the total inventory, respectively.
Homes Appreciation
As of October 2024, according to Zillow, homes in Broken Bow experienced an depreciation of -7.51%. This data indicates a significant decrease in property values.
Median Home Value
As of October of 2024, Homes in Broken Bow have depreciated by -7.51%. The median home value in Broken Bow is $292,400 as reported by Zillow. This figure highlights the city’s robust real estate market and the potential for long-term property appreciation.
Active Short Term Rentals
As of October 2024, Broken Bow boasts a significant Airbnb rental market, with approximately 194 active rentals. This abundance of available properties provides ample opportunities for investors and homeowners looking to capitalize on the tourism demand.
Average Daily Rate
The median ADR for the market is $353. The Average Daily Rate is the highest for 5-bedroom homes ($426) followed by 4-bedrooms and 3 bedrooms at $365 and $298 respectively.
Occupancy Rate
Chalet data reveals an occupancy rate of 42% for Airbnb rentals in Broken Bow. This high demand ensures a consistent stream of income for property owners and investors.
How Profitable is Airbnb in Broken Bow ?
As of October 2024, the average gross yield, which represents the annual income generated by a property as a percentage of its value, is 22.18% in Broken Bow. This figure suggests that short-term rentals in the city offer a favorable return on investment. Broken Bow is ranked #6 by return on investment on Airbnb rentals in the United States.
Annual Revenue
According to Chalet, short-term rentals in Broken Bow earn an average of $41,744 annually, highlighting the strong investment potential in the city’s market. You can evaluate your properties using our free Airbnb calculator.
Property Tax
According to SmartAsset, the average property tax in Broken Bow is 0.44%. This relatively moderate tax rate is an important consideration for those looking to invest in short-term rental properties.
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Regulations
Broken Bow’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.
Local Economy and Demographics
As of this writing, the median household income, population size, and crime rate of Broken Bow, OK are being researched and will be updated soon.
Hosts
The market is not dominated by property management firms. The largest host is Rustin with 4.87% of the total inventory and an average review of 4.88⭐️s .
Climate and Recreation
Broken Bow has a temperate climate with significant rainfall throughout the year, making it an ideal location for outdoor activities. The city is home to several sports teams, and the list of these will be updated soon.
Education
There are several colleges in and around Broken Bow, and a comprehensive list of these will be provided soon.
Guests
The majority of the guests come from outside of Oklahoma. 12.18% of all guests are from Dallas followed by Fort Worth with 4.61%.
Tourism and Visitors
Broken Bow sees a sizable influx of visitors annually, although the exact number is currently being researched. Visitors mainly come from other parts of Oklahoma and neighboring states, attracted by the area’s natural beauty and tranquil atmosphere.
The biggest tourist attractions include Broken Bow Lake, Beavers Bend State Park, and Hochatown State Park, among others. The peak season for visiting Broken Bow is during the summer and fall months when the weather is most favorable for outdoor activities and sightseeing.
In conclusion, the short-term rental market in Broken Bow, OK presents a compelling investment opportunity, thanks to robust market performance, a supportive regulatory environment, and the city’s popularity among tourists. However, like any investment, it’s crucial to conduct thorough research and consider all relevant factors before diving in. With its upward trajectory, it will be interesting to observe the future developments in Broken Bow’s short-term rental market.
