With a population of over 898,000, Columbus, Ohio, is a thriving city with a burgeoning real estate market. The (Airbnb) short-term rental industry, in particular, has seen significant growth over the past few years thanks to a combination of factors, including favorable regulations and a strong demand for lodging from tourists and business travelers.
In this guide, we will delve into the Airbnb rental market in Columbus, OH, using key data points to provide a comprehensive overview of the industry.
Market Overview
To understand the dynamics of the short-term rental market in Columbus, let’s delve into some key statistics and figures.
Supply
The most popular homes are 1-bedroom homes, comprising 33.13% of inventory. This is followed by Studio and 2-bedroom homes at 29.41% and 28.48% of the total inventory, respectively.
Homes Appreciation
As of October 2024, according to Zillow, homes in Columbus experienced an appreciation of 4.38%. This data indicates a significant increase in property values.
Median Home Value
As of October of 2024, Homes in Columbus have appreciated by 4.38%. The median home value in Columbus is $245,000 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, Columbus boasts a significant Airbnb rental market, with approximately 2,567 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 $171. The Average Daily Rate is the highest for 5-bedroom homes ($220) followed by 4-bedrooms and 3 bedrooms at $156 and $129 respectively.
Occupancy Rate
Chalet data reveals an occupancy rate of 58% for Airbnb rentals in Columbus. This high demand ensures a consistent stream of income for property owners and investors.
How Profitable is Airbnb in Columbus ?
As of October 2024, the average gross yield, which represents the annual income generated by a property as a percentage of its value, is 8.98% in Columbus. This figure suggests that short-term rentals in the city offer a favorable return on investment. Columbus is ranked #30 by return on investment on Airbnb rentals in the United States.
Annual Revenue
According to Chalet, short-term rentals in Columbus earn an average of $22,009 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 Columbus is 1.82%. This relatively moderate tax rate is an important consideration for those looking to invest in short-term rental properties.
Hosts
The market is dominated by property management firms. The largest host is GH Hospitality with 4.81% of the total inventory and an average review of 4.81⭐️s .
Location of Columbus, OH
Columbus, OH is located in Franklin County, which is the second-most populous county in Ohio. The city is a hub for business and culture, with several Fortune 500 companies headquartered in the area. Additionally, Columbus is home to the Ohio State University, which attracts a large number of students and visitors.
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Regulations
Columbus 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.
Guests
The majority of the guests come from inside of Ohio. 7.82% of all guests are from Columbus followed by Cincinnati with 3.3%.
Median Household Income
The median household income in Columbus, OH, is $58,575, according to the United States Census Bureau. This income is slightly below the national average, making the city an affordable place to live, work, and visit.
Climate
The climate in Columbus, OH, is typical of the Midwest, with hot summers and cold winters. The average temperature in the summer is around 80 degrees Fahrenheit, and in the winter, it can drop to as low as 20 degrees Fahrenheit. The city also receives an average of 36 inches of snow per year.
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Sports Teams
Columbus, OH, is home to several professional sports teams, including the NHL’s Columbus Blue Jackets, the MLS’s Columbus Crew, and the MiLB’s Columbus Clippers. The city also hosts a range of college sports events throughout the year.
Colleges and Universities
Columbus, OH, is home to several prestigious colleges and universities, including The Ohio State University, Franklin University, and Columbus State Community College.
Crime Rate
The crime rate in Columbus, OH, is slightly above the national average, with a crime index of 5, according to Neighborhood Scout. This means that the city has a moderate crime rate, and residents and visitors should take necessary precautions to stay safe.
Visitors
Columbus, OH, attracts visitors from all over the world. In 2022, the city welcomed close to 43 million trips, making it a popular destination for tourists.
Tourist Attractions
Columbus, OH, is home to several tourist attractions, including the Columbus Zoo and Aquarium, the Franklin Park Conservatory and Botanical Gardens, and the Center of Science and Industry (COSI). The city also has a range of museums, art galleries, and theaters that cater to various interests.
Peak Season
The peak season in Columbus, OH, is during the summer months, from June to August. This is when the weather is most comfortable for outdoor activities. Several events take place, including the Ohio State Fair, the Jazz and Ribs Fest, and the Columbus Arts Festival.
Conclusion
In summary, Columbus, OH, is a thriving city with a growing short-term rental market. With a median home value of $238,286 an appreciation of 6.30%, an average daily rate of $186.60, and an occupancy rate of 50%, the city is an attractive destination for real estate investors. The favorable short-term rental regulation in the city also makes it an investor-friendly market. As the city continues to grow and attract visitors, the short-term rental market is expected to continue to flourish, making Columbus, OH, a worthwhile destination for real estate investment.
