The short-term (Airbnb) rental market in Saint Paul, MN has seen a significant increase in supply and demand over the past few years. As the capital of Minnesota, Saint Paul has a rich history and diverse culture that attracts visitors from all over the world.
In this guide, we will explore the state of the Airbnb rental market in Saint Paul, including data points such as home values, occupancy rates, and revenue.
Additionally, we will answer some key questions about Saint Paul, including the median household income, population size, and top tourist attractions.
Home Values in Saint Paul, MN
According to Zillow, the median home value in Saint Paul is $277,076. Interestingly, homes in the area appreciated 2.20% over the past year, indicating a relatively stable market. This is in contrast to other areas of the country, which have seen significant appreciation in recent years.
Short-Term (Airbnb) Rental Market in Saint Paul, MN
There are currently 794 active short-term rentals in Saint Paul, according to Chalet. The average daily rate for these rentals is $179.50, and the occupancy rate is 57%. This translates to an annual revenue of $29,700 for Airbnb rental hosts. The average gross yield for short-term rentals is 10.72%.
Investor-Friendly Airbnb Rental Laws and Regulations
One reason for the increase in the supply of short-term rentals in Saint Paul may be the investor-friendly Airbnb rental regulation. While there are regulations in place, such as a limit on the number of rental licenses available, they are not overly restrictive. This allows for a healthy market of short-term rentals in the city.
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Saint Paul, MN: Quick Facts
Before diving further into the short-term rental market in Saint Paul, let’s answer some quick questions about the city:
- Median household income: According to the United States Census Bureau, the median household income in Saint Paul is $62,206.
- Climate: Saint Paul has a humid continental climate, with cold winters and warm summers.
- Population size: As of 2021, the population of Saint Paul is approximately 308,000 people.
- Sports teams: Saint Paul is home to the Minnesota Wild of the National Hockey League (NHL).
- Colleges: Some notable colleges in Saint Paul include the University of St. Thomas and Macalester College.
- Crime rate: The crime rate in Saint Paul is higher than the national average. However, the city has seen a decrease in crime over the past few years.
- Visitor demographics: According to Visit Saint Paul, the majority of visitors to the city come from within the state of Minnesota. However, there is also a significant number of visitors from neighboring states such as Wisconsin and Iowa.
- Total number of visitors: In 2019, the city of Saint Paul welcomed 12.5 million visitors.
- Top tourist attractions: Some of the most popular tourist attractions in Saint Paul include the Cathedral of Saint Paul, the Minnesota State Capitol, and the Science Museum of Minnesota.
- Peak season: The peak season in Saint Paul typically runs from May to September, with the summer months being the busiest.
Conclusion
The short-term rental market in Saint Paul, MN is thriving, with a healthy supply and demand for rentals. The investor-friendly regulation and stable home values make it an attractive market for those looking to invest in Airbnb rentals. As a city, Saint Paul offers a rich cultural experience for visitors, with top tourist attractions such as the Cathedral of Saint Paul and the Science Museum of Minnesota.
The majority of visitors come from within the state of Minnesota, but there is also a significant number of visitors from neighboring states. The peak season in Saint Paul typically runs from May to September, with the summer months being the busiest.
As with any investment opportunity, it is important to conduct thorough research and due diligence before investing in the short-term rental market in Saint Paul or any other city. However, with its stable market and thriving tourism industry, Saint Paul presents a promising opportunity for those looking to invest in short-term rentals.
