Introduction
Nestled in the heart of the Rocky Mountains, Breckenridge, Colorado, is a charming and picturesque town known for its world-class ski resorts, stunning natural beauty, and vibrant cultural scene. It’s no surprise that Breckenridge has become a hotspot for tourists seeking the perfect winter wonderland or summer escape. With the growth of the short-term rental market, including Airbnb listings, Breckenridge has witnessed significant changes in its real estate landscape. In this blog post, we’ll delve into the dynamics of the Airbnb and short-term rental market in Breckenridge, CO, while also addressing some key questions about the town.
Airbnb and Short-Term Rentals: A Snapshot
Let’s begin with an overview of the current state of the short-term rental market in Breckenridge:
1. Housing Market Trends
- Homes in Breckenridge have experienced a depreciation of -4.00% in value, according to Zillow.
- The median home value in the area is $1,135,274, making it a high-end real estate market.
2. Short-Term Rental Supply
- Breckenridge boasts a substantial short-term rental market with 4,687 active listings, as reported by Chalet.
3. Pricing and Occupancy
- The average daily rate for short-term rentals stands at $498.10, attracting travelers willing to pay a premium for their vacation experience.
- Occupancy rates are impressive, with an average of 59% according to Chalet data.
4. Revenue and Yield
- The annual revenue generated by short-term rentals in Breckenridge averages $86,800.
- The average gross yield for rental property owners is a respectable 7.65%.
5. Property Taxes
- Property taxes in Breckenridge are relatively low, with an average rate of 0.61%, providing a favorable environment for property investment, including Airbnb properties.
Key Questions about Breckenridge
Now, let’s address some important questions about Breckenridge to provide a holistic view of this vibrant mountain town.
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Median Household Income
The median household income in Breckenridge, CO, is $67,507, which reflects the economic diversity of the town. While it’s an attractive destination for high-income tourists, the local community is supported by a variety of industries.
Climate
Breckenridge is known for its stunning alpine climate. Winters offer excellent skiing opportunities, while summers provide a cool and comfortable escape from the heat. The average temperature in January is 28°F, while July sees an average high of 70°F.
Population Size
Breckenridge has a population of approximately 4,849 residents. However, this number significantly swells during peak tourist seasons, making the town a bustling and dynamic community.
Sports Teams and Colleges
While Breckenridge may not host major professional sports teams, it is a hub for winter sports enthusiasts. The town is famous for its ski resorts, attracting athletes and visitors from around the world. There are no colleges located in Breckenridge, but nearby institutions provide education options.
Crime Rate
Breckenridge maintains a relatively low crime rate, making it a safe and welcoming destination for tourists and residents alike. The local law enforcement agencies prioritize the safety and security of the community.
Tourism in Breckenridge
Visitor Demographics
Tourists come to Breckenridge from various regions, including nearby Colorado cities, neighboring states, and international destinations. Denver, just over two hours away, is a significant source of visitors.
Total Number of Visitors
Breckenridge welcomes approximately 1.8 million visitors annually, making it a major tourist destination in Colorado.
Tourist Attractions
Breckenridge offers a wide range of attractions, from the renowned Breckenridge Ski Resort to historic Main Street, where visitors can explore quaint shops, restaurants, and cultural events. Other popular attractions include the Breckenridge Arts District and the beautiful McCullough Gulch Trail.
Peak Season
The peak seasons in Breckenridge vary with the weather. Winter, primarily from December to March, is the high season for skiing and snow sports. Summer, from June to August, is another busy period when tourists flock to the town for hiking, biking, and various outdoor activities.
Conclusion
Breckenridge, Colorado, is not just a destination for outdoor enthusiasts but also a lucrative market for short-term rentals, including Airbnb properties. With its robust short-term rental market, favorable property tax rates, and diverse tourism appeal, it remains an attractive choice for investors looking to capitalize on the demand for vacation rentals. As the town continues to evolve and grow, it offers unique opportunities for property owners and a memorable experience for all who visit its stunning landscapes and vibrant community.
