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.
Supply
The most popular homes are 2-bedroom homes, comprising 33.13% of inventory. This is followed by 1 and 3-bedroom homes at 29.41% and 28.48% of the total inventory, respectively.
Property Values and Appreciation
The median home value in Columbus, OH, is $238,286, according to Zillow. The real estate market in the city has been appreciating steadily, with homes appreciating 6.30% in the past year. This is a good indication of the strength of the market, making it an attractive place for real estate investors.
Average Daily Rate
The median ADR for the market is $186.60. The Average Daily Rate is the highest for 6-bedroom homes ($279) followed by 4-bedrooms and 3 bedrooms at $124 and $119 respectively.
Average Gross Yield
The average gross yield for short-term (Airbnb) rentals in Columbus, OH, is 12.04%. This is a good return on investment for investors, making the city an attractive destination for short-term rental property investment.
Property Taxes
Property taxes are an important consideration for real estate investors, and in Columbus, OH, the average property tax is 2.06%, according to SmartAsset. It is essential for investors to factor in this cost when determining the profitability of their investment.
Hosts
The market is not dominated by property management firms. The largest host is GH Hospitality with 3.92% 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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Short-Term Rental Regulation
The short-term rental regulation in Columbus, OH, is investor-friendly. The city allows short-term rentals, and hosts are not required to obtain a permit to operate. However, hosts are required to collect and remit the Transient Occupancy Tax (TOT), which is set at 10% of the rental rate.
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.
