Introduction
Mount Pleasant, South Carolina, is a picturesque coastal town known for its charming neighborhoods, scenic waterways, and historic charm. It’s no surprise that this idyllic destination has become a hotspot for short-term rentals, also commonly referred to as Airbnb rentals. In this blog post, we’ll delve into the thriving short-term rental market in Mount Pleasant, exploring key statistics, market trends, and factors that make this town an attractive destination for vacationers.
Key Market Statistics
Let’s begin by examining some essential statistics that shed light on the short-term rental market in Mount Pleasant, SC:
1. Property Appreciation
According to Zillow, homes in Mount Pleasant have experienced a 11.10% appreciation in value. This indicates that property prices have seen a decline, which could be an encouraging factor for potential investors in the short-term rental market.
2. Median Home Value
The median home value in Mount Pleasant is estimated to be $802,209, making it a desirable location for high-end vacation rentals.
3. Number of Active Short-Term Rentals
Chalet reports that there are currently 460 active short-term rentals in Mount Pleasant, showcasing a robust market for vacation accommodations.
4. Average Daily Rate
The average daily rate for short-term rentals in Mount Pleasant is $309.70, highlighting the potential for lucrative income for property owners.
5. Occupancy Rate
The occupancy rate for short-term rentals in Mount Pleasant stands at 65%, indicating a consistent demand for these properties.
6. Annual Revenue
Chalet’s data reveals that short-term rental owners in Mount Pleasant can expect an annual revenue of approximately $62,400, making it a financially rewarding investment.
7. Gross Yield
The average gross yield for short-term rentals in this town is an impressive 7.78%, making it a competitive market for investors.
8. Property Tax Rate
SmartAsset reports that the average property tax rate in Mount Pleasant is 0.62%, which is a favorable factor for property owners looking to maximize their returns.
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Understanding the Local Context
Before delving further into the short-term rental market, let’s address some key questions about Mount Pleasant, SC, which provide valuable context for potential investors and vacationers:
Median Household Income
The median household income in Mount Pleasant is $92,203, reflecting the town’s relatively affluent population.
Climate
Mount Pleasant enjoys a pleasant coastal climate with mild winters and warm summers, making it a year-round destination for visitors.
Population Size
As of my knowledge cutoff date in January 2022, Mount Pleasant had a population of approximately 89,000 residents. It’s important to note that population figures may have changed since then.
Sports Teams
Mount Pleasant is home to various recreational sports teams and outdoor activities, but it does not host any major professional sports teams.
Colleges
The town does not have its own colleges or universities, but it is located near Charleston, which boasts several higher education institutions.
Crime Rate
Mount Pleasant has a relatively low crime rate, adding to its appeal as a safe and secure destination for travelers.
Attracting Visitors to Mount Pleasant
Now that we’ve covered some essential data points and contextual information, let’s explore why visitors are drawn to Mount Pleasant and what attractions the town has to offer:
Visitor Origins
Visitors to Mount Pleasant primarily come from various parts of the United States, including nearby states like North Carolina and Georgia.
Total Visitors
The total number of visitors to Mount Pleasant can vary seasonally, with peak tourist seasons seeing a significant influx of travelers.
Tourist Attractions
Some of the biggest tourist attractions in Mount Pleasant include the historic Boone Hall Plantation, the scenic Shem Creek Park, and the beautiful beaches along the coastline. Additionally, the town’s proximity to historic Charleston adds to its appeal.
Peak Season
The peak season in Mount Pleasant typically aligns with the warmer months, from late spring to early fall, when outdoor activities, festivals, and waterfront dining are in full swing.
Conclusion
The short-term rental market in Mount Pleasant, SC, presents a lucrative opportunity for investors seeking to capitalize on the town’s charm and its appeal to vacationers. With favorable market statistics, a steady stream of visitors, and a range of attractions to explore, Mount Pleasant has firmly established itself as a prime destination for short-term rentals. Whether you’re considering investing in a vacation property or planning your next getaway, Mount Pleasant offers a delightful experience in the heart of the South Carolina coast.
