Introduction
Island Park, ID, located in the picturesque state of Idaho, is a hidden gem for those seeking a tranquil retreat amidst nature’s beauty. With its stunning landscapes, pristine lakes, and proximity to Yellowstone National Park, Island Park has become a sought-after destination for travelers.
As a result, the short-term (Airbnb) rental market in Island Park has experienced significant growth and offers a promising investment opportunity. In this blog post, we will explore the current state of the short-term rental market in Island Park, ID, analyzing key data points and shedding light on the factors contributing to its success.
Market Overview
To understand the dynamics of the short-term rental market in Island Park, we must first examine some essential data points. According to Zillow, home prices in Island Park have experienced a depreciation of -3.10%, indicating a potential opportunity for investors to acquire properties at a lower cost. The median home value stands at $504,860, making Island Park an attractive destination for those seeking an affordable vacation home or investment property.
Short-Term (Airbnb) Rental Statistics
Island Park boasts an impressive number of active Airbnb rentals, with 592 properties listed, as reported by Chalet. This high inventory of available rentals is a testament to the popularity of the region among travelers. The average daily rate for short-term rentals in Island Park is $445.10, indicating healthy demand for accommodations in the area. Moreover, the occupancy rate of 55% demonstrates consistent interest from tourists, ensuring a steady flow of bookings throughout the year.
Based on Chalet’s data, the annual revenue generated by short-term rentals in Island Park amounts to $66,800, showcasing the potential profitability of this market. The average gross yield of 13.23% further emphasizes the lucrative nature of short-term (Airbnb) rental investments in the area. These statistics highlight the opportunity for investors to achieve favorable returns on their properties.
Short-Term (AIrbnb) Rental Regulation
Understanding the regulatory landscape is crucial for investors considering the short-term rental market in Island Park. Currently, short-term rental regulations in Island Park are somewhat investor-friendly, with different zoning regulations and limitations in place.
However, it is essential to stay informed about any new laws or ordinances that may affect the ownership and operation of short-term rentals. There are indications that new laws are in the pipeline that may make it even easier for investors to own and operate short-term rentals in the future.
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Answering Key Questions
Median Household Income
The median household income in Island Park, ID, is not explicitly provided in the given data points. However, according to the most recent available data, the median household income in Fremont County, where Island Park is located, is approximately $50,833 per year.
Climate
Island Park, ID, experiences a cool continental climate characterized by warm summers and cold winters. Summers bring pleasant temperatures, with average highs ranging from 72°F to 78°F (22°C to 26°C). Winters are cold, with average lows between 10°F and 19°F (-12°C and -7°C). The region receives a moderate amount of precipitation throughout the year, including snowfall during the winter months.
Population Size
The exact population size of Island Park, ID, is not provided in the given data. However, as of the 2020 census, Fremont County, where Island Park is located, had a population of approximately 13,270 residents.
Sports Teams
Island Park, ID, is a small town that does not host any major professional sports teams. However, the region’s natural beauty and proximity to outdoor recreational areas make it an ideal destination for outdoor enthusiasts and adventure sports enthusiasts.
Colleges
Island Park, ID, does not have any colleges or universities within its immediate vicinity. However, the state of Idaho is home to several renowned institutions, including Boise State University, University of Idaho, and Idaho State University, among others.
Crime Rate
Specific data regarding the crime rate in Island Park, ID, is not provided in the given information. However, Island Park is known for its safe and peaceful environment, with a low crime rate compared to urban areas.
Visitor Demographics
Island Park attracts visitors from various locations who are drawn to its natural beauty and recreational opportunities. While the specific breakdown of visitor demographics is not available, it is common for visitors to come from nearby states such as Idaho, Montana, Wyoming, and Utah. Additionally, Island Park also attracts tourists from across the United States and international travelers who seek to explore Yellowstone National Park.
Total Number of Visitors
The total number of visitors to Island Park, ID, is not explicitly stated in the provided data points. However, the region experiences a steady influx of tourists throughout the year due to its proximity to Yellowstone National Park and its reputation as a premier outdoor destination. The number of visitors can vary depending on the season and specific attractions.
Tourist Attractions
Island Park, ID, offers a range of captivating tourist attractions that entice visitors year-round. Some of the most prominent attractions include:
- Yellowstone National Park: Located just a short drive away, Yellowstone National Park is a world-renowned natural wonder featuring geothermal features, wildlife, and stunning landscapes.
- Harriman State Park: A sprawling state park with vast meadows, lakes, and hiking trails, providing opportunities for camping, fishing, and wildlife viewing.
- Henrys Lake: A popular destination for fishing enthusiasts, Henrys Lake is known for its abundance of trout and serene surroundings.
- Mesa Falls: These impressive waterfalls, located on the Henrys Fork of the Snake River, offer breathtaking views and hiking trails for visitors.
- Island Park Reservoir: A beautiful reservoir where visitors can engage in water sports, fishing, and boating activities.
- Big Springs: Known for its crystal-clear water and abundant wildlife, Big Springs is a popular spot for picnicking and nature walks.
Peak Season
The peak season in Island Park, ID, generally coincides with the summer months from June to August. During this time, the weather is pleasant, and visitors flock to the region to enjoy outdoor activities, such as hiking, fishing, and boating. However, the area also attracts tourists during the winter months, particularly those interested in snowmobiling and other winter sports. The peak season can vary depending on specific events and attractions, but generally, the summer months offer the highest visitor numbers.
Conclusion
The Airbnb rental market in Island Park, ID, presents a compelling investment opportunity. With a high number of active rentals, favorable occupancy rates, and attractive average daily rates, investors can expect a solid return on their investment. Moreover, the region’s scenic beauty, proximity to Yellowstone National Park, and the potential ease of short-term rental regulations further contribute to the market’s appeal.
Whether you are looking to invest in a vacation home or establish a rental property business, Island Park offers the potential for long-term success. So, seize the opportunity, explore the possibilities, and make your mark in the flourishing short-term (Airbnb) rental market of Island Park, ID.
