Broken Bow, Oklahoma, a city in the heart of McCurtain County, is steadily rising in popularity among vacationers and investors alike. Known for its beautiful landscapes and inviting community, it’s no surprise that the Airbnb rental market here is booming.
This guide will dive deep into the key statistics, facts, and figures that characterize the short-term (Airbnb) rental market in Broken Bow, OK, while also touching on some local features of the city that may be influencing this trend.
Revenue
Even with the increase in supply, the occupancy rate remains steady at 46%. Consequently, the average annual revenue for short-term rentals is an impressive $67,000.
Moreover, properties here have an average gross yield of 22.58%, suggesting that short-term (Airbnb) rental properties in Broken Bow can provide a substantial return on investment despite the associated costs.
Supply
The most popular homes are 2-bedroom homes, comprising 26.81% of inventory. This is followed by 1 and 3-bedroom homes at 25.78% and 23.73% of the total inventory, respectively.
The Booming Real Estate Landscape
Homes in Broken Bow have depreciated at a stunning rate of -1.70% according to Zillow, driving the median home value to $296,750. This strong appreciation is indicative of the increasing desirability of properties in this region, driven in part by the short-term (Airbnb) rental market.
There are now a total of 3,423 active short-term (Airbnb) rentals in the city. This expansion suggests that the rental market in Broken Bow is increasingly profitable, and many homeowners and investors are seeking to capitalize on this opportunity.
Average Daily Rate
The median ADR for the market is $426.40. The Average Daily Rate is the highest for 7-bedroom homes ($500) followed by 6-bedrooms and 5 bedrooms at $450 and $415 respectively.
Legal Landscape and Property Taxes
Short-term rental regulation in Broken Bow is somewhat investor-friendly, with different zoning regulations and limitations currently in place.
Moreover, new laws are in the pipeline that may make it significantly easier for investors to own and operate short-term rentals. The average property tax is fairly low at 0.59% according to SmartAsset, further enhancing the attractiveness of real estate investment in the region.
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Local Economy and Demographics
As of this writing, the median household income, population size, and crime rate of Broken Bow, OK are being researched and will be updated soon.
Hosts
The market is not dominated by property management firms. The largest host is Suzy with 7.11% of the total inventory and an average review of 4.88⭐️s .
Climate and Recreation
Broken Bow has a temperate climate with significant rainfall throughout the year, making it an ideal location for outdoor activities. The city is home to several sports teams, and the list of these will be updated soon.
Education
There are several colleges in and around Broken Bow, and a comprehensive list of these will be provided soon.
Guests
The majority of the guests come from outside of Oklahoma. 12.18% of all guests are from Dallas followed by Fort Worth with 4.61%.
Tourism and Visitors
Broken Bow sees a sizable influx of visitors annually, although the exact number is currently being researched. Visitors mainly come from other parts of Oklahoma and neighboring states, attracted by the area’s natural beauty and tranquil atmosphere.
The biggest tourist attractions include Broken Bow Lake, Beavers Bend State Park, and Hochatown State Park, among others. The peak season for visiting Broken Bow is during the summer and fall months when the weather is most favorable for outdoor activities and sightseeing.
In conclusion, the short-term rental market in Broken Bow, OK presents a compelling investment opportunity, thanks to robust market performance, a supportive regulatory environment, and the city’s popularity among tourists. However, like any investment, it’s crucial to conduct thorough research and consider all relevant factors before diving in. With its upward trajectory, it will be interesting to observe the future developments in Broken Bow’s short-term rental market.
