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Dive into our in-depth analysis of Airbnb trends, guest preferences, and rental patterns shaping the vibrant home-sharing landscape in Philadelphia, PA.
Diving into the world of Airbnb statistics for Philadelphia, PA, it’s clear that this bustling city offers a vibrant market for hosts and travelers alike. With an impressive average annual host income and a high occupancy rate throughout the year, Philadelphia is a hotspot for Airbnb rentals.
This article will delve deep into these statistics, providing a comprehensive overview of everything from the most popular neighborhoods to the average nightly rate. Stay tuned to gain valuable insights into the Philadelphia Airbnb market, whether you’re a host looking to optimize your listing or a traveler planning your next city break.
There are 4230 active rentals in Philadelphia
Boasting a diverse catalog, the City of Brotherly Love currently offers an impressive number of 4230 active rentals. These options encompass a broad range of properties to cater to the varied needs of visitors.
Whether it’s a modern loft to stay for business or a cozy row house to experience residential Philly, the availability spans across its rich neighborhoods.
This abundance of choice adds to Philadelphia’s appeal as a hub for Airbnb travelers.
Almost 75% of all listings in Philadelphia are 1 and 2-bedroom
Delving into the categorization based on the number of rooms reveals a poignant trend. A considerable majority, almost 75%, are accommodations with just one or two bedrooms.
This statistic underlines the popularity of smaller, cozier spaces for travelers exploring the city. They are favored likely for their affordability, simplicity, and practicality for solo travelers or couples.
Philadelphia only has 204 active 4 and 5-bedroom homes
Despite the city’s large residential area, the availability of spacious rentals remains strikingly low. Only 204 properties out of the current active listings boast 4 or 5-bedroom homes. This relatively small number suggests a high demand for family-friendly or large group accommodations, which can impact both price and availability. Those seeking more expansive lodgings might face competition, leading to a need for either flexibility in travel dates or willingness to explore different neighborhoods.
The Average Daily Rate for rentals in Philadelphia is $97
With its diverse neighborhoods and rich history, Philadelphia’s unique properties afford quite a reasonably priced getaway.
Holding steady at $97, the typical daily rental price offers a fair deal for visitors.
This economically friendly rate allows guests to allocate more of their travel budget towards exploring the vibrant metropolis and its countless attractions.
Whether for business or pleasure, visitors get to enjoy the best of the city without breaking the bank.
Thus, Philadelphia holds the crown as a preferred destination due to the affordable lodging options available.
The highest Average Daily in July is $9 and the lowest in February is $80
A closer look at the data reveals a seasonal variation in the average daily rental prices. July, the peak of Philadelphia’s tourist season, sees a remarkable drop to just $9. Contrast this with the chillier month of February, where the rental prices spike up to $80.
This shift is an important consideration for both hosts seeking to maximize profit and travelers planning their trips on a budget.
The Occupancy Rate at an annual level is 37%
Occupancy levels in Philadelphia’s Airbnb landscape show an interesting pattern. A yearly average shows a rate of about 37%. This means over one third of the year, these properties have guests. This statistic provides insight into the regular demand for short-term rentals in the area. As an investor or a host, understanding these figures can inform your decisions around pricing, availability, and marketing efforts, especially during peak and off-peak seasons. A higher occupancy rate suggests a more attractive investment for potential hosts, but strategic management is key to maximize profitability.
The lowest occupancy rate was in February (23%) and the highest was in September (51%)
While observing the annual distribution of occupancy rates, some interesting patterns emerge. February records the lowest at a mere 23%. In contrast, the peak period appears in September, boasting an occupancy rate of 51%. This suggests guests favor visiting in the early fall rather than the post-winter months.
Property owners may want to focus their marketing efforts during these peak times to maximize profit. It may also be wise to reduce pricing slightly during February to attract more bookings during the slow period.
5 bedroom homes have the highest percentage of homes in high-yield territories with 42.93%
Delving deeper into the data, an interesting trend emerges concerning larger properties. Despite their lower count, 5-bedroom dwellings lead in terms of returned revenue from high-demand areas. Almost 43% of these extensive abodes fall within these high-yield territories, overshadowing their smaller counterparts.
This key insight clarifies that a larger initial investment in five-bedroom rentals can potentially lead to increased profitability due to their prominent location within lucrative areas.
Consequently, investors looking for maximal return should consider these larger properties in their portfolio strategy.
International guests in May barely crossed the 4% threshold of total guests
While May brings the onset of warm weather and larger crowds, it’s interesting to note that visitors from overseas comprised a minimal portion of Airbnb guests in Philadelphia. Barely surpassing the 4% mark, this figure casts light on the subtle yet significant presence of international travelers in Philly’s vacation rental market for this particular month.
This information can benefit hosts who aim to tailor their accommodation and amenities to the needs of their intended demographic. Further research may be required to decipher the fluctuation of these percentages across different months.
Homes in Philadelphia average 53 days on the market according to data
The duration a home stays on the market can vary greatly, influenced by factors such as price, location, and the real estate climate. Data shows Philadelphia’s current average is 53 days. This metric, constituting the period from the listing date to the closing date, offers valuable insights to both hosts and guests. For hosts, it’s a gauge of competitiveness, keeping them in sync with the local market’s dynamics. Potential guests, on the other hand, gain an understanding of the city’s rental turnover, assisting them in efficient trip planning.
References:
- https://www.getchalet.com/
- https://awning.com/
- https://airbtics.com/
- https://www.mashvisor.com/
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