Tourism Generated Revenue Adds Great Value to Local Economy
Travel contributed $8.7B to the local economy and created 70K jobs in Austin in 2018. See the economic impact of travel in Austin between 1994 and 2018.
Demand Is Outpacing Supply
Airbnb alone reported 482K guest arrivals in Austin in 2018, an impressive 48% growth rate since 2016. Occupancy rates, ADR and RevPar see continued growth, creating an incredibly lucrative market for vacation rental managers and owners in which demand exceeds supply YOY. Every vacation rental manager’s dream come true. Compare Growth and Revenue Rates of Hotels vs. Vacation Rentals.
Austin: The Apart-Hotel Capital Of Texas?
Austin ordinances allow apartment buildings to license up to a quarter of their units as VRs or short-term rentals. Even apartment complexes where short-term renting has traditionally been disallowed by lease provisions are starting to loosen rental provisions. See Accommodation Growth to Demand Ratios in Austin.
Investors Take Note of Impressive Austin Vacation Rental Market
Realtor.com ranks Austin as the 9th most profitable place to own an Airbnb-type rental. Austin’s event focus, coupled with the burgeoning business climate, has created a year-round market, with a non-stop flow of people keeping occupancy levels fairly high every season. Are your cap rates meeting the industry norm?