It’s Time to Invest in Vacation Rentals NOW
The Bahamas has experienced its strongest growth in total visitor arrivals in 8 years according to the Central Bank Economic Developments Report. In 2018 The Bahamas saw a total of 6.6 Million foreign arrivals in the country, which is an increase of 7.9%. This impressive figure also reflects the highest expansion in air visitors in over a decade of 19.2%.
With a large influx of visitors into The Bahamas, comes a demand for places for them to stay. Airbnb has become a fast growing marketplace for travelers to find lodging, and has provided an opportunity for individuals to make healthy returns on their investments in real estate in The Bahamas. Airbnb bookings in The Bahamas increased by a double digit percentage in 2018.
In New Providence, the average rental rate for an Airbnb property is $330.35 a night. In 2018, the amount of Airbnb properties increased by 23.7%. Airbnb has also made it possible to rent out a private room within your property, for example renting out a bedroom within your residence. The amount of private rooms that have become available in New Providence increased by 25.8% in 2018.
In Exuma, the average inventory of Airbnb properties rose by 43.8% last year, with an average daily rental rate of $406 which is one of the highest amongst all islands in the country.
In Abaco, the average Airbnb is listed at a price of $264.49 a month. The amount of listings also increased by an impressive 43.8%.
With record breaking visitors now travelling to The Bahamas, it is now time to get in on the action. Through advances in technology, and travelers’ increased appetite to stay in privately owned properties, Airbnb has become a platform that allows owners to tap into a massive market of foreign and non-resident travelers. Investing in a diverse portfolio of income generating properties has proven to be very lucrative in The Bahamas. It has become much more simple to have success through user friendly applications such as Airbnb, which caters to travelers all over the world.
Central Bank Economic Developments Report