Utica, New York Short-Term Rental Market Analysis
The short-term rental (STR) market in Utica, New York, currently features approximately 200 active listings, with an average daily rate (ADR) of $136.70 and a notable occupancy rate of 50%. This market is characterized by its diverse visitor profile and moderate rental demand score of 53.15, indicating a manageable investment environment for new and seasoned property owners alike.
Utica, New York Short-Term Rental Market Overview
Visitor Profile
Utica, New York, attracts approximately 1.5 million visitors annually, contributing significantly to the local economy with an estimated impact of $100 million. The visitor demographics reveal a diverse mix, with a notable percentage of travelers aged 25-44, representing around 35% of the total. Many visitors come for leisure, including cultural events, outdoor activities, and historical attractions. Business travel also plays a role, particularly in sectors such as healthcare and education. The economic benefits of tourism in Utica are substantial, supporting local businesses and creating jobs in hospitality and retail sectors.
In terms of visitor analysis, the annual visitor numbers indicate a steady influx, with peak seasons typically occurring during summer and fall, coinciding with various local festivals and events. The primary demographics include families, young professionals, and retirees, each drawn by unique aspects of the city. The average length of stay is approximately 2.5 nights, with around 60% of visitors opting for hotel accommodations, according to the Oneida County Tourism board (https://www.oneidacountytourism.com/). Main reasons for visiting include exploring the rich cultural heritage, enjoying outdoor recreational activities, and attending events like the Utica Music and Arts Festival. The city’s strategic location also makes it a convenient stop for travelers exploring the broader New York region. For more detailed insights, you can visit the official tourism resources at the City of Utica (https://cityofutica.com/visiting/) and Oneida County Tourism (https://www.oneidacountytourism.com/explore-the-area/utica/). Overall, Utica’s tourism statistics and visitor demographics highlight a vibrant market with diverse opportunities for growth and engagement.
Top Attractions
Utica, New York, is a hidden gem in the heart of the Mohawk Valley, offering a rich tapestry of cultural, historical, and recreational experiences. Visitors can explore the stunning Munson-Williams-Proctor Arts Institute, which houses an impressive collection of American art and hosts various exhibitions throughout the year. The city is also home to the Utica Zoo, a family-friendly destination that showcases a variety of animal species and provides educational programs. With its diverse attractions, Utica promises something for everyone, from art enthusiasts to families seeking outdoor fun. Whether you’re looking to immerse yourself in local history or enjoy a leisurely day in the park, Utica’s attractions are sure to captivate your interest.
One of the top attractions in Utica is the Munson-Williams-Proctor Arts Institute. This cultural hub features an art museum, a performing arts center, and a school of art, making it a cornerstone of the local arts scene. Visitors can admire works by renowned artists and participate in various educational programs. For more information, visit their official site at https://www.mwpai.org. Another must-see is the Utica Zoo, which spans 80 acres and is home to over 200 animals. The zoo offers interactive exhibits and a chance to learn about wildlife conservation. Check out their offerings at https://www.uticazoo.org. Additionally, the historic Union Station serves as a beautiful reminder of Utica’s past, featuring stunning architecture and a vibrant atmosphere. For more details on attractions and activities in the area, the official visitor guide at https://cityofutica.com/visiting/ is an excellent resource. With its blend of art, nature, and history, Utica attractions provide a well-rounded experience for all visitors.
Regulations
Utica short-term rental regulations are essential for property owners looking to rent their homes or apartments on a temporary basis. In Utica, New York, operating a short-term rental requires compliance with specific licensing and zoning regulations. Property owners must obtain a short-term rental permit and adhere to local safety standards. Additionally, short-term rentals are subject to occupancy taxes, which must be collected and remitted to the city. Understanding these regulations is crucial to avoid penalties and ensure a smooth rental experience. This guide provides an overview of the key requirements for short-term rentals in Utica, helping property owners navigate the regulatory landscape effectively.
To operate a short-term rental in Utica, property owners must first secure a short-term rental permit from the city. This process typically involves submitting an application along with a fee. Additionally, owners are responsible for collecting a 4% occupancy tax on rental income, which must be submitted to the city on a quarterly basis. Zoning restrictions also apply, limiting short-term rentals to specific areas within the city. Safety requirements include ensuring that the property meets local building codes and has necessary safety features, such as smoke detectors and fire extinguishers. Failure to comply with these regulations can result in fines or the revocation of the rental permit. For more detailed information on regulations, visit the official Oneida County website at https://oneidacountyny.gov/ or the Utica State Office Building page at https://ogs.ny.gov/location/utica-state-office-building. Understanding these Utica short-term rental regulations will help property owners operate legally and successfully.
Vacation Rental Market Overview for Utica
Utica attracts visitors with its outdoor recreation and natural beauty and family-friendly attractions. The short-term rental market here serves diverse traveler demographics, from business professionals to family vacationers.
This destination’s rental market offers unique opportunities for property investors, with comprehensive data revealing seasonal patterns and demand drivers.
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Utica, New York Market Performance Trends
Short-Term Rental Market Performance Analysis for Utica
The short-term rental market in Utica demonstrates dynamic pricing patterns and occupancy trends that savvy property investors and managers monitor closely. This comprehensive 12-month analysis reveals seasonal variations and revenue optimization opportunities.
Market Trend Summary
Current market indicators show: emerging growth market with increasing demand
Market data updated daily. Professional-grade analytics trusted by thousands of property managers and real estate investors.
Utica, New York Rental Market Insights
10-Year Market Growth
Booking Activity
- 1-3 Months:65.5% Booked
- 4-6 Months:50.9% Booked
- 7-9 Months:32.4% Booked
- 10-12 Months:7% Booked
Cancellation Policies
- Flexible:0%
- Moderate:0%
- Strict:0%
- Super Strict:0%
Minimum Stay
- 1 Day:0
- 2 Days:0
- 3 Days:0
- 4-6 Days:0
- 7-29 Days:0
- 30+ Days:0
Short-Term Rental Regulations and Booking Patterns in Utica
Utica vacation rental operators navigate specific local regulations and booking patterns that shape market dynamics. Understanding minimum stay requirements, cancellation policies, and booking windows is essential for successful property management.
Market analysis reveals seasonal policy variations maximizing revenue. These insights help property managers optimize their listing strategies and maximize occupancy.
Local regulations and platform policies influence rental operations. StaySTRA provides comprehensive policy tracking and compliance insights.
Utica, New York Housing Market Data
Home Value Trends
Market Overview
- Typical Home Value:$201,528
- Median Sale Price:$223,673
- Median List Price:$203,949
Current Inventory
- Homes For Sale:132
- New Listings:54
Detailed Market Analysis
Real Estate Market Analysis for Utica, New York
The residential real estate market in Utica, New York presents unique opportunities for investors and homebuyers alike. Current market dynamics show affordable housing options with growth potential with inventory levels and pricing trends that reflect broader economic conditions and local demand factors.
Key Market Factors
Important considerations for this market include: growing population trends, economic development, and lifestyle amenities These factors contribute to the overall market performance and future growth potential.
Real estate investments in Utica, New York benefit from balanced supply-demand dynamics and reasonable price points. Prospective buyers and investors should consider both current market conditions and long-term growth indicators when evaluating opportunities in this market.
Utica, New York Rental Market Composition
Entire Place by Beds
Common Rental Amenities
Amenity data is not available for this location.
Vacation Rental Property Types in Utica
The vacation rental market in Utica features a diverse mix of property types, from cozy studios to spacious family homes. Understanding the property composition helps investors identify market gaps and opportunities.
Market characteristics include diverse property sizes from studios to large homes. This distribution reflects local demand patterns and traveler preferences.
Premium amenities and guest ratings play a crucial role in rental performance, with data showing clear correlations between specific features and booking rates.
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