The short-term rental market in Edmond, Oklahoma is thriving, with a median occupancy rate of 66%, an average daily rate of $124, and an annual host revenue of $30,000, making it a highly stable and profitable investment opportunity.
Thriving Short-Term Rental Market in Edmond, Oklahoma
Edmond, Oklahoma, is experiencing a robust and profitable short-term rental market, making it an attractive destination for investors and hosts. With a median occupancy rate of 66%, Edmond stands out as a highly desirable location for Airbnb listings. This strong demand translates to significant revenue potential, as a typical host in Edmond can expect an annual income of $30,000. The average daily rate for these rentals is $124, further highlighting the lucrative nature of the market. Coupled with lenient short-term rental regulations, Edmond offers a stable and profitable environment for those looking to invest in short-term rentals.
Short-Term Rental Regulations in Edmond, Oklahoma for 2024
Licensing and Permits
- No special permit or license is required to operate a short-term rental in Edmond.
Required Documents
- A well-crafted rental agreement between the host and guest, outlining terms and conditions such as check-in and check-out times, house rules, and cancellation policies.
- Review and potentially obtain additional homeowners insurance coverage specifically designed for vacation rental properties.
General Regulations
- Compliance with Edmond's general rules and regulations that apply to all housing rentals, including the prohibition on housing discrimination based on protected characteristics such as race, color, religion, sex, disability, familial status, or national origin.
Safety and Maintenance
- Ensure the property is safe, clean, and well-maintained.
No Specific Zoning Restrictions
- Edmond's city code and zoning ordinances do not specifically address short-term rentals, allowing hosts to operate without navigating complex zoning regulations.
Best Practices
- Follow best practices to ensure a smooth and legal operation, including maintaining a safe and well-maintained property.
Top Neighborhoods for Airbnb Revenue in Edmond, Oklahoma
1. Homestead Neighborhood
- Located in Northwest Edmond, this neighborhood is highly appealing due to its quiet, family-focused environment. It features two ponds for leisure and relaxation, two playgrounds, and is within walking distance to multiple restaurants and shopping areas. The proximity to the University of Central Oklahoma (UCO), Oklahoma Christian University, YMCA, Mitch Park, and a short drive to downtown Oklahoma City make it an ideal location for guests.
2. Historic Neighborhood District (5th Street)
- This area is renowned for its historic homes, fully renovated to maintain modern comforts. Guests love the walking distance to FIFTH at Stephenson Park, Downtown Edmond, UCO, and various restaurants, bars, and a grocery store like Sprouts. The presence of two parks and a vibrant local scene adds to its appeal.
3. Central Edmond
- This neighborhood is favored for its convenience and modern amenities. It is close to the UCO campus, Second Street, and major highways like I-35 and Broadway. Guests appreciate the clean, updated, and well-furnished spaces, along with dedicated parking spots and laundry facilities.
4. Near UCO Campus
- Rentals in this area are highly sought after due to their proximity to the University of Central Oklahoma. Guests enjoy walking distance to shopping, grocery stores, and restaurants, as well as quick access to interstate highways leading to downtown Oklahoma City. The availability of high-speed WiFi, smart TVs, and well-stocked kitchens makes these rentals very appealing.
5. Downtown Edmond
- This neighborhood offers a blend of historic charm and modern amenities. Guests can walk to various eateries, coffee shops, and shopping areas. The proximity to UCO, local parks, and a short drive to downtown Oklahoma City makes it a desirable location for both short and long-term stays.
These neighborhoods are particularly appealing due to their combination of convenient locations, modern amenities, and family-friendly environments, making them highly attractive to a wide range of guests.
Furnishing and Design Tips for an Inviting Airbnb in Edmond, Oklahoma
1. Choose Timeless and Functional Furniture
- Opt for sturdy, easy-to-clean furniture that can withstand wear and tear. Consider pieces like sofa beds to increase guest capacity and comfort.
2. Reflect Local Culture and Style
- Incorporate elements that reflect Edmond's unique culture and history. This can include local artwork, decorative items, or a guidebook with local recommendations.
3. Ensure Smart Storage and Layout
- Use space-saving furniture like beds with drawers, wall hooks, and stackable containers to keep the space tidy and functional. Measure rooms to ensure the best layout and avoid blocking natural light sources.
4. Maintain a Neutral Color Palette
- Use a neutral color palette for walls and large furniture pieces to create a relaxed atmosphere. This allows guests to feel comfortable without being overwhelmed by bold colors.
5. Incorporate Modern Amenities
- Add modern appliances, smart home features like keyless entry and smart thermostats, and entertainment options such as streaming devices to enhance the guest experience.
6. Provide Essential Guest Amenities
- Stock up on essential items like toiletries, basic cooking ingredients, and a first aid kit. These small touches can significantly improve guest satisfaction.
7. Create Functional and Cozy Spaces
- Ensure each area of the property has a clear purpose, such as a well-defined reading nook, dining area, or relaxation spot. This enhances the overall guest experience.
8. Use Mirrors and Lighting Effectively
- Use mirrors to make the space feel bigger and brighter. Avoid office-like lighting fixtures and opt for warm, inviting lighting that enhances the cozy atmosphere.
9. Add Local Touches and Decor
- Incorporate local art, posters, and decorative items that provide an atmosphere reflective of Edmond's unique vibe. Avoid arbitrary or cheap decorations.
10. Ensure Accessibility and Comfort
- Make your Airbnb accessible to guests with disabilities by including features like ramps, wide doorways, and grab bars in bathrooms. Choose comfortable, lightweight chairs and durable rugs.
11. Maintain Cleanliness and Organization
- Ensure all furniture and decor are easy to clean and maintain. Store cleaning equipment in a designated area to avoid clutter and keep the space organized.
12. Enhance the Sensory Experience
- Pay attention to smells; use quality shampoo and soap, and consider perfuming the house before guests arrive. Leave scented candles for guests to use.
Discovering Edmond, Oklahoma: Local Attractions and Insider Tips for Airbnb Hosts
Local Attractions
Cultural and Historical Sites
- First Public Schoolhouse in Oklahoma Territory: A historic monument open to the public on the first two Saturdays of each month or by appointment, located on 2nd Street between Boulevard and Broadway.
- St. John the Baptist Catholic Church: While not in its original building, the congregation still exists and is a part of Edmond's rich history.
- Bronze Statue of Nannita R.H. Daisey: Honoring the first woman to lay claim on Oklahoma land in the 1889 land run, located on Main Street.
- Dave McGary Sculpture of Chief Touch the Clouds: An 18-foot-tall, 15-foot-wide sculpture at the entrance of the University of Central Oklahoma.
Outdoor Activities
- Arcadia Lake: A popular fishing spot with bluegill, channel catfish, blue catfish, and largemouth bass. It also offers other outdoor activities.
- Twin Bridges Lake: Another lake in the city for fishing and outdoor recreation.
- Mitch Park: A park hosting various events and activities, including those during the holiday season.
Arts and Entertainment
- Armstrong Auditorium: Hosts various performances and events throughout the year.
- University of Central Oklahoma - Mitchell Hall Theater: Features theatrical productions and other cultural events.
- University of Central Oklahoma - Jazz Lab: A venue for jazz music and other performances.
Sports
- Golf Courses: Edmond boasts 7 golf courses, including the renowned Oak Tree National.
- Edmond Soccer Club: For soccer enthusiasts, the club offers various programs and matches.
- Edmond Rugby Club (The Storm) and University of Central Oklahoma Rugby Football Club: For those interested in rugby union.
Insider Tips
Festivals and Events
- LibertyFest: An annual festival that includes parades, fireworks, and other community events.
- Seasonal Activities: Enjoy u-pick berry farms and other seasonal activities around Arcadia Lake.
Community and Culture
- Public Art: Explore the murals, stained glass, and steel sculptures throughout the city, particularly on Main Street.
- Diverse Congregations: Edmond has a variety of religious congregations, including Protestant, Catholic, Latter-day Saint, Unitarian Universalist, Islamic, and Baháʼí Faith communities.
Local Landmarks
- 163 Foot Tall Cross at Life.Church: A notable landmark on State Highway 66 and the I-35 Service Road.
Nearby Attractions
- Oklahoma City: While in Edmond, consider visiting nearby attractions in Oklahoma City such as the Paycom Center, Oklahoma City Zoo, and Oklahoma City National Memorial and Museum.
By sharing these local attractions and insider tips, Airbnb hosts can help their guests fully experience the charm and diversity of Edmond, Oklahoma.
Practical Tips to Run a Successful Short Term Rental Business in Edmond, Oklahoma
To ensure a smooth and enjoyable experience for both you and your guests, here are some practical tips for running a successful short-term rental business in Edmond, Oklahoma.
Noise Regulations and Quiet Hours
Inform your guests about noise regulations and quiet hours to maintain a respectful environment for neighbors. Include this information in your house manual and provide clear guidelines on acceptable noise levels, especially during late hours.
Comprehensive House Manual
Create both digital and physical house manuals that include essential instructions, such as Wi-Fi passwords, appliance usage, and emergency contact information. This manual should also cover house rules, including noise regulations, to ensure guests are well-informed.
Simplified Check-in Process
Utilize smart locks to streamline the check-in process, eliminating the need for physical key exchanges. Provide guests with detailed instructions on how to access the property, along with photos of the entrance and any specific steps they need to follow.
Parking Instructions
Include clear parking instructions with photos in your house manual to avoid any confusion. This is particularly important if the property has specific parking spots or restrictions, ensuring that guests can park safely and conveniently.
By implementing these tips, you can enhance the guest experience, reduce potential issues, and build a reputation for a well-managed and welcoming short-term rental property in Edmond, Oklahoma.
Here is a brief list of house cleaning providers in Edmond, Oklahoma:
House Cleaning Providers in Edmond, OK
Molly Maid of Edmond and North Oklahoma City
- Offers customized cleaning plans, move-out cleaning, and recurring cleaning services.
- Services include floor cleaning, dusting, and washing/sanitizing surfaces.
- No contracts and a 24-hour warranty.
King's Green Cleaning
- Provides eco-friendly cleaning services for residential and commercial properties.
- Services include house cleaning, office cleaning, laundry service, and vacation rental cleaning.
- Uses safe, eco-friendly cleaning solutions and is a women-owned, bonded, and insured business.
HappyCleans
- Offers top-notch and reliable cleaning services.
- Allows booking online or by phone.
- Provides comprehensive home cleaning services.
Merry Maids
- Offers reliable house cleaning services with a free estimate.
- Provides comprehensive home cleaning.
- Contact available via phone or online.
Elevated Cleaning Solutions (ECS)
- Provides house cleaning and maid services with background-checked and identity-verified maids.
- Ensures pre-screened cleaners for added security.
Short-Term Rental Management Fees in Edmond, Oklahoma: A Breakdown
In Edmond, Oklahoma, managing a short-term rental property can incur management fees that typically range from 10% to 30% of the rental revenue, depending on the level of service provided. Full-service management, which includes comprehensive tasks such as guest communication, marketing, and maintenance, tends to be on the higher end of this spectrum. This type of service ensures that all aspects of the rental are handled, from advertising the property to coordinating repairs and maintenance, and can cost around 20-30% of the rental income.
On the other hand, basic services that may only include tasks like rent collection and minimal maintenance can be less expensive, often ranging from 10% to 15% of the rental revenue. Additionally, hosts may incur extra fees for specific services such as cleaning, repairs, or design enhancements, which can vary depending on the property management company and the specific needs of the property.