The first batch of year end reports are trickling in and it looks like the Outer Banks continues to be a great place to visit and for rental property owners a good investment.
The Outer Banks Visitors Bureau is reporting a 3% increase in occupancy revenues, which doesn’t sound like much, but the actual dollar volume that represents is right around $15 million. And that number, frankly, would have been higher if the government shutdown in October could have been averted.
This is the fourth year in a row the OBVB has recorded an increase in occupancy revenue. Since 2009, which was the last time there was a decrease in revenue (-1.78%), overall income has risen 15%.
The OBVB reports for Dare County only and the reporting does not include the Currituck Banks. Currituck County is much slower in reporting occupancy revenue, but all indications point to very similar results in the Corolla area.
It is difficult to say exactly what is contributing to the overall strength of the market. Certainly the beauty and convenience of the Outer Banks has a lot to do with it–which makes marketing the product much easier. Beyond that though, there is an every widening array of products and services readily available to visitors.
The trends have been noticed by savvy investors, and a number of rental properties are under construction at this time. Which is brings both a cautionary note and one of possibilities: Existing property owners, the market is going to become even more competitive, but with a huge upside. Make sure your property is ready of our visitors. For investors, all trends point to this being a great time to get into the market. Contact us here at Brindley Beach Vacations and let’s talk about the possibilities.