Poconos Association of Vacation Rental Owners About Poconos VRO

Download and Share: Poconos Economic Impact Report 2024

Efrain Cortez — Tue, 31 Dec 2024 17:57:44 GMT

The Vital Role of Local Economies

Efrain Cortez — Wed, 23 Oct 2024 13:13:21 GMT

The Economic Impact of Short-Term Rentals (STRs) Across Pennsylvania

Tue, 17 Sep 2024 19:57:40 GMT

Addendum: The Economic Impact of Short-Term Rentals (STRs) Across Pennsylvania

This analysis, conducted by the Pennsylvania Restaurant & Lodging Association (PRLA), draws on comprehensive AirDNA data from 2008–2023 to highlight the role of short-term rentals (STRs) in Pennsylvania's tourism industry.

Key Findings

Statewide Overview:
- As of 2023, Pennsylvania boasts 53,810 active STR listings across all 67 counties.
- STR revenues reached an impressive $856 million in 2023, with the average STR earning $16,215 annually.
- The statewide average daily rate (ADR) for STRs was $175, with an average occupancy rate of 35% (22.4 bookings per listing).
Growth Trends:
- STRs began to proliferate significantly in 2013, with 851 new registered STRs added that year. Steady growth has been observed every year since.
- By 2016, every Pennsylvania county hosted at least one active STR.
Regional Highlights:
- Some of the most significant growth areas include the Poconos, Laurel Highlands, and the region near Penn State University in Centre County.
- Philadelphia County leads with 14,007 active listings as of 2023, followed by Monroe County (6,885 listings) and Allegheny County (5,189 listings).
- In 2018, the top-performing STR in the state generated over $1 million in revenue.
Pandemic Impact:
- Unlike national trends, Pennsylvania saw a temporary decline in STR listings during the COVID-19 pandemic.
Property Types:
- The STR market consists of 44% houses, 44% apartments, and 6% cabins and townhomes.

Municipal Data

Active short-term rental counts in notable municipalities include:

Allentown – 222
Erie – 338
Gettysburg – 106
Harrisburg – 501
Jim Thorpe – 139
Lancaster – 389
State College – 398

Historical Perspective

Pennsylvania’s first STR was established on July 1, 2008, as a luxury apartment in Kane (McKean County), followed closely by a second listing in Beaver County.
The most successful STRs have been concentrated in the Poconos, Laurel Highlands, and Penn State regions.

For a detailed breakdown of active STRs by county, refer to Page 16 of the full report: https://www.rural.pa.gov/download.cfm?file=Resources/reports/assets/269/Inventory%20and%20Analysis%20of%20Short-Term%20Rentals%20in%20Pennsylvania%20Report.pdf

For more information, please contact:

Zak Pyzik
Senior Director of Public Affairs
Pennsylvania Restaurant & Lodging Association
100 State Street, Harrisburg, PA 17101
570-579-3644 | ✉️ zpyzik@prla.org
www.prla.org

The Vital Role of Vacation Rentals in the Poconos

Efrain Cortez — Wed, 21 Aug 2024 16:10:50 GMT

The Vital Role of Vacation Rentals in the Poconos.pdf

2024 State of the STR Industry Report

Tue, 18 Jun 2024 18:38:13 GMT

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EMPLOYMENT IMPACTS

Efrain Cortez — Fri, 01 Dec 2023 16:37:36 GMT

EMPLOYMENT IMPACTS

“Visitor activity supported a total of 452,885 jobs in 2021, including 297,133 direct jobs and 155,753 jobs supported through indirect and induced impacts. This equates to 1-in17 jobs in Pennsylvania.”

Source: Economic Impact of Travel and Tourism in Pennsylvania (March 2023 study) - https://assets.simpleviewinc.com/simpleview/image/upload/v1/clients/poconos/2021_Economic_Impact_of_Tourism_in_Pennsylvania_FINAL_ES_859ed3a1-882b-4e0a-9c4c-2fa0d70a0025.pdf

Common Myths about Vacation Home Rentals - Affordable Housing

Efrain Cortez — Fri, 27 Oct 2023 23:35:34 GMT

MYTH: STRs cause affordable housing problems.

REALITY: In PA, whole-home renter occupied homes make up about 14% of all housing units, and only a fraction of them are used as STRs. 30% of homes in the Pocono region are vacant. A majority of STRs are used by their owners for some of the year. In fact, renting to short-term guests helps make owning property in PA affordable by supplementing mortgages, and property taxes. With the recent surge in new residents, STRs provide those moving to the Poconos with housing while they transition.

Source: https://data.census.gov

35,818 Jobs in the Poconos

Efrain Cortez — Fri, 13 Oct 2023 15:42:26 GMT

“Tourism supports a total of 35,818 jobs in the Poconos, nearly 1/3 of all jobs in the Pocono Mountains”

Source: https://www.poconomountains.com/articles/post/pmvb-annual-report-headlines-fiscal-year/

Economic Generation and Jobs

Efrain Cortez — Fri, 29 Sep 2023 15:12:25 GMT

"STR activity creates a domino effect of economic generation and jobs throughout communities. Of STR homeowners, more than 57% hired up to three contractors or service providers to service their property, and 69% spent up to $15,000 on those providers while 24% spent between $15,000 and $50,000."

Source: 2022 State of the STR Community

Visitor Spending and Employment Timelines

Efrain Cortez — Fri, 22 Sep 2023 15:17:20 GMT

"The 24,480 employed in the region's travel- and tourism-related industry represented nearly 1-in-3 jobs in the Pocono Mountain region...

Employment directly supported by visitor spending rose 13%, or by nearly 2,850 jobs in 2021, but remained 9% below its 2019 pre-pandemic level."

Source: Tourism Economics

Vacation Rental and Visitor Spending in the Poconos

Efrain Cortez — Fri, 15 Sep 2023 21:21:14 GMT

Economic Impact of Vacation Rentals in the Poconos

"With visitor spending rising 35% in the Pocono Mountains region in 2021, it was the only region out of 11 to surpass its 2019 pre-pandemic level.”

Source: Tourism Economics