Airbnb City Guide: The Best Places To Invest in Oneonta, New York

Airbnb Rules and Regulations in Oneonta, New York

As of 2024, Airbnb hosts in Oneonta, New York, must navigate a range of regulations to operate legally and responsibly. The city requires all short-term rental properties to obtain a permit, with a cap on the number of permits available in certain neighborhoods to preserve housing availability for long-term residents. Hosts are also required to collect and remit occupancy taxes, which have increased to 5% as of January 1, 2024. In line with statewide regulations, hosts must install smoke and carbon monoxide detectors in all rental units and provide guests with emergency contact information.

Oneonta has also introduced new noise and parking restrictions for short-term rentals, with fines for violations starting at $500. To protect guest privacy, the city now prohibits the use of interior surveillance cameras, while exterior cameras must be disclosed in listing descriptions. Hosts should also be aware of the city's new mandatory recycling program and provide appropriate bins and instructions for guests. Despite these regulations, Oneonta remains an attractive destination for Airbnb hosts, with a thriving tourism industry and a growing demand for unique, locally-owned accommodations.

Oneonta Airbnb Market Data:

• Average Revenue – $35.6K per year
• Average Daily Rate – $180.5 per night
• Average Occupancy Rate – 54%
• Average RevPAR – $102.2
• Average Home Prices – $196,842

1. Top Place to Invest in Oneonta, New York - Downtown

Nestled in the heart of Otsego County, Oneonta's downtown area has emerged as a promising investment opportunity short-term rental investors. With its charming Main Street, thriving arts scene, and proximity to outdoor recreation, downtown Oneonta offers a unique blend of small-town charm and urban amenities that appeal to a wide range of visitors.

Downtown Airbnb Market Data:

• Average Revenue – $35.6K per year
• Average Daily Rate – $180.5 per night
• Average Occupancy Rate – 54%
• Average RevPAR – $102.2

Convenience - 8/10

One of downtown Oneonta's greatest strengths is its walkability and convenience. Visitors can easily explore the area's shops, restaurants, and attractions on foot, while essential amenities like grocery stores and pharmacies are just a short walk or drive away. The city's compact layout and well-maintained sidewalks make it easy for guests to navigate and enjoy their stay.

Tourist Attractions - 7/10

Downtown Oneonta boasts a variety of attractions that cater to different interests. The Foothills Performing Arts Center hosts live music, theater, and comedy shows throughout the year, drawing in visitors from across the region. The nearby Oneonta History Center offers a glimpse into the city's rich past, while the Susquehanna River provides opportunities for fishing, kayaking, and scenic walks along the riverfront.

Things to Do - 6/10

While downtown Oneonta may not have the same range of activities as larger cities, it still offers plenty to keep visitors entertained. In addition to the performing arts center and history museum, guests can explore the city's unique shops and galleries, sample local craft beverages at Roots Brewing Company, or attend one of the many festivals and events held throughout the year, such as the Hometown 4th of July Celebration or the Susquehanna Valley Garlic Festival.

Average Home Prices - 7/10

According to Zillow data for 2024, the median home price in downtown Oneonta is $180,000, making it an affordable option for investors compared to other markets. While prices have remained relatively stable over the past year, with a modest 1.5% appreciation rate, the potential for strong rental income and long-term appreciation makes downtown Oneonta an attractive choice for investors on the lookout for homes to transform into Airbnb rentals.

Proximity to Work-Related Travel - 5/10

Downtown Oneonta's proximity to work-related travel is somewhat limited, as the city lacks a major airport or convention center. However, the area is home to several large employers, including SUNY Oneonta and A.O. Fox Memorial Hospital, which may generate some demand for short-term rentals among visiting professionals and academics. The city's location along I-88 also provides easy access to other parts of the region, including Albany and Binghamton.

X-Factor - 7/10

What sets downtown Oneonta apart is its unique blend of small-town charm and urban amenities. The area's historic architecture, independent shops, and friendly locals create a welcoming atmosphere that keeps visitors coming back. The city's thriving arts scene and proximity to outdoor recreation also add to its appeal, offering something for everyone. While downtown Oneonta may not have the same level of name recognition as other destinations, its hidden gem status is part of what makes it a compelling investment opportunity for those in the know.

2. Top Place to Invest in Oneonta, New York - West End

Oneonta's West End neighborhood has recently caught the attention of Airbnb and short-term rental investors seeking a promising opportunity in upstate New York. This charming residential area, known for its tree-lined streets and historic homes turned rentals, offers a tranquil retreat for visitors while still being conveniently located near the city's main attractions and amenities.

West End Airbnb Market Data:

• Average Revenue – $35.6K per year
• Average Daily Rate – $180.5 per night
• Average Occupancy Rate – 54%
• Average RevPAR – $102.2

Convenience - 7/10

The West End neighborhood is situated just a short drive from downtown Oneonta, providing easy access to the city's shops, restaurants, and entertainment options. Guests can also find essential amenities like grocery stores, pharmacies, and gas stations within a few minutes' drive. While the area may not be as walkable as downtown, its proximity to major thoroughfares and public transportation makes it a convenient choice for visitors.

Tourist Attractions - 6/10

While the West End itself is primarily residential, it is located near several popular tourist attractions. The Oneonta Susquehanna Greenway, a scenic walking and biking trail along the Susquehanna River, is just a short distance away, offering outdoor recreation and relaxation opportunities. The neighborhood is also within easy reach of Neahwa Park, which features a variety of sports facilities, playgrounds, and picnic areas.

Things to Do - 5/10

As a residential area, the West End may not have the same range of activities as more tourist-oriented neighborhoods. However, visitors can still find plenty to do in the surrounding area, from exploring the city's parks and trails to attending events at the nearby SUNY Oneonta campus. The neighborhood's quiet streets and well-maintained homes also provide a pleasant setting for evening strolls or morning jogs.

Average Home Prices - 8/10

One of the West End's most attractive features for investors is its affordable home prices. According to Zillow data for 2024, the median home price in the neighborhood is $150,000, making it one of the most budget-friendly options in Oneonta. Despite the low prices, the area has seen steady appreciation over the past year, with home values rising by 2.3%. This combination of affordability and growth potential makes the West End appealing for investors looking to purchase a property to list on Airbnb.

Proximity to Work-Related Travel - 6/10

The West End's proximity to work-related travel is somewhat mixed. While the neighborhood is located near several major employers, including A.O. Fox Memorial Hospital and SUNY Oneonta, it may not be as convenient for visitors attending conferences or events in other parts of the region. However, the area's easy access to I-88 and other major highways makes it a viable option for professionals traveling by car.

X-Factor - 7/10

What sets the West End apart is its unique blend of historic charm and residential tranquility. The neighborhood's tree-lined streets and well-preserved homes create a sense of nostalgia and small-town warmth that appeals to visitors seeking a break from the hustle and bustle of city life. At the same time, the area's proximity to downtown Oneonta and other attractions ensures that guests have plenty of options for entertainment and exploration. The West End offers a compelling opportunity for investors looking to tap into the growing demand for authentic, locally-rooted experiences.

3. Top Place to Invest in Oneonta, New York - Milford Center

Milford Center, a quaint hamlet located just a short drive from Oneonta, has recently emerged as a hidden gem for people aspiring to start Airbnb businesses. With its picturesque setting, rich history, and proximity to outdoor recreation, Milford Center offers a unique and appealing destination for visitors seeking a taste of rural charm and natural beauty.

Milford Center Airbnb Market Data:

• Average Revenue – $35.6K per year
• Average Daily Rate – $180.5 per night
• Average Occupancy Rate – 54%
• Average RevPAR – $102.2

Convenience - 6/10

While Milford Center may not have the same level of convenience as more urban areas, it still offers easy access to essential amenities. The hamlet is located just a 15-minute drive from downtown Oneonta, where guests can find a variety of shops, restaurants, and services. However, visitors may need to rely on a car to get around, as public transportation options are limited.

Tourist Attractions - 7/10

Milford Center's main draw is its stunning natural surroundings, which offer a range of outdoor activities and scenic beauty. The nearby Susquehanna River provides opportunities for fishing, kayaking, and tubing, while the Milford Trail System offers miles of hiking and biking trails through forests and along streams. The hamlet is also home to several historic sites, including the Milford Center Cemetery and the Milford Center Church, which dates back to the early 19th century.

Things to Do - 6/10

In addition to outdoor recreation, Milford Center offers a few local attractions and events that may appeal to visitors. The Milford Center Community Hall hosts occasional concerts, dinners, and other gatherings, providing a glimpse into the hamlet's tight-knit community. Guests can also explore the nearby Cooperstown area, which is home to the National Baseball Hall of Fame and several other museums and attractions.

Average Home Prices - 9/10

One of Milford Center's most compelling features for investors is its incredibly affordable home prices. According to Zillow data for 2024, the median home price in the hamlet is just $120,000, making it one of the most budget-friendly real estate options in the region. Despite the low prices, the area has seen steady appreciation over the past year, with home values rising by 3.1%. This combination of affordability and growth potential makes Milford Center attractive for investors looking to maximize their returns.

Proximity to Work-Related Travel - 4/10

Milford Center's rural location may not be the most convenient for work-related travel, as it lacks major employers or conference facilities. However, the hamlet's proximity to Oneonta and other nearby cities may make it a viable option for professionals seeking a quiet retreat between meetings or events. The area's easy access to I-88 and other major highways makes reaching other parts of the region relatively easy.

X-Factor - 8/10

What sets Milford Center apart is its authentic rural charm and stunning natural beauty. The hamlet's rolling hills, pristine streams, and historic buildings create a sense of timelessness and tranquility that appeals to visitors seeking a break from the stresses of modern life. At the same time, the area's proximity to Oneonta and other attractions ensures that guests have plenty of options for entertainment and exploration. For investors looking to tap into the growing demand for unique, off-the-beaten-path experiences, Milford Center offers a compelling opportunity to create a truly memorable short-term rental.