Vacation Rental Markets

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Vacation Rental Markets

Matt Schreiber
New to Real Estate · NY · Member since 2020 · 72 posts · 42 votes

I was looking to connect with people who currently own a few vacation rentals in any market or people who are looking into it. I have a short term rental in Tybee Island, GA and Weaverville, NC that have both been active for about a year and two new ones in the Outer Banks and Panama City Beach that have just been live for a little over a month. I've done a decent amount of research into these markets but also spend a lot of my free time just reading every article I can find about the best vacation rental markets in the country and also reading through these forums to see what other people are saying. Lately I've been looking into Blue Ridge, GA, Poconos, PA and Bryson City, NC. I am open to any markets in the country so was curious if anyone had any good markets that they invest in that they would want to talk about and I can give my feedback on what I've seen so far in my short amount of time doing this. Would love to compare notes with anyone. Thanks 

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John McGonigalPro Member
Rental Property Investor · Montgomery, AL · Member since 2018 · 80 posts · 51 votes
4y

@Matt Schreiber my wife and I have owned three condos since 2019 in Branson, Mo. We self manage and have enjoyed the experience so far. Branson is similar to Gatlinburg TN area as far as being a high tourist area, and some investors are looking here due to being priced out in Tennessee. It really only has a two month down season in Jan-Feb. great town.

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  • Michael CravenPro Member
    Investor · Springfield, OH · Member since 2017 · 202 posts · 150 votes
    4y

    @Matt Schreiber Hey there- I’d be happy to connect and chat more about investing in the Blue Ridge area. I own a 4/3 cabin in Blue Ridge that I purchased in June of this year that has done pretty well and just closed on a 3/2 in Morganton that’s not yet up and running. Feel free to reach out if you want to chat further!

    937-207-5010
    0Reply
  • Mike Kelly
    Rental Property Investor · Prospect Park, PA · Member since 2014 · 28 posts · 12 votes
    4y

    Hey @Matt Schreiber, we own 2 STR in the Pocono's and like the area due to price to income ratio's compared to other popular markets. I have been looking into Blue ridge, Ga as well as an alternative to the smokies. I would be happy to talk about the Pocono's.

    @Michael Craven based off your expierence is Blue Ridge, would you continue buying property there?  


    1Reply
  • Michael CravenPro Member
    Investor · Springfield, OH · Member since 2017 · 202 posts · 150 votes
    4y

    @Mike Kelly absolutely. Of course, we’ve only been up and running on our first for a few months so take that for what it’s worth, but we’ve been on pace with our projections so far. After a couple months we felt comfortable enough with what we were seeing that we decided to get a second one and then the goal is to hopefully get a third sometime in 2022.

    937-207-5010
    0Reply
  • April Vogt
    Rental Property Investor · South Lake Tahoe, CA · Member since 2016 · 65 posts · 41 votes
    4y

    Hi all!

    @Matt Schreiber, I own a few vacation rentals in Lake Tahoe & Reno (as well as manage some for clients in the same area). I recently purchased 2 near Sparta, NC with partners. Once went under a massive remodel & we just got it live on Airbnb a few months ago, the other is still under remodel. We are actively looking for a few more *somewhere* in the north western NC area and would love to connect! Heard a lot about Blue Ridge & Elijah, Ga too so I am curious what you've found there and how your search is going. I am open to compare notes anytime! 

    1Reply
  • Account Closed
    Investor · Member since 2020 · 17 posts · 2 votes
    4y
    Originally posted by @April Vogt:

    Hi all!

    @Matt Schreiber, I own a few vacation rentals in Lake Tahoe & Reno (as well as manage some for clients in the same area). I recently purchased 2 near Sparta, NC with partners. Once went under a massive remodel & we just got it live on Airbnb a few months ago, the other is still under remodel. We are actively looking for a few more *somewhere* in the north western NC area and would love to connect! Heard a lot about Blue Ridge & Elijah, Ga too so I am curious what you've found there and how your search is going. I am open to compare notes anytime! 

    April, are you happy to discuss Tahoe & Reno STR in private? I just came across this thread.

    0Reply
  • Stefanie Johnson SykesPro Member
    Rental Property Investor · San Antonio, TX · Member since 2017 · 15 posts · 12 votes
    4y

    @Michael Craven I'm looking into STR, do you mind sharing what you used to project your income and expenses as well as vacancies and the local market?
    Airdna is what I have used so far. I have also signed up with pricelabs. Any others that you would recommend?

    Thank you for your input!

    0Reply
  • April Vogt
    Rental Property Investor · South Lake Tahoe, CA · Member since 2016 · 65 posts · 41 votes
    4y

    @Account Closed yes I am, feel free to send me a message & we can connect! 

    0Reply
  • Michael CravenPro Member
    Investor · Springfield, OH · Member since 2017 · 202 posts · 150 votes
    4y

    @Stefanie Johnson Sykes Pricelabs is what we use to set rates. We also used AirDna when analyzing the market initially. Our 4 bed cabin has only been up and running for a few months so I can only speak to those numbers but October-December our occupancy is 50-65% with gross rents 8-12k per month (depending on the month). We didn’t launch until late August and first bookings weren’t until September. September was slow (which from what I hear is typical) and we were only about 30% booked. As we get more reviews and eventually get bumped to super host status we expect those numbers to improve a little, too. Occupancy and revenue will also depend on the size of the cabin. Bigger cabins (usually) have higher nightly rates and smaller cabins sometimes have higher occupancy. Not always though

    937-207-5010
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  • Mitch Davidson
    Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
    4y

    @Matt Schreiber: Happy to talk more about Bryson City. It's gathering a lot of interest among investors in Asheville. I'm considering an STR purchase there in the near future. I've vacationed with kids there for the last 9-10 years. The quality of amenities and opportunities has improved each year. And there's a lot to do and enjoy, especially outdoors, despite the population being small. That said, it can be hard to get good support in that general region. As an example, a friend told me lately that her client purchased an STR there and is paying 35% to their property manager. And in a past life, that region was one of the hardest of many states that I managed houses in, regarding finding good help for repairs and maintenance. Thus, I would consider finding a good support team first before buying.

    1Reply
  • Peter G.
    Panama City Beach, FL · Member since 2013 · 29 posts · 7 votes
    4y

    Happy to discuss Panama City Beach

    2Reply
  • Cameron Braig
    Atlanta, GA · Member since 2021 · 493 posts · 162 votes
    4y
    Hi Matt, Blue Ridge, GA is a great area and once that has seen good appreciation throughout the pandemic. More and more housing developments are being built as well. Traditionally, Blue Ridge has provided the opportunity to be on the lake at a lower entry point than others in Georgia such as Lake Burton and even Lake Lanier. Happy to connect and discuss Blue Ridge further.
    0Reply
  • Austin Largusa
    Investor · San Francisco Bay Area · Member since 2019 · 119 posts · 79 votes
    4y
    Originally posted by @Michael Craven:

    @Stefanie Johnson Sykes Pricelabs is what we use to set rates. We also used AirDna when analyzing the market initially. Our 4 bed cabin has only been up and running for a few months so I can only speak to those numbers but October-December our occupancy is 50-65% with gross rents 8-12k per month (depending on the month). We didn’t launch until late August and first bookings weren’t until September. September was slow (which from what I hear is typical) and we were only about 30% booked. As we get more reviews and eventually get bumped to super host status we expect those numbers to improve a little, too. Occupancy and revenue will also depend on the size of the cabin. Bigger cabins (usually) have higher nightly rates and smaller cabins sometimes have higher occupancy. Not always though

     Would love to talk Asheville and the surrounding areas. Just spoke with a realtor today. Speaking with a lender tomorrow. Have entertained Weaverville, Black Mountain, and Burnsville

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  • Jon A.
    Asheville, NC · Member since 2017 · 385 posts · 274 votes
    4y

    I have to admit Burnsville is a world of difference from Weaverville and Black Mountain. It is much more rural and the prices reflect that. If you are dependant on marketing easy access to Asheville I would likely leave Burnsville out of the mix even though on a map it may not seem that way.  Personally, I think Burnsville is beautiful and has a lot to offer but not in form of urban ammenities. 

    0Reply
  • Mitch Davidson
    Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
    4y

    @Austin Largusa, I agree with @Jon A. Burnsville is beautiful and quiet, but lacking in things to do, especially for families. And much of the region has no cell signal or internet. Proceed with caution therefore. Weaverville is building up quickly, due to proximity to Asheville. It seems poised to look like south Asheville in years to come, meaning pretty suburban. Black Mountain is really great, and the rent rates are strong, but it's pretty hard to win a deal there. Little supply and tons of competition. Perhaps look at Old Fort, next door to Black Mountain. It's an up and coming market here. A large mountain bike and hike park is being built nearby, which will connect Old Fort to Black Mountain by trails. The town now has 2 breweries, and is a quick drive from Black Mountain. It's hard to find really attractive looking properties for STR there though. I would also look at Brevard and Waynesville. Like Black Mountain, they both have their own small towns to enjoy, while being a short drive from Asheville.

    1Reply
  • Abigail Gibson
    Realtor · Asheville, NC · Member since 2019 · 47 posts · 45 votes
    4y

    @Mitch Davidson Do you know anyone with rentals in Old Fort? I am very curious about that market and I keep hearing about the mountain biking park they are putting in.

    0Reply
  • Mitch Davidson
    Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
    4y

    Hi @Abigail Gibson. Not yet. A friend almost bought there, but had to cancel. I've been watching listings there for the last few months. So far, most of the properties seem to not have much of a special look regarding STR appeal. Also, I studied some of the listings by way of Airdna, and found that the rents are fairly low compared to Black Mountain. The equity play would likely still make it worth it to buy there though, IMO.

    0Reply
  • Abigail Gibson
    Realtor · Asheville, NC · Member since 2019 · 47 posts · 45 votes
    4y

    @Mitch Davidson Going down the mountain makes a big difference!

    1Reply
  • Austin Largusa
    Investor · San Francisco Bay Area · Member since 2019 · 119 posts · 79 votes
    4y
    Originally posted by @Mitch Davidson:

    Hi @Abigail Gibson. Not yet. A friend almost bought there, but had to cancel. I've been watching listings there for the last few months. So far, most of the properties seem to not have much of a special look regarding STR appeal. Also, I studied some of the listings by way of Airdna, and found that the rents are fairly low compared to Black Mountain. The equity play would likely still make it worth it to buy there though, IMO.

     Super helpful

    We’ve since zeroed in on Maggie Valley and Lake Lure. Not close to each other but the two areas we feel are best suited for us

    0Reply
  • Mitch Davidson
    Lender · Asheville, NC · Member since 2020 · 463 posts · 507 votes
    4y

    @Austin Largusa, can't go wrong with either of those markets!

    0Reply
  • Billy-Dee Greenwood
    Investor · Raleigh-Durham · Member since 2020 · 24 posts · 30 votes
    4y

    @Austin Largusa I close next week on a property in Lake Lure. I’m excited about the opportunity in the area. Should you decide on Lake Lure over Maggie Valley and have any questions, let me know.

    0Reply
  • Austin Largusa
    Investor · San Francisco Bay Area · Member since 2019 · 119 posts · 79 votes
    4y
    Originally posted by @Billy-Dee Greenwood:

    @Austin Largusa I close next week on a property in Lake Lure. I’m excited about the opportunity in the area. Should you decide on Lake Lure over Maggie Valley and have any questions, let me know.

     Man lets see if we can link up some time this upcoming week. I see you're from RDU. I've been trying to break into that market for rentals too. 

    0Reply
  • Austin Largusa
    Investor · San Francisco Bay Area · Member since 2019 · 119 posts · 79 votes
    4y
    Originally posted by @Mitch Davidson:

    @Austin Largusa, can't go wrong with either of those markets!

    Yes exactly. Got any DSCR loan products? I've got a solid realtor just need to find the right debt product. I can't let it affect my DTI. Buying a primary residence in Q1 2022

    0Reply
  • Billy-Dee Greenwood
    Investor · Raleigh-Durham · Member since 2020 · 24 posts · 30 votes
    4y

    @Austin Largusa Just let me know. 

    0Reply
  • Mark Cruse
    Investor · Fort Washington, MD · Member since 2014 · 1k+ posts · 1k+ votes
    4y

    Iḿ in Snowshoe WV  ski resort and its went well so far. Been in about 2 years. I purchased one and the equity went so high that I was able to pull equity and get another. It works well because I have good management. There are tons of expenses so it not managed right it will be under water. The profit may go up and down yearly but I also enjoy them for myself. Even if the revenues dip here and there i know the appreciation and equity is building. Also, the prices will only go up. 

    2Reply
  • John McGonigalPro Member
    Rental Property Investor · Montgomery, AL · Member since 2018 · 80 posts · 51 votes
    4y

    @Matt Schreiber my wife and I have owned three condos since 2019 in Branson, Mo. We self manage and have enjoyed the experience so far. Branson is similar to Gatlinburg TN area as far as being a high tourist area, and some investors are looking here due to being priced out in Tennessee. It really only has a two month down season in Jan-Feb. great town.

    3Reply
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