@Jon A. though I think you know this, let's not put out information that isn't accurate- VRBO's aren't "illegal." Short Term Rentals, anything less than 30 days, are not allowed in most residential zoning areas. There are a few zoning areas they are still allowed and there is also the ability to have a homestay permit which will allow up to two bedrooms to be rented short term. I believe you understand that, but it can be confusing if you throw out a blanket statement like the one you did.
With that said, rentals 31 (30?) days or more, aren't being regulated against. These aren't considered "short term." These can be advertised on VRBO/AirBNB/wherever.
You are absolutely correct- the many apartment buildings are what is causing rental rates to soften. It really is incredible how many are being thrown up in the greater Asheville area.
That and new construction developments are having a (small) impact as well. Each of these developments will see a small percentage of homes purchased for rental purposes.
@Rebecca Helm a few questions for you.
Why do you think you can rent one side out for $1500 if your rent is only $1000, utilities included?
Your numbers show $6000 for utilities, not counting water/sewage/trash. So that's electric, what else? You're not seriously paying $500/month on electric, are you?
AirBNB, regardless of what WAX and the many other FB groups may lead you to believe, aren't the (primary) reason for increased rent rates. I'm sure they have a small influence in some cities, but not Asheville. As Jon spoke on, AirBNB is highly regulated in Asheville. Rent rates are high because of other factors impacting supply and demand (the ultimate reason). Frankly, there's a housing shortage with no significant push to correct it. NIMBYs are highly resistant to improving the area's infrastructure and new development.
@Account Closed $25k roof? $30k plumbing? Those numbers are insane. She could renovate the entire place with money like that.