A partner of mine is having a lot of success with his AirBnB business in Philadelphia despite COVID. Any BnB locations with shared community spaces have taken a hit, but separated units seem to be continuing very strong. It has convinced him to buy a couple more properties for the express purpose of converting them to BnB rentals. This is something that I myself want to dabble in. But where should I invest?
I think back to the time I used AirBnB for my trip to Rome and how I made my decision. There was a trade-off. The closer you were to the city, the more expensive the stay was. The further you were from the city, the more important public transportation was. However, if I had had a car, parking and traffic would have been key factors, not so much the distance.
Location is key. What do you think are the best locations for AirBnB in the Philly area? Assuming the customers are intending to spend time in the city, would they be willing to stay in locations as far as Delaware County, Bucks County, and Montgomery County?
And then there are questions about zoning and the legality of running an AirBnB. Any input would be helpful.
Morning @David Haynes , I think it all depends on the intended clientele. Families with children looking to go into town for the museums and Independence hall may be willing to stay at AirBnbs right outside of the city in Delco/Montco. Younger couples looking to come to the city for the wide variety of nightlife and restaurants would likely want to stay closer to Center City. South Philly may be a great option for such investors looking to go the Airbnb route as may the Fairmount area.
In terms of restrictions on AirBnbs in and around the city, I found this article quite helpful, though it was published back in 2018: https://billypenn.com/2018/06/...
Would love to hear more about any newer restrictions the city may have imposed since this article was published.
I knew a guy having success around the university city/powelton area with short term rentals. I'm not sure if it was AirBnB specifically or if he had his own site. I thought that was a good idea since you probably get a lot of short term stays for people who need to be close to the universities/hospital but also want an easy trek into center city/museum area, etc.
Airbnb desirability is usually directly correlated to rent price in the neighborhood. I have seen some great efficient airbnb setups in center city and fairmount. There are a few things that can make your listing stand-out; parking (many airbnbers drive into the city), desk/workspace, city views. From my experience these perks really helped with rentability.
Just remember how difficult zoning and regulatory forces can be. It's still kind of the 'wild west' with Airbnb in the city. I would guess 95% of online listings are not properly zoned. Probably one neighbor phone call away from L&I shutting things down. Also a lot of homeowners insurance will not allow short-term rentals. Make sure you check into the full legal/risk management side of things before diving in.