airbnb friendly metro areas
Hi everyone,
I wanted to get some feedback/thoughts on a short term rental strategy I am looking into.
We have 8 strs in TN that are doing very well. These are great but they are all in the Smokies a traditional vacation market so we are looking to diversify and move into some other markets.
We have quite a bit saved up from the cash flow and recent cash out refis. I do not want to go into another vacation market but rather a metro area with a more diversified economy again just to get into a different type of asset.
That being said I do want to continue to short term rent the next few properties we get at least in the first few years of ownership in order to increase cash flow to combat these higher prices and carrying costs before potentially converting to more passive long terms down the line.
Therefore I am looking for markets that 1) have a decent draw of visitors year round 2) have regulations that allow strs in some parts of the city 3) Are in growing cities in the west or south.
Below is a list of markets I have identified as potential places to look and I was hoping to get some insight from either other investors doing the same thing or agents/investors in any of these markets on whether this is potentially a good market to explore or not.
1) Salt Lake City (this is right at the top of my list due to its proximity to ski resorts, expanding of the airport and long term strategic business planning of the area but I have very little knowledge of this market)
2) Denver
3) Phoenix (used to live in AZ and like the fact that the state of AZ seems to look favorable on strs)
4) Tucson (see above but lower home prices/potentially less appreciation)
5) San Diego/LA (these are attractive because of their proximity to my home in Irvine)
6) San Antonio (love that it is very close to the booming Austin and feel that this is a market that could see some real growth in the future)
7) Tampa/St Pete (I have always been very interested in this market for both short term and long term rentals)
8) Raleigh (have invested in Charlotte and love NC but again very little knowledge on this area)
Any insights or advice on any of this would be greatly appreciated. Thanks so much for your time.
David