Ski Area Rentals - New England
Hi BP Community!
I am interested in buying a condo or house near a New England ski resort, with the plan to rent it most of the time and while keeping a few weekends open each year for personal use.
Do people in the community have rentals like this that work? Ideally the rental would still do ok in the spring, summer, and fall while performing very well in the winter.
I'd love to hear what locations people have chosen, occupancy and rental income by season, and anything else people would like to share about their experience!
As always, thanks so much.
Eric
Hi Eric, almost any mountain town will do good in the winter or but you want to look for towns that have summer attractions. A lake, A river, unique hiking experiences, ect.
Hope this helps
#2 Short-Term & Vacation Rental Discussions Contributor
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#2 Short-Term & Vacation Rental Discussions Contributor
- Olympia, WA
Hey @Eric Rosiello, I have always thought a place near Mount Sunapee in New Hampshire would be a good area. The lake is right there for summer and of course skiing.
I don't know about the rules around STRs in the area but it seems like a solid choice.
Quote from @Michael Nelson:
Hi Eric, almost any mountain town will do good in the winter or but you want to look for towns that have summer attractions. A lake, A river, unique hiking experiences, ect.
Hope this helps
Thanks Michael! That makes a lot of sense. Do you have any yourself in this niche?
Quote from @Michael Baum:
Hey @Eric Rosiello, I have always thought a place near Mount Sunapee in New Hampshire would be a good area. The lake is right there for summer and of course skiing.
I don't know about the rules around STRs in the area but it seems like a solid choice.
Thanks Michael. Yeah Sunapee definitely looks like a potential option. Close to Boston, legit ski resort, and a lake for the summer.
I'm trying to come up with some income estimates to start analyzing properties. Any ballpark numbers by chance on what to expect in terms of occupancy and income for each season?
Thanks!
Eric
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#2 Short-Term & Vacation Rental Discussions Contributor
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Hey @Eric Rosiello. What I would do is go look at AirBNB and VRBO to see what rentals are in the area. What are their nightly rates? What is there occupancy? What kind of amenities do they have?
That will give you a good look at what to expect.
We have 2 cabins in the White Mountains that are 10 minutes to 2 ski resorts, 15 minutes to another 2 resorts, and 30 minutes to 2 more. When people are not skiing, they are hiking, sight seeing, shopping, and tubing. Our slow season is November and April.
Mike
Quote from @Michael Baum:
Hey @Eric Rosiello. What I would do is go look at AirBNB and VRBO to see what rentals are in the area. What are their nightly rates? What is there occupancy? What kind of amenities do they have?
That will give you a good look at what to expect.
Thanks Mike! I will definitely take a deep dive.
-Eric
Quote from @Mike Shemp:
We have 2 cabins in the White Mountains that are 10 minutes to 2 ski resorts, 15 minutes to another 2 resorts, and 30 minutes to 2 more. When people are not skiing, they are hiking, sight seeing, shopping, and tubing. Our slow season is November and April.
Mike
Very helpful, Mike! Good to hear that the slow season for you is just two months. Are you able to charge similar rates in all seasons or does it vary by season?
Thanks!
Eric
@Eric Rosiello Another nice area is Lincoln, New Hampshire. In addition to Loon Mountain, there's a lot of rivers, hikes and scenic drives. (Making it a great area to visit during all seasons.)
I spent a lot of time there growing up, most of which was during the summer. During the winter there's a lot of demand for STRs, especially near the entrance to Loon.
As an example, check out 21 Franklin St in Lincoln. It's right down the road from Loon and supposedly performed really well on Airbnb last year. Has quite a bit of parking, bedroom space, although one bathroom could be a drawback.
Hi there! Buying a property near a ski resort and renting it out can be a great investment opportunity, especially if you're able to find a location that has strong demand throughout the year. Here are a few things to consider:
- Location: New England has many ski resorts, each with its own unique character and clientele. Some popular options include Stowe, Killington, and Stratton in Vermont, as well as Sunday River and Sugarloaf in Maine. Do some research to find a location that has good accessibility, amenities, and a strong rental market.
- Seasonality: As you mentioned, it's important to find a property that can perform well during all seasons. While winter may be the peak rental season, you'll want to make sure there's enough demand during the spring, summer, and fall to keep the property occupied. Look for a location that has attractions beyond skiing, such as hiking, biking, or water sports.
- Rental management: You'll need to decide whether you want to manage the rental yourself or hire a property management company. If you're managing the rental yourself, you'll need to have a plan for handling maintenance, cleaning, and guest communication. If you're hiring a property management company, make sure to do your due diligence and choose a reputable company with experience in the area.
- Financials: It's important to crunch the numbers and make sure the rental income will be enough to cover expenses and generate a profit. Consider the cost of the property, mortgage payments, property taxes, insurance, maintenance, and property management fees (if applicable). Look at rental rates for comparable properties in the area to get an idea of what you can charge.
Overall, owning a ski rental property can be a great investment opportunity, but it's important to do your due diligence and carefully consider all the factors before making a purchase. Good luck with your search!
-
Real Estate Agent Iowa (#S68688000)
- https://linktr.ee/jaredhottle
Hey Eric!
I can't speak to a short term rental in these areas but I do have a few specific areas worth mentioning.
New England is a popular destination for skiing. Some of the best ski areas in New England include:
- Sunday River in Maine: Sunday River is a large ski area with 870 acres of skiable terrain and 135 trails. It has a reputation for great snow conditions and a wide variety of runs for all abilities.
- Sugarloaf in Maine: Sugarloaf is the largest ski area in the East, with 1,240 acres of skiable terrain and 162 trails. It's known for its challenging terrain and steep runs.
- Stowe Mountain Resort in Vermont: Stowe is a classic New England ski area with a charming village at its base. It offers a mix of beginner, intermediate, and advanced terrain and has a reputation for excellent snow conditions.
- Loon Mountain Resort in New Hampshire: Loon is a family-friendly ski area with 61 trails and 11 lifts. It's known for its well-groomed runs and beginner-friendly terrain.
- Bretton Woods in New Hampshire: Bretton Woods is a scenic ski area with great views of Mount Washington. It has 102 trails and 10 lifts and offers skiing and snowboarding for all levels.
- Jay Peak Resort in Vermont: Jay Peak is a popular ski area for advanced skiers and snowboarders, with a reputation for deep powder and challenging terrain.
These are just a few of the many great ski areas in New England. Each ski area has its own unique charm and character, so it's worth exploring different options to find the one that suits what you are looking for.
A few of these are also better than others in regards to a year round draw. Hopefully it at least gives you an idea of a few places to start exploring.
Love that posted by Jaylan, super detailed. I can speak to two of the ME mountains - I prefer the areas around Sugarloaf and Saddleback mountains since you also have the lakes there (Rangeley Lake and Flagstaff Lake) which drive more consistent business in the summer months as well.
As far as financials, you can inquire with local property managers if you have a sense of a couple places you are interested in, to see if they'd be willing to share. I worked with one that gave detailed statements for dozens of units in West Virginia. Also, if a place is for sale and has been used as a STR, the realtor too may have income expense statements for the last year or two.
one thing that surprised me was the HOA fees, and the management fees. The management fee was around 25% and cleaning 10% of gross. Add to that HOA fees, and it was a lot of growe income. But, it would have come close to breaking even or slightly under. If you would enjoy it on the off season, it could be nice. This was in WV, so not familiar with the str in New England.
@Cody Barna
Thanks so much for the tip! Loon is definitely an area I will look into. It has great proximity to Boston (only about 2 hours away, compared to 3+ for most other top resorts) and there is a nice town surrounding the resort. The place you mentioned looks to be right in town - a great location. Do you have a sense of what it rented for during peak and non-peak times?
@Jared Hottle
Thanks Jared, I appreciate the list of considerations. I definitely will be targeting areas that have other activities to offer during the non-ski seasons in addition to having top-rated ski resorts. A common theme I've sensed is that management is extremely important. It can be very expensive (in comparison to long-term rentals) and needs to be very organized and responsive as customer reviews drive rental income.
Thanks very much for providing this list of New England resorts! If you don't mind, which would you say have the best year round draw?
Thanks Dan! I'll be heading up to Sugarloaf to do some skiing in two weeks and am super excited to check it out. That's super valuable to know about the lakes that draw interest in the summer... thanks!
This is great idea... shop for a PM and gather data on the rental market at the same time. It's more likely to be in the PMs interest to provide the data since it may result in gaining a new client. And then judging the responses would be part of the process in vetting the PM. I will definitely use this, thanks!
Quote from @Eric Rosiello:
Hi BP Community!
I am interested in buying a condo or house near a New England ski resort, with the plan to rent it most of the time and while keeping a few weekends open each year for personal use.
Do people in the community have rentals like this that work? Ideally the rental would still do ok in the spring, summer, and fall while performing very well in the winter.
I'd love to hear what locations people have chosen, occupancy and rental income by season, and anything else people would like to share about their experience!
As always, thanks so much.
Eric
Hey there! I'm a NH native and investor. There are some key areas to consider. That said, you should hire a local agent investor and do your own due-diligence on town ordinance. Many small NH towns are quite sensitive to STRs and some are outright banning STR if they can at all. Portsmouth and North Conway are two good examples of local politics that are starting to get more involved. Feel free to message me if you need any guidance as I have an STR on the coast of NH. I can tap into my network with buddies who are agents/investors up north.
@Eric Rosiello I am an agent in NH and have a STR co-hosting company focused on the White Mtns. There are two peak seasons per year summer and winter. Spring/mud and after foliage/brown are your low. Most towns are STR friendly but there are a few that have ripples in the water. Feel free to send me a DM if you'd like to discuss further.
Quote from @Mike Shemp:
We have 2 cabins in the White Mountains that are 10 minutes to 2 ski resorts, 15 minutes to another 2 resorts, and 30 minutes to 2 more. When people are not skiing, they are hiking, sight seeing, shopping, and tubing. Our slow season is November and April.
Mike
Hi Mike:
Do you host the properties, use a co-hosting service, or have a property manager?
My husband and I want to list our house up there but aren’t sure what the best management option is.
Thanks for the help!
Colorado is a great site for that if you think of out of state
We have a ski in/ski out rental in Colorado and the one factor we're aware of but no one has brought up yet in this discussion is the impact of rising temperatures on, in this case, ski resorts. There is data out there- but you have to look for it. If your range is short term, perhaps your STR won't feel the impact for a while. Or if the location offers other value, then you're limiting your risk. But from the reports I've read, a ski resort is more insulated (not free though) from declining snow pack at higher altitudes (so you can keep that in mind). And there is a particular cutoff per geographic region.
In our specific case, our property is less than 15 minutes away from 2 golf courses, and 20-30 minutes away from 2 major lakes, 30 minutes away from Rocky Mountain National Park, etc. My Colorado peeps here can pretty easily lock down location, lol (clue: skiing here isn't the greatest). But we wanted to attract beyond ski season and for a niche set of guests, we're ideal. Hope this is helpful.