Short term rental suggestions

[Ashana Singhania]

Hi All,

I'm looking to make my first short term rental investment. I'm strongly considering Charleston given how the market has evolved. From what I understand, STR is difficult in charleston given the county permits and business license mandates. Based on my findings, I'm now looking at north Charleston, parts of West Ashley where regulations are more relaxed. Would love to know your experiences in those areas and if they could be good for a cashflow positive return. Would love to know if I should consider some other areas too.

Looking to cap it at $400k - Open to condos, Single/multi family homes and townhomes

[Troy Gandee]

@John Underwood Unfortunately, most of West Ashley is City of Charleston, so they have to your primary residence in order to get the STR permit. There are exceptions if you can find a property that's in an unincorporated area, but they are rare to find and still require approval by the County, which has limitations. North Charleston does not have any owner occupant requirements, which is a big reason there are so many there now. We've had ours operating in Park Circle for about 6 years now. It's one of the best performing assets we have for the capital invested. However, the market in Park Circle specifically has become quite saturated with STRs over the last couple of years, so we're seeing vacancies beginning to increase.