Anyone investing in short term rentals in Durham, NC?

[Derek Robinson]

I'm looking into the short term rental market in Durham, NC and am wondering if anyone is doing the same thing?  I grew up 30 mins from downtown Durham.  I have family in the area still and would like to balance having a place of our own to stay while putting my money into an asset with possible monthly cash flow.

It's hard to research vacancy rates on airbnb because you can't really be sure if someone's listed house is actually rented or if they are blocking out dates for their own use.

Thanks!

[Mike F.]

@Dave Olverson @Erin Mullaney @Steven Griffith

My focus is Chapel Hill (launching units 4 and 5 right now). For the Triangle market, hotels have seen 5-8% YoY growth over last six years. AirBnb/STR has had roughly 2-3x growth over last three years. Hotels capture about 90% of the market.

My read of these stats is that we're opening up new markets.  But, we'll see what happens during next recession.

For supply/demand, we're also one of the top ten places in the country for flips, and most folks don't buy and hold. So, they haven't incorporated BRRRR+AirBnb yet. Rather, they take the quick money.

I'm working with the Town of Chapel Hill to write the proposed STR regulations, and we've set up a group of owners/hosts to lobby. You can join us here.  

Our position is that STR's are a vital part of the new economy and will help promote future growth.