We currently have vacation rentals that we utilize fully in the summer on vacation sites such as Home Away, FlipKey and Airbnb. My question is if anyone in the Portland Maine or Southern Maine area has any experience with year-round Airbnb rentals in that market?
We can use airdna.co to find out info but it would be really nice to chat with anyone who has had real experience with year-round Airbnb rentals in Portland so we can gauge what to expect if we move forward.
@Derek DeCesere , I am in Southern Maine and have worked with a few clients that have rentals along the coast and do AirBNB all summer and then short-term rentals in the offseason to lock in a revenue stream. If you would like to discuss what other people have done around me, I would be happy to connect.
I rent my STRs to working people, not people on vacation. There is a refinery in my town. Many of the people that work there are travelling contractors only there for a specific job. When it's done, they go back to their permanent residence. Maintenance, repairs and capital improvements are going on 12 months a year.
Find a large employer in the area of your houses that utilizes temporary or travelling workers. The employer could be a large industrial plant/factory, a university, a hospital, a government institution, etc. It could even be temporary work, such as installing a pipeline or building something like a power plant or port. I've rented to pipeline workers and workers building a power plant. When the job is done, they move on to the next job.
In case you are not familiar, the City of Portland just adopted some new rulings on short term rentals. One of the items is capping the amount of non owner occupied buildings at 300 units for the city as well as other fees and fines. Surrounding towns like South Portland have discussed regulating short term rentals but I don’t believe have passed anything yet. Southern Maine is still a great market though.
We don't do short term rentals, but those I know who do say that the year round market in Portland (and other pockets of coastal Maine) is accelerating rapidly. I have friends with STRs in Portland and South Portland who are regularly booked from November through May, a recent phenomenon for sure. Portland is getting a ton of positive press for the food and beer scene and it's really becoming a destination best enjoyed when the summer tourist crowd clears out.
But like others have said, it's becoming an issue for property owners and neighbors. The city of Portland is starting to actively crack down on those who aren't in compliance with regulations (many!). South Portland keeps putting off this issue, but property owners are getting increasingly annoyed, so my gut is that it won't be put off forever. The rumor I heard is that SoPo wants to require that the property be a primary residence to register it for short term rental use with the city.
It's all too speculative for my taste, personally. And I'm not sure how people do it long distance, but I know that plenty do.
The Portland STR that I own and manage is booked through January with five days of vacancy. February is fully booked. Feel free to reach out if you would like to talk.
All great info everyone @David Marshall PM me with a good number for you as I would love to chat. Maybe we could speak about you managing ours.