Investor · Portland OR and Indianapolis, IN · Member since 2020 · 6 posts · 0 votes
Hello, I'm wanting to get into the short term rental game, and just like most rookies, am concerned that if I purchase a place it wont rent enough days to cover the expenses. Is there anywhere I can look to see the stats for different cities and how often places actually get rented out?
Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
5y
All the rooms is good and also airdna.co is ok, but can give you a general feel for seasonality, etc. You can also look around on people’s Airbnb profiles in the area.
Real Estate Consultant · Franklin, IN · Member since 2012 · 80 posts · 71 votes
5y
AllTheRooms is my personal favorite right now. You can export CSVs and play with the data on your own too if you like. But there's also graphs and lots of other things to explore about an area you buy.
Feel free to DM with questions on this if you like! I love this part of it.
Investor · Flowery Branch, GA · Member since 2019 · 413 posts · 412 votes
5y
All the rooms is good and also airdna.co is ok, but can give you a general feel for seasonality, etc. You can also look around on people’s Airbnb profiles in the area.
Real Estate Agent · Ventura, CA · Member since 2020 · 340 posts · 166 votes
5y
Hey @Jonathan Rouse, I use AirDNA for my projections as I've found their numbers to be pretty accurate, but then I always analyze the deal based on 80% of the projected income from AirDNA to figure out my margin of safety and if I can still cover my costs. Zoning in Nashville is also tricky in the STR space especially for non owner-occupied rentals, but there's a lot of opportunity as well! Happy to answer any questions you might have.
Real Estate Agent · Alameda, CA · Member since 2016 · 10 posts · 0 votes
5y
Hi Jonathan,
I use AirDNA for market rates for short term rentals and happy to run an analysis for you using a pre-built spreadsheet I have to show potential ROI and expenses. PM me any time.
Rental Property Investor · Hot Springs, AR · Member since 2017 · 37 posts · 23 votes
5y
Hey Jonathan, I’ll second some important points made by folks in previous posts. First, just to go Air Bnb and act like you are a guest. Look at properties in your area, click on their calendars to get an idea of occupancy. Look at their prices and reviews too. Do this several times a year so you can get an idea of how bookings are in the summer, fall, winter, and spring.
I've heard Nashville is tricky for STR. I think you have to buy a property in a commercially zoned area, or buy a multi property, in order to use it as a non-owner occupied STR. Just make sure you understand the short term rental ordinances in Nashville before you buy.
Investor · Metro East of St. Louis (Illinois) · Member since 2016 · 259 posts · 211 votes
5y
It is a big leap of faith when you buy your first one. Especially if you try out a market with very little competition and therefore very little data.
My advice is to avoid big cities and vacation hot spots on your first attempt. You'll have to compete hard in those areas, and you'll be the new guy. Consider cutting your teeth in a medium sized town (>10,000 ppl) with very few STR options. If the town has a hotel, there is demand for STRs...count on it!