I'm interested in getting a vacation home in Southern Maine and was thinking that it would be ideal for me to buy a place, lightly furnish it, and rent it on AirBnB/VRBO etc. Does anyone have any experience in Southern ME with short term rentals that can shed some light on which municipalities allow it? I grew up in South Portland and my family still lives there. I know a year or 2 ago there was a large movement to ban short term rentals of 1 month or less unless it was owner occupied. Thanks for all the help!
Both Portland and South Portland have made rules and legislation to curb short term rentals (1 month or less). All short-term rentals must now be inspected, insured and licensed by the city. They must also be "owner occupied," and not investor/absentee owned. Outside of Portland you will not generally run into these issues. A few other cities, for example Rockland have take similar steps. We have a short term rental we run in Richmond and it does well. I also have clients who run rentals in Boothbay Harbor and other coastal towns, and they also do quite well. Feel free to reach out to me if you'd like to speak or help in in finding a suitable property in Southern Maine.
@Nick Macklin Old Orchard Beach is a good short term rental market. I work with clients in this area and manage some properties. Strong weekly rents or AirBnB rates if that's your choice. Also a very good winter rental pool to cover your costs outside of peak season. Happy to discuss further if you are interested.