Mount Desert Island, ME
My Wife and I are interested in exploring the potential rental market/Air BnB demand for MDI, ME.
The property that we currently have our eye's set on is in the town of West Tremont/Bernard and is hugging the Bass Harbor coast. The cottage is a 3 BDR, 1.5 bath and appears to be turn key. I know this is broad but just looking for all or any information at individual's disposal to help enlighten us about this area and the potential for renting. Thanks in advance for any potential help!
Are you from the area? MDI is thriving during the summer months. There's no reason to assume it wouldn't be rented throughout the tourist season.
We currently reside in Boston and have not spent any time in that specific area of ME.
@Sean Spellman I agree with @Ryan Morris. MDI is a major tourist attraction. Bar Harbor being pretty much ground zero for tourists. Then there's Acadia National Park - not to mention the general scenic nature of the coastline. Bass Harbor Head Light is easily the most photogenic lighthouse on the east coast.
I actually know the house you're looking at. The only thing that raises an eyebrow is that they haven't included the seller's disclosure (detailed statement of property condition). That's mandatory in Maine. I can ping the agent and see if I can get it for you if you like.
The house seems nicely updated and has at least some setback from the road, which is a double-yellow line, so somewhat busy. But busy is to be expected in touristville.
@Sean Spellman agree with all the comments and as a local agent in the area please let me know if you'd like to arrange a video walkthrough of the house and I'd be happy to work with you. The vacation rental season here keeps broadening and companies like Pro31 are a great resource for housekeeping services.
I agree with all the comments above, this is ground zero for tourists during the summer. Just know what you’re signing up for, MDI is not as bustling come winter time. I guess where I’m going with it is to factor in a few months of vacancy for the winter months.
@Sean Spellman how did this work out for you have you now invested there? my new wife's family has an inheretedhouse right next to Acadia on MDI, they are thinking of selling and we are debating offering to try to buy it. Just new and nervous how much tourist potential is there way up there?
Hi @Gordon Hurley and @Sean Spellman, I have family on MDI and am familiar with the potential of short-term, AirBnB type rentals on MDI. I know a couple people with apartment rentals connected with their primary residences. I would be happy to discuss it more with you if you are still interested.
Just to chime in - I own a 3BR/1BA rental on MDI (in Northeast Harbor) and the summer demand is absolutely gangbusters - even this year. Rentals are generally done by the week and often the take is $1,600-$1,800/wk. The demand dries up significantly after Columbus Day but there is lots of local demand for long-term winter rentals at a highly reduced rate. It's a great market - the hard part is finding a reasonably priced property!